8 Traits That Create a Successful Entrepreneur

When you hear the word “entrepreneur”, what comes to mind? A man in a suit headed into a high-rise building? Do you think of the big names such as Elon Musk, Jeff Bezos, or Steve Jobs? Most likely when we hear things about or listen to these individuals, we may laugh to ourselves about how incredibly rich they are and what we would do with all that money. Of course, dreaming about all the things that would be possible with that level of success is fun, but do you ever consider what qualities it took them to obtain it?

There is no natural-born talent or gene that creates business success. There is no one-way path to success. Read the story of anyone who has succeeded in anything. Failure, hard times, disappointment, these are all inevitable encounters in life. This may scare you, but some skills can help you blossom from negative experiences and use them to your advantage.

8 Traits That Successful Entrepreneurs Possess:

1. Curiosity

Kobe Bryant once said, “Certain things will happen, some may be good, some may be bad. I don’t know. That wasn’t good enough for me. I want to know why… I think it’s that constant curiosity that will separate you”. It is a constant hunger to learn that will allow you to gain the experience and tools you need to succeed.

2. Structured Experimentation

Test your market, find the demand and you will gain insight into the opportunity for creation. The basic rule of business: find a need and fill it, seems simple enough? Not without using your curiosity to find what the need is, who wants it, and how you can support this need.

3. Adaptability

If the COVID-19 pandemic taught us anything, it’s that changes arise in the business world, and your ability to handle these changes is critical. The business world is ever-changing, in order to thrive, adapting your approach is critical.

4. Decisiveness

Entrepreneurs will be in the position to make decisions every single day they call themselves an entrepreneur. Part of this means making decisions in the best interest of the company, that may not be favorable, risk-free, or make everybody happy. If you want to be an entrepreneur, you must be able to decide what is best for your business.

5. Team Building

A true entrepreneur knows what he or she is good at and where they need help. To support this, they need a supportive team that fills areas of their weak points. Also, people can learn from and help them follow the vision of the company.

6. Risk Tolerance

While launching your own business and working for yourself is already a risk, it does not stop there. Taking risks is stressful, but they can deliver tremendous benefits if they work out. Great entrepreneurs can take risks but also manage the risk being taken.

7. Enduring Failure

Accompanied with risk-taking and mitigating, entrepreneurs must accept if something fails. This does not mean that they give up, it means that they look for what went wrong and try again. The most successful of entrepreneurs have failed countless times, they never stop trying until they succeed. It typically takes a minimum of three years for a business to start succeeding after it is started. When you have the staying power to see it through and keep trying, the probability of success increases.

8. Innovation

Successful entrepreneurs do not always create an original idea, this is hardly ever the case. Taking an existing concept and then adding your vision to make it beneficial to the consumer base will set you apart from the competition. Elon Musk and Tesla is an example, he has created a sustainable method of transportation and slowly drove out the need for gas-powered vehicles. Just because someone’s already thought of it, does not mean you can't make it better.

Conclusion

Entrepreneurship is not a guaranteed life of glory and financial freedom, it requires being committed to a purpose that touches your heart. It takes being passionate and relentless in pursuit of a vision that may seem impossible at times. If you have these skills, and the staying power that is driven by your passion, there may be a life on the other side that you’ve always dreamed of.

We work with successful companies to increase their net profits using exceptional custom software solutions, contact us here to see how we can help your business grow!

How COVID-19 Has Impacted Small Businesses And Entrepreneurs

Epidemics and pandemics have been hitting humans for years. In the 1830s, France was affected by a cholera epidemic that killed at least 3% of Parisians, affecting the economy and destabilizing the political situation. Years later, many countries in Europe and the United States suffered a similar fate with the Spanish flu that killed almost 50 million people and caused the closure of several businesses.

While both scenarios are related to unfortunate events, when you look deeper into the consequences of the epidemics to the economy of the countries affected, the first one mentioned, influenced the Industrial Revolution in France, and the second example provided new opportunities for the creation of new businesses. 

Although COVID-19 has provoked an unprecedented downturn in the global economy, it is currently showing patterns that suggest that although many countries have been affected by the effects of the pandemic and several businesses have been shot down and thousands of people have lost their job, there may be a light at the end of the tunnel.

Who has been more affected by COVID-19?

The impact of COVID-19 has widened inequalities. For example, it is a fact that women work disproportionately more in industries that have been severely affected by the pandemic. Therefore, female small business owners face a greater probability of losing income than male small business owners.

The recreation industry has also been hit hard. Businesses such as gyms, theaters, cinemas, restaurants, and nightclubs have experienced more than 50% loss in sales compared to years before COVID-19. In addition, the accommodation sector, such as hotels and small guest houses, has faced high levels of vulnerability, increasing the challenges to stay in the market.

Small businesses have not been the only ones affected by COVID-19, in fact, many large companies rely on small businesses as suppliers or even subcontractors for specific services. So if small businesses experience job losses and decreased opportunities, large businesses are affected too. This relationship causes a chain effect that can negatively impact the economy in general.

What makes small businesses vulnerable?

