Starting a business is risky and consumes your time and money. Luck plays an important role in the success of a business, but it is possible to stack the cards in favor of success. As the founder and leader, development of certain skills may increase your chances of success. Clearly one must have a great business concept! However, even a great concept can fail if the leadership does not develop certain attributes.
It is easy to look at your business model and believe failure is impossible. That confidence is important because it helps retain the positive motivation when negative events come along. Getting through each day requires effectively dealing with the team, partners, investors, and customers. You can improve your chances of succeeding by developing characteristics that are endearing and not those that cause everyone to run away. The following list contains a few areas to consider because the characteristics may increase your chances of succeeding.
1. Charisma:
People evaluate your likability. They want someone that will not turn off investors or prospective partners. The ability to attract a team and solid investors is critical. It is important that people see you as someone they like feel and that they comfortable around you. Add honesty and charisma together and you are on your way.
2. Confidence:
Confidence without excessive arrogance is important. People need to believe in you and your ability to achieve the objectives of the company. Ego often gets in the way and being overconfident starts to look like arrogance. Plenty of leaders are arrogant, but it is easier to get away with this trait after achievement of great success. Maintain your confidence and people will see that you believe accomplishment of the company goals is possible.
3. Salesmanship:
Raising funds, obtaining partners, selling products all require ability to convince people of the value of your offering and close on the sale. Running sales and marketing teams or convincing employees to join the company has sales components. Developing this skill can be most useful.
4. Decisiveness:
No one enjoys working with people that are unable to decide on anything. Inability to make effective decisions can harm your business development. Lost time and money are hard to recover. Failure to decide quickly on critical issues will cause the loss of time and money.
5. Educated risk taker:
Entrepreneurs must take risks but calculated risks are the best. Weighing all the factors leaves one with reduced risk decisions. Nevertheless, risks are part of the game. It is important to weigh all the parameters and make your risky decisions after leaning as much as possible.
6. Leadership & Knowledge:
People will follow an entrepreneur that knows what they are doing. The ability to lead includes the skill of interacting well with others. Good leadership requires knowing what you know and do not know. Develop a great team that fills in your missing skill sets. Then learn to listen to what they have to say. The goal is to develop a great business. Collecting great employees without effective and knowledgeable leadership does not yield the best achievement of the business goals.
You can follow Taffy Williams on Twitter by @twilli2861.
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