Not everyone is built to be an entrepreneur. Most people are thrilled to be an employee. To know they have the security of a 9-5 job, a pension plan, and paid leave days. But the guarantee of employment or salary nowadays is not as secure as in the past.

For some folks, the dream of having a business where you can make the decisions is tempting.

But, you need to know if you have the traits necessary to be a successful entrepreneur.

Here are some of the critical aspects of entrepreneurs.

Ability to take risks

Starting any business or opportunity from the ground up is risky. Not everyone is keen to take a financial risk in case it fails.

The statistics in South Africa of new companies failing in the first year of operation are astounding. No wonder there are not more small and medium businesses in SA.

Reputational damage can be as bad. It is not only a financial risk that you need to consider. Not to mention any chance of being blacklisted if the business does not succeed.

Ideally, you need to have a slush fund and a time frame that you work in. If you reach the end of the timeframe and are out of money, it is time to pack it in.

Motivation is hard

Not many people have the opportunity to begin something with a partner or friend. Often, someone starts a business on their own. It can be a lonely road, and finding the inner motivation to get up and work or even keep going can be challenging when the end is not in sight.

Joining groups that help new businesses or entrepreneurs during this startup phase is an excellent way to network with people going through the same things as you. Alternatively, set times with friends who have already done it to bounce ideas and get feedback on how you are doing.

Continuously building and moving forward

The perfect business is not built in a day. It can take years to perfect a great company; even then, you need to continue growing and adapting to the market.

Minor changes and tweaks in the early days are a great way to test the waters. It is not good to do a massive pivot in the early days unless you see that there is no chance of success.

Be comfortable making mistakes

We know from silicon valley movies that it is a good idea to fail fast and learn early. It is easier said than done when you are the one in charge. Mistakes can be expensive, but it is crucial to ensure you understand that you will make mistakes. Learning from them is essential and ensuring you do not repeat the same mistake twice.

Learn fast

Although it takes ten years to get ten years’ worth of experience, there are always options to learn from other people’s mistakes and successes. Reading business books of companies similar to yours, enrolling in short courses, and attending seminars where you can ask questions are all ways to learn fast.

It is not worth it to take a long way around when you can invest in automation, templates, and resources to make your life easier.

Respond to changes in the industry

The best way to identify potential changes and improvements is to speak to your customers continuously. Communication is so essential to understanding their challenges. You may find a great solution to their problem that can add massive value to your business.

Be open to making changes to your service or product based on critiques from your customers. It may just be the change that moves you from a startup to a successful business.

Work smart, not just hard

Automation and AI are just one way to work smarter and not harder. Many options are available to limit human errors and time-wasting jobs, like simply signing up for an accounting program to manage your books. See what options you can invest in that will automate some mundane and time-wasting elements of your business. When you weigh the cost vs. benefit, you will decide based on data and facts, not emotion.

Essentially, the option to take the leap of faith and create a business of value that you can be proud of and even sell in the future is advantageous.

Bizcash is a South African alternative finance company that funds SMMEs.

Bizcash offers companies finance solutions that can help you grow your team, train staff, and enter into new markets?

Please speak to our team to find out more about how we can help you. Get in touch with us on 0861 93 93 93 or email us on info@bizcashscf.co.za or contact us here.

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