Generation Y Entrepreneurs

Characteristics of Success

The good news is becoming a business owner doesn’t require joining an exclusive club. Entrepreneurship has no legal or particular requirements, but some people are more likely to succeed than others. Not everyone is cut out to own his or her own business. Launching a business takes guts, focus, money, and time with no guaranteed success. With that in mind, successful entrepreneurs must posses certain characteristics.

If you find yourself constantly hitting the snooze button, or struggle to complete tasks without someone prodding you, running your own business may not be your best option. Successful entrepreneurs are extremely self-motivated. Having a clear vision and knowing exactly where you want to go and why will help drive that passion to wake up early each morning and get to work. Only 1% of the work is done by coming up with the idea for the next Pinterest.

In a CBC news interview with five young Canadian entrepreneurs, April Glavine, founder of Lean Machine Inc. said, “You are your own motivator, so tenacity is imperative. There’s nobody setting your schedule, so if you don’t believe in yourself and if you don’t do it, who will?” Glavine’s Moncton-based company leases vending machines stocked with healthy snacks to high schools and health care facilities. Her passion stemmed from her reactions to the alarming rates of childhood obesity. “I really felt that this was my place and I believed in the fact that I needed to start this,” she said. Glavine is a good example of having the ambition to solve a specific problem and the self-confidence to believe that she is uniquely positioned to make a positive change. Passion is essential when things aren’t going according to plan, which often occurs in the newborn stages of a business. You must be willing to sacrifice your time.

Besides passion and a tireless work ethic it is imperative for a young entrepreneur to be flexible and agile. Knowing when to take that calculated risk and recognizing new opportunities when they arise should be second nature. And if failure is a word that makes you cringe, then you should pull the escape hatch now. Chances are you will fail more than once. An entrepreneur must be persistent in the face of failure when others simply opt out. And learn from setbacks. Run tests on products and talk to customers to see how the business can be reoriented. A certain level of edge and tenacity is key. A lot of people will tell you no before you hear that coveted “yes.” J.K Rowling had Harry Potter and the Philosopher’s Stone rejected by twelve publishing houses before Bloomsbury Publishing House finally said yes.

Timing and luck also play a role when launching a new business. In markets like fashion, music and gaming, where timing is everything you need to move quickly to execute. Evgeny Tchebotarev, another entrepreneur from the CBC article and co-founder and creative director of 500px, a web-based platform for sharing photographs said, “Start early. I’m only really at the beginning right now with this product and I’m guessing it will take another five years or so before we get to a really big level.” The technology sector is extremely fast moving and volatile so you can’t drag your heels when it comes to initiating ideas. This also means being able to articulate your ideas. Your new “boss” is the customer so the ability to communicate your ideas to people is vital.

Good entrepreneurs also tend to be multi-skilled. Before the business expands you may be expected to juggle numerous roles including marketing director, accountant and IT manager. It can be easy to lose focus of what your strongest skills are and when this happens remember what strengths you bring. Do not lose that creative impulse. Owning a business means shaping and designing in ways others haven’t explored.