- High aspiration: Clearly, unless aspiration to achieve is high, it is difficult to create something that is valuable. High does not necessarily mean high in revenues. It could be high in impact as well.
- Optimism: An entrepreneur must be high on optimism. Simply because they need to believe in the mission, in order to convince others to join them in the journey. However, there is a fine line between optimism and arrogance. An entrepreneur needs to have the humility to test his/her optimism by cross-checking with others.
- Confidence: Without confidence, all ideas will remain just that – ideas. Taking the first few critical steps, going ahead despite being aware of the challenges, and being wise about taking precautions against these challenges, are traits of successful entrepreneurs. Entrepreneurs however should NOT be blind risk takers. Successful entrepreneurs understand the risks and take necessary steps to mitigate those risks. Confidence in their approach is what helps them deal with the challenges and risks better.
- Persistence and resilience: Plans will usually not go as you want them to. Hence, resilience (the ability to try again and again) and persistence in pursuing what you believe to be appropriate will help entrepreneurs sail through tough times.
- Every entrepreneur has to understand ‘sales’: By sales we don’t mean just transactional sales. We mean the ability to convince others about the concept, the value proposition, the plan etc. An entrepreneur does not sell only to customers. He/she has to ‘sell the concept’ to investors, vendors, partners, early employees, parents, early customers etc.
- Equally important is good communication skills. Unless you are able to explain and pitch the concept clearly to the various stake holders, it will be difficult for them to align themselves to your vision.
- An entrepreneur has to be good at implementing ideas. Everyone has ideas. But the trick is to successfully implement those ideas into a thriving business. An entrepreneur must have a deep understanding of the ‘business’ around that idea.
Also, I strongly believe that an entrepreneur must have the courage to face failure and challenges.