In recent times, we hear about successful entrepreneurs every so often as their success stories are covered by the media in an inspirational fashion. As we view the success of entrepreneurs today, there is one trait consistent among them – they don’t shy away from taking risks. Every risk is viewed as a potential business opportunity. These risk-taking entrepreneurs are not risk-averse, nor are they impulsive. They are, much rather, calculative in their approach and believe in taking a few leaps of faith where things look promising. Obstacles are not viewed as restrictions, but rather as possibilities that can be surpassed for increased business profit.

The Inherent Risk of Entrepreneurship

When a young entrepreneur opts to start up his/her own business, rather than take on the safety of a job, they have automatically chosen the riskier route from the start. Every businessman is accountable in much more ways than an employee. They are not limited to a certain profile of work, but are responsible for every aspect of the business. They are not following a regulatory pattern of fixed work hours or a fixed monthly income. The responsibility of business growth rests on their shoulder, with the success of the business entirely dependent on their doings. Therefore, when an individual chooses to be an entrepreneur, regardless of the industry, they have already taken on the riskier path.

A Problem Solving Attitude towards Success

Every successful entrepreneur is well versed with focusing on problem-solving. There is no superior or boss that an entrepreneur can turn to when faced with an obstacle. It is a responsibility that falls on the business owner and therefore, problem-solving skills are required to move ahead. This creates an automatic leap toward overcoming hurdles with an optimistic attitude that sometimes involves taking calculated risks. Moreover, it calls for a constant appeal to improvise and increase the quality of the business. The work ethic evolves in such a way that every risk is weighed against its potential of success and business growth.

Powerful Leadership Characteristics

Whether it is young entrepreneurs or seasoned business owners, to be successful you must have inspiring leadership qualities. This involves many factors, but the primary one is to instil a passion for achievement among the employees. Many businesses fail to succeed purely due to a lack of drive among the employees to achieve higher standards. A powerful leader is one who creates a constant drive within the team to outperform themselves year on year. With the recent rise in disruptive start-ups, this phenomenon is extremely common. Young entrepreneurs are displaying a zeal and passion that has been unmatched in the decades before.

Extensive Tools for Business Development

The conveniences and ease of conducting business has never been more than in this current digital world. Conducting business overseas is increasingly simplified, accounting software availability is customized to the needs of the business, payments methods are growing more and more agile – the entrepreneur of today has unprecedented tools at his disposal. Consequently, the staff gains from e-learning and automated training mechanisms. Every business owner today has ample options and the only thing remaining is to take that step forward. Entrepreneurship has never been this risk-proof.

Rigorous Business Analysis Skills

Cash flow management plays a big part in this analysis. Every entrepreneur struggles with delayed payment, since their forward payments depend on this. The option of delaying staff payments is a bad choice as it can considerably decrease the morale within the organisation. Successful entrepreneurs envision this problem before hand and tackle it before it appears. One such way is by taking in advance down payments. This protects the organisation from unforeseen delays and doesn’t allow the cash flow to be dependent on payments coming in from clients/ customers.

Innate Ability to Identify Talent

This requires a strategy where the entrepreneur is as specific as possible in terms of the profile and qualifications for the position he is looking to fill. When these specifications are clearly outlined, it has much easier to identify the right match. Additionally, a consistent employee-owner satisfaction equation involves a step forward from both ends. The staff will continue to strive to higher standards if the entrepreneur is continually seeking ways of improvising their work environment. Successfully mentoring employees is another strategy that goes a long way.

A Success Story

When it comes to passion for excellence, we can look for inspiration toward the success story of Mr. Mehul Panchal, who started with a meagre investment of Rs. 10,000/-, but with his unending enthusiasm and superior business acumen has created India’s premier filtration solutions provider – Filter Concept Private Limited. With a passion for business development, extensive attention to building team efforts and work ethic that sincerely believes in giving back to society, Mehul Panchal converted his backyard business to a multi-million dollar enterprise.