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Essential Traits Of An Entrepreneur

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Things are a bit topsy-turvy in the UK right now. Well, that’s judi online probably an understatement.

Brexit has fundamentally altered the course of the country. Since the shock result of the EU referendum, politicians and the wider public have clashed over what Brexit entails and the UK’s future direction of travel. With no certain answers and heated disputes ongoing, businesses have been stuck in limbo, keen for a resolution to the current paralysis. Meanwhile, those looking to start a business might look at the current unpredictable economic conditions and hold back on their entrepreneurial ambitions.

It’s easy to get caught up in the doom and gloom. However, this is still a boom-time for entrepreneurs. The UK remains one of the leading countries to be an entrepreneur, topping the Forbes’ Best Countries for Business 2018 list. Also, the Global Entrepreneurship Index ranks the UK as the fifth best place to start a business in the world, ahead of the US and much of the EU.

So, despite the Brexit uncertainty, there’s a lot going for budding entrepreneurs in the world. The real question is: what are traits you need to be successful given the challenges presented by Brexit?

1) Risk taking

There’s a great saying: “Everywhere you see a successful business, someone once made a courageous decision.” At some point, every business owner has chosen to forge their own path – often leaving behind successful careers to go self-employed. Whilst that’s a super exciting thing to pursue, it’s inherently risky as there’s no guarantee of success.

Being self-employed, you have to accept that the safety net isn’t there in the same way as full-time employment. You have to embrace that risk and apply the same mode of thinking to other decision making. Risk often equals reward in the world of business.

2) Adaptability

Charles Darwin’s theory of evolution states that the species that survives is “is the one that is most adaptable to change.” That’s also true of business. There are countless examples of big name players who failed to adapt to changing circumstances – whether that’s new technology or changing consumer habits – and were subsequently overtaken by disrupters of the day.

Ten years ago, Blockbuster stores were on most UK high streets, but their failure was not adapting to the rise of digital streaming. Cue: Netflix. If we look to the future, responding to Brexit is going to require business owners to respond to the threats and opportunities presented by the UK’s new global position. For example, will we see more US imports enter the market? What will that mean for your business offering?

3) Perseverance

“I’m convinced that about half of what separates the successful entrepreneurs from the non-successful ones is pure perseverance.” Do you know who said that? Arguably the most notable entrepreneur of the last 50 years: Steve Jobs.

Perseverance is sticking at it when times are tough. Perseverance is dusting off your failures and learning from them. Perseverance is dedicating every fibre of your being into making your business a success. That may take time, but, to win the race, you’ve got to stay in the race.