Traits of Successful Black Entrepreneurs
To continue along a positive path, aspiring entrepreneurs must ensure that they have what it takes to succeed. Listed below are the top traits of successful black entrepreneurs:
Commitment – Black entrepreneurs starting a new business must realize that entrepreneurship requires an enormous time commitment. Business owners must have stick-to-it-iveness and be willing to devote more than the typical 40 hours per week to thrive and survive.
Passion – Black entrepreneurs are fueled by a passion for their product or service. They believe that the product or service can make a difference and they have an intrinsic desire to succeed.
Vision – Black entrepreneurs tend to be curious people who question everything. They are blessed to be able to identify untapped market niches. They envision success and have the ability to communicate that vision effectively to investors, customers and staff.
Self-Confidence – Black entrepreneurs have self confidence in their skills and abilities. They know that the product or service they’re promoting is beneficial to the target market and that their company is the best offeror of that product/service.
Flexibility – Black entrepreneurs have flexibility and are able to adapt to change. They understand that change is inevitable and market/industry needs must keep pace with the changing times. They know that choosing to be an entrepreneur is choosing to be immersed in uncertainty. They understand that they will not have defined hours or income, and their responsibilities will vary - including anything and everything that needs to get done.
Sales, marketing and Networking Abilities – Black entrepreneurs know how to effectively get their message out to potential customers. They don’t wait for customers to come to them; they go out and seek customers. Successful entrepreneurs are experts at communicating who they are, what they do, and how their product or service will make potential customers’ lives better.
Financial Astuteness – Successful Black entrepreneurs ensure that they have sufficient operating capital. They know how to determine the amount of money their new business will require over an extended period of time. This includes both the costs of starting and the costs of staying in business.