5 Traits of a Successful Entrepreneur Geoffrey Byruch What is an Entrepreneur? Entrepreneurship is the development of a business from the ground up It begins with coming up with an idea and turning it into a profitable business While it seems simple, this definition can only scratch the surface of what it is to be, execute, and succeed as an entrepreneur As an entrepreneur, you need to explore and quickly learn the skills of finance, budgeting, cost analysis, risk management, management itself, marketing, communication, and leadership While all of these tasks may seem daunting, they are the necessities in building and operating a strong successful business Entrepreneur Many of us want to be the next Steve Jobs or Mark Cubans In this presentation, you will find out what it is to be a successful entrepreneur The Big Five So what makes an entrepreneur different from that of an average-Joe? What je ne sais quoi enables an entrepreneur to rise above the rest? Below you will find five traits that all successful entrepreneurs share Imaginers Risk Takers Adaptive Leaders Communicators Imaginer As an entrepreneur, you need to see the world differently Where others see problems, you must see solutions Remember, as an entrepreneur, your company, your passion, and your life simply starts with that one little idea Once that idea is planned, it doesn’t stop there You need to imagine and envision what your future holds You need to foresee the next hundred steps before you make any move 2 Risk Taker Going into either an untouched market or a competitive market has high risk in both You can find yourself with a great product but no customers or the in a field flooded with almost identical products These are the risk you need to understand before deciding to be an entrepreneur Begin by assessing your situation Understand what the risk may be and then decided from there If you still feel passionately about the overall project, start by building a business plan While things may work for a while, time usually does catch up with all things Do not be afraid to take a change and change something you feel will best position your company and its people in the right direction 3 Adaptive and Persistent From the growing pains of starting a company, to scaling to a small business, and then to an entire corporation is not an easy task Your mentality as a leader needs to be constantly changing and adapting to the overall roles In the beginning stages, you know you are simply growing an idea But once the business starts growing, you need to learn how to manage a variety of things such as the finance, the marketing, and most importantly, the people Having this adaptive and persistent nature will push you in the long run 4 Leaders There may not be an ‘i’ in team, but there certainly is one when you talk about a leader As an entrepreneur, you are the one everyone looks to You are their burning passion and inspiration Whether it is for marketing or production ideas or just simple management, you need to be able to voice out your opinions in the most clear and effective manner Your logistical skills and delegation in every department is crucial for their success Having this type of personality will allow you to communicate to a variety of people who can help develop the vision of the company 5 Communicators Entrepreneurs should be able to explain, discuss, sell, and market their idea to both their employees and their customers This will help inspire the vision to both groups and eventually allow for a well-oiled machine Remember think logistics If you’re having trouble explaining something, internalize it again until a child can understand it ... that of an average-Joe? What je ne sais quoi enables an entrepreneur to rise above the rest? Below you will find five traits that all successful entrepreneurs share Imaginers Risk Takers Adaptive... analysis, risk management, management itself, marketing, communication, and leadership While all of these tasks may seem daunting, they are the necessities in building and operating a strong successful. .. can only scratch the surface of what it is to be, execute, and succeed as an entrepreneur As an entrepreneur, you need to explore and quickly learn the skills of finance, budgeting, cost analysis,