5 qualities every entrepreneur must have

This is always a difficult one to answer. Different segments will call for different skill sets. Depending on who you talk to, you’ll get a different list of five qualities. What you will find though is that the five qualities/skills below feature predominantly.

1. Discipline and focus

Without discipline, it is impossible to effectively and successfully execute any business plan.  Entrepreneurs must be able to clearly define the problem they are solving, quantify the opportunity and follow through with a clearly defined execution plan.  What normally happens is that most entrepreneurs easily get sidetracked.

2. Ability to identify and recruit talent

The ability to identify the help you need at all levels and stages of the business is key.  A successful entrepreneur surrounds him/herself with the right board members, co-founders, mentors and team members.

3. Excellent quantification and reporting capabilities

What doesn’t get measured, can’t be managed.  Most businesses wade in the wilderness because they never develop the skills to effectively define, track and measure business metrics.  Without this, everything the business does is guesswork and usually results in frustration and failure.

4. Ability to sell

As an entrepreneur, you must be able to sell.  You must be able to sell your vision to internal stakeholders, sell your business plan to investors/financiers and sell your product/services to your customers.

5. Integrity

It is important to have integrity.  It is fair to say that without integrity it is usually difficult to build a sustainable business.  Integrity ensures that all stakeholders of the business are treated fairly (investors, partners, employees, clients, the community, the government)