A study done on past recessions in the US showed that small business owners are more vulnerable. They estimate that without effective government intervention, 25-40% of small businesses with fewer than 20 employees were more likely to shut down permanently during the first four months of COVID-19.

Similarly, your geographic location influences your level of vulnerability. Government and public health responses around the world have marked differences from country to country.

Most of them have taken a variety of measures to support small businesses, countries like the UK, Sweden, Thailand, China, Qatar, Russia, and Portugal have implemented various measures, from financial assistance, tax relief, lower interest rates, and loan guarantee.

While countries such as Liberia, Montenegro, Pakistan, and some countries in the African region have only implemented financial assistance aid.

Furthermore, vulnerability increases for those with a lower educational level. Business owners with less than a high school degree faced more risks as their businesses tend to be in less resilient sectors such as maintenance, repair, and construction services.

What kind of businesses has thrived during COVID-19?

The pandemic has forced several companies to close around the world, creating the highest levels of unemployment in history. However, there are some types of businesses in specific sectors that have been able not only to survive the crisis but also to prosper.

Online shopping, food delivery, cleaning services, fitness equipment companies, and the tech and telecommunications industries are some of the businesses that are enjoying a boost in sales thanks to the coronavirus.

Is there still hope for small businesses and entrepreneurs?

According to the Chief Economist at IHS Markit, COVID-19 has caused an economic shock three times worse than the 2008 financial crisis. However, crises are seen as opportunities. Over the years, many of today's most recognized companies have taken advantage of their capacity for innovation and creativity to transform themselves after periods of crisis.

Companies such as Airbnb, Netflix, Microsoft, and Apple seized the opportunities they found and turned their companies not only into thriving businesses but recognized leaders in their industries.

As Albert Einstein said:

“The crisis is the greatest blessing for people and nations because the crisis brings progress.

Creativity comes from anxiety as the day comes from the dark night. 

In the crisis that is inventiveness, discoveries, and great strategies.

Those who overcome the crisis, overcome themselves, without being overcome.’’

After almost 2 years of dealing with this global health crisis, the innovation that has emerged from it is undeniable.

New businesses have emerged mainly in the digital environment, and existing ones have seen greater demand. Mastercard's Recovery Insights: Small Business Reset report shows that small businesses experienced a boom. According to the report, 32% more SMEs were formed worldwide in 2020.

Countries around the world have seen unprecedented growth in new business formation, in some cases as high as 30% or more.

It is a fact that the global economic market rarely reacts in the same way to changes, and is less likely even after the impact of a crisis. 

However, this scenario may be the beginning of a great transformation of the global landscape for business e-commerce.

Overall, the coronavirus pandemic has been a significant economic challenge for millions of small businesses around the world. It has not been the same situation for all businesses, though. Since those that required people gathering, such as hotels, restaurants, travel, and sports centers, have been more affected by closures and social distancing restrictions.

However, as the facts have shown, crises are times when innovation and creativity flourish, and while many companies have faced their darkest times, others have remained resilient and adapted to the new reality, and other daring have been born.

Is there still hope for small businesses and entrepreneurs? The answer seems to be a big YES.

We work with successful companies to increase their net profits using exceptional custom software solutions, contact us here to see how we can help your business grow!

What Makes The IT Architect Role Important To The Development Team?

An architect is a person in charge of organizing the system, which includes all components and their interactions, as well as the environment in which they operate. It is also common to see included the evolution of the software in the future. 

The IT architect is a professional who presents high-level solutions for business systems and applications, where the level of quality of his work is correlated to the quality of the software. Simply put, the professional in this role is responsible for the detailed planning of the entire system structure.

Let’s take a look at a more detailed description of the IT architect's responsibilities.

What are some of the IT Architect’s Responsibilities?

1.An IT Architect must be a planner, he needs to create a technical project design based on how things must progress to reach the expected results. In addition to defining the tools and the environment in which the system will be developed.

2. They are responsible for providing technical support and quality control through the different stages of the project.

3. They are considered the bridge between business and technology. Professionals in this role know how to communicate efficiently with all experts and managers, in addition, they must be able to explain their work to people without IT knowledge.

4. IT Architects are in the right position to build strong working relationships with clients. By acting as an advisor or consultant, the IT Architect will provide excellent customer services and positively impact working relationships between everyone involved by building trust.

5. Last but not least, this role requires a high level of leadership skills, the IT Architect must act as a leader and keep all team members on the right track.

What is Needed to Become an IT Architect?

Software architecture is not an easy path, it actually requires advanced IT knowledge. Usually programmers, after years of experience, move to the architecture role, because they already have a deep understanding of the technologies and principles of software engineering and are skilled in developing infrastructure and software solutions. Consequently, they have the ability to perform software architecture tasks more efficiently.

In conclusion, the IT Architect is the professional in charge of defining the system infrastructure from scratch, including data storage, working network, security protocols, and more.

Although the roles and responsibilities of software architects depend on the size and needs of the company they work for. Many of the professionals in this role end up performing the tasks mentioned above.

We work with successful companies to increase their net profits using exceptional custom software solutions, contact us here to see how we can help your business grow!