Personal characteristics include creativity, innovation, responsibility, willingness to take risks, including financial ones, dedication, and unbreakable belief in success.
While practical skills include the ability to be a leader and hire the right people, skills in cash flow management and accounting, the ability to raise capital for business growth, decision-making skills, the ability to establish a long-term strategy, strategy, and short-term tactical actions for the company.
And most of all failures are expected at the very beginning and it is important to understand that failure alone does not determine further fate.
It is crucial to draw conclusions from failures or, as Steve Jobs said, ”fall forward”.
The ability to learn from your mistakes and not be afraid to take risks again is what correlates and leads to my second characteristic of what characteristic can potentially predetermine a successful entrepreneur.
The second is stubbornness and determination.
It takes just nerves of steel and self-confidence so that despite the refusals of investors, criticism of friends and relatives, money problems, difficulties with partners and suppliers, and other possible troubles, not to give up halfway.
The third is creativity.
As a rule, doing business means doing differently something familiar, so that it is more efficient and generates income. or doing something that no one else has done.
Both require ingenuity and the ability to think outside the box.
Fourth is good analytical skills.
Without a careful analysis of the results of previous actions, it is difficult to maintain a long-term development strategy and make informed decisions in general.
Fifth is the ability to manage finances and knowledge of how to keep management accounting, calculate margin and losses.
A businessman who does not keep track of money is doomed to failure.
For example, an underestimated cost of production of a product can lead to subsequent work at a loss. inability to use tax deductions and legally reduce taxes can significantly reduce the profit of a business and even lead to bankruptcy
My example of a successful entrepreneur who has all the characteristics described above is Jeff Bezos.
Jeff Bezos is mostly famous for his first establishment named Amazon.
Specifically for this assignment, I studied his biography in order to understand what skills, characteristics, and character traits were most important to achieve the heights that he achieved in business.
Before launching Amazon in 1995 Jeff Bezos was working at Wall Street and had a prestigious high-income job.
But he was not afraid and ventured to create an online store selling books that had no analogs at that time. constant improvement and expansion of the range of Amazon, improvement of service is nothing more than good analytics and financial management. he invested a lot of time and money to robotize warehouses and much more in order to create the best service to the customers of Amazon.
He has a vision of where he wants to take the company which is far beyond the view of most others, including the exec leadership team”.
Nowadays Amazon is a digital retail giant whose warehouses are the most technologically advanced, a web services provider, media producer, manufacturer of personal technology devices such as Kindle and Echo.
Jeff Bezos currently is deemed the richest person in the world.
September 2021
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