With record-high unemployment levels, especially amongst South African youth, the importance of entrepreneurship continues to grow.
However, many people are afraid to answer the call of entrepreneurship.
A 2020 study by the University of Stellenbosch Business School (UBS) showed that 49.8% of South Africans continue to fear failure, discouraging them from launching their own businesses.
Here are the five traits aspiring entrepreneurs need to achieve success:
Successful entrepreneurs do not wait until they have perfected their business ideas or products. By having the courage to act quickly and seizing opportunities, you can improve your products or service offerings as you go along.
Entrepreneurs who lose focus on their core service and purpose will see their new venture crumble. Focus on defining your target market and what unique needs your business is fulfilling, and then play to your strengths.
In a modern-day, highly competitive environment, it is important that entrepreneurs are agile. You need to be able to respond to market trends and opportunities to stay ahead of the pack.
This agility can come from encouraging innovation to inviting new ideas and suggestions from staff and clients.
You need to be stubborn about achieving your goals but flexible enough to change your plans if certain things don’t work out.
4. Willingness to listen
Successful entrepreneurs are willing to accept input from others and be guided by their expertise. You can learn important business lessons by listening to advice on social media or through webinars.
Listen to what other successful entrepreneurs have to say, implement their successful practices, learn from the lessons they have.
Entrepreneurs need the self-discipline to avoid procrastinating and consistently work hard. To ensure success they often put in long hours.
Finally, says Arnoux Mare, chief executive of Innovative Solutions Group, don’t be afraid of mistakes.
“The difference between those who succeed and those who don’t is not failure, but rather the willingness to pick themselves up, brush themselves off, and persevere. That’s how successful businesses are built.”