Retirement Fail by Greg Sullivan

Author:Greg Sullivan
Language: eng
Format: epub
Published: 2018-04-02T00:00:00+00:00

Five Qualities or Skills All Entrepreneurs Need

When a client comes to us and floats the idea of starting a business, we want to encourage him or her. After all, many people could use additional income to support the lifestyle they desire in retirement, and many have contributions they yet want to make to the world. We don't want to dampen the person's enthusiasm – but we do want to help her evaluate whether she has the experience and skills she needs to be successful as an entrepreneur. And we want to help her put boundaries around the venture so that assets essential to her long-term well-being are protected. Unfortunately, unbridled enthusiasm can be difficult to slow down and redirect.

My experience has shown me that not everyone has what it takes to flourish as an entrepreneur. After founding and running, with my partners, a thriving wealth advisory firm, I've learned that you need certain traits to do well. Here are five essential qualities or skills you must have if you are to succeed as an entrepreneur:

You need to have a strong vision. You must be able to see clearly what you want to build and have the passion to follow through on your goals.

You must be a good decision maker. As an entrepreneur, you will be responsible for executing your business plan; you must be able to generate a range of potential solutions to problems, evaluate all the options, and decide quickly and confidently on the course that will lead to the best outcome.

You need to manage risk appropriately. Starting a business is inherently risky – that's just the nature of entrepreneurship. But a successful entrepreneur knows how to evaluate risks and choose wisely, how to minimize the downside, and when to cut her losses.

You must be a good listener. Being open to the opinions and suggestions of others means that you will get greater insight into the strengths and weaknesses of your business and will get more feedback that can help you head off problems or generate solutions.

You need to be a great communicator. You have to be able to share your vision with others – partners, employees, investors, customers – and you must be able to effectively communicate goals and expectations for everyone in the company.

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