In my previous post I discussed some attributes of an entrepreneur which I called the 3P’S, and now I will describe the 5D’s.
Basically, one of the defining factors of entrepreneurs is to take the necessary steps to create a business that will when managed properly will continue, they stay until they start receiving residual income. In becoming an entrepreneur; you need commitment to discover, design a plan, develop and deploy your potentials that is to unfold, open or otherwise become ready to use whatever natural ability or skills you have.
However, no matter how brilliant your ideas and talents are, you can’t be counted as an entrepreneur or a successful business owner if you don’t have these qualities which I regard as the 5D’S of an entrepreneur; Design, Determination, Development, Discipline and Dedication.
1. Design: One of the most important quality of an entrepreneur is the ability to plan ahead, entrepreneurs should have a set of intended actions; usually mutually related through which he/she expects to achieve a goal. First and foremost if you want to succeed, you need to design a plan which can be a tool you use to run and grow your business, something you continue to use and refine overtime. You need to design a blueprint; that is to put a detailed operational plan in place and stick to it.
Remember, a business plan is very crucial for determining the outcome or future of your business. It is a tool that helps you build a better business, not just a homework assignment. Good business plan are living documents that you return to on a regular basis and update as you learn more about your customers, sales, marketing tactics that work and don’t work. Your plan should set out the goals you’d like to achieve and you should use it to track your progress and adjust course as you go.
2. Determination: In my previous post I discussed perseverance which is the continuing in course of action without regard to discouragement, opposition or previous failure. But, there is a great problem with entrepreneurs about being persistent or having determination to adhere to a plan of direction. Can you please take a moment and ask yourself whether you have the quality of mind which reaches definite conclusions that you are strong enough to do it?.
The truth is that as an entrepreneur you need to reach a point of resoluteness, to be determine, convinced yourself, and have fortitude that enables the courage inside you.
3. Development: Do you know that a business cannot grow without progressing through a sequence of stages? Let me analyze this question by reminding you about certain changes associated with the market which is very essential part of your business. To become a successful entrepreneur, you need to discover and develop your potentials.
In the process of development, recognizing and overcoming the common pitfalls associated with growth is very essential if your business is to continue growing and thriving. Crucially, you need to ensure that the steps you take today, don’t themselves create additional problems for the future.
You have to be attentive by keeping up with the market, in this case you have to invest in educating yourself make research, attend seminars or trainings so as to immerse yourself deeply into the subject of interest, always read books about successful entrepreneurs, you see if you learn something new, you are then required to make mistakes in order to fully understand what you have learned. “A truly intelligent person welcomes new ideas, for new ideas can add synergy of other accumulated ideas”. – Robert Kiyosaki. That is development learn new skills, always be prepared to welcome change and adopt to it in your business.
4. Discipline: Entrepreneurs are identified by the way they think about what they do. They are not people that just startup a business. They take responsibility for delivering results. In addition an entrepreneur is an individual that is future oriented, resource endowed, he’s not concern about his advantage because he/she apply certain attitude; among them is the ability to possess a controlled behavior which is discipline.
True entrepreneurs are genuine, they show their genuineness by action. They hold themselves accountable because they have strong commitment standards. This means that they set goals and try to achieve them. In case if they feel that they are wavering from their goals, they adjust quickly. Therefore as an entrepreneur you have to be self-discipline and you need to exhibit the true virtues of self-control like integrity, your actions should be based upon an internally consistent framework of principles.
5. Dedication: As I write forwarder about the qualities that made up an entrepreneur, I realized that self-belief, hardworking and disciplined entrepreneurs are more confident and dedicated to their project. Their intense focus on and faith in their idea may be misconstrued as stubbornness, but it is the willingness to work hard and defying the odds that make them successful.
According to Sheryl Miller a sought-after business coach, mentor and award-wining entrepreneur, she says: “Dedication has been a key to her success as she brings her hair saloon app to market, she added that dedication is always listed as one of the most important traits an entrepreneur needs in order to see their business ideas come to life and become successful”. However, you have to commit yourself to that particular course of thought or action you intend to do. Dedication is all about devoting your time, resources, and focusing your efforts entirely for the sake of being successful in your business.