Discover the entrepreneurship qualities that set winning entrepreneurs apart from the rest.
Are you a winner? All aspiring entrepreneurs answer in the affirmative. Being an entrepreneur is an interesting venture. It is like participating in a high-stakes game: some win, some lose, and others quit.
Many entrepreneurs, with big dreams, dive in despite facing challenges. But when they encounter challenges, they quit. Their flaming vision burns out in the wind. They failed because they lacked entrepreneurship qualities. Entrepreneurship qualities determine who wins and who quits the game. Sit tight as we examine these qualities.
The Link Between Entrepreneurship Qualities and Success
Every successful entrepreneur faces challenges from changes in the market to the high cost of running a business and changes in policies. Business owners deal with many challenges. Harsh economy, and changes in market fluctuations are just a few challenges entrepreneurs struggle with. According to the African Development Bank, more than 80% of African businesses fail within five years. This is largely due to poor operations and a lack of funding, too.
Although many aspiring business owners fail, there are exceptions who have succeeded. What differentiates those winners from the quitters? Nothing other than entrepreneurship qualities. Qualities such as strategic thinking and resilience in business keep the flame burning even when the going gets tough. They help business owners think ahead and avoid various pitfalls.
Winners Have an Entrepreneurial Mindset
What is an entrepreneurial mindset? It is the mindset where failures do not stop success. For Winners, setbacks are lessons, and challenges are mountains they can overcome. An aspiring business owner with an entrepreneurial mindset does not give up or quit because of challenges.
They stay driven and are ready to adapt. Quitters, on the other hand, are paralyzed by fear. Entrepreneurs who succeed learn from challenges. With that knowledge, they know what to avoid in the future.
Entrepreneurs who develop this mindset overcome challenges and build successful businesses. Oluwatobi Ajayi, the founder of Nigeria’s auto-tech firm Nord Motors, is a good example. He built an automobile assembly plant in Nigeria from the ground up. He faced many challenges in the Nigerian market, from navigating import tariffs to partnering with component suppliers.
Like a winner that he is, those challenges did not faze him. His entrepreneurial mindset helped him overcome it all. Ajay recommends what he calls “learn-fast-or-die” mentality for all entrepreneurs. Winners develop an entrepreneurial mindset by learning from battle-worn entrepreneurs.
Business owners who have weathered the storm have a wealth of experience and can inspire you to succeed. Read our exclusive on Nkem Onurah and how he built a thriving engineering and AI solution in Canada.
Resilience in Business is Non-negotiable
Resilience in business is a key entrepreneurship quality you need to succeed. Things won’t always proceed as you planned. That novel product might flop, or delays in licensing might stall your progress. The funding you banked on might not be forthcoming.
Just about anything could happen. A resilient entrepreneur does not quit. They solder on, ready to pivot as circumstances require. Take Shola Akinlade and Ezra Olubi, for example, the co‑founders of Nigerian payments star Paystack.
Early in their entrepreneurship journey, the local banks doubted the feasibility of online payments and shut off APIs without notice. How did the founders respond? They did not give up. They rewrote the platform’s code, built redundancies, and calmed the fears of investors.
Their resilience worked in their favour. Paystack became the first African acquisition by Stripe in 2020. This example buttresses this point: resilience in business is non-negotiable. If you are an entrepreneur with the right mindset and resilience, you are sure to win. Quitters, on the other hand, cave in at the slightest difficulty. Increase your business and financial knowledge with our Simplvest posts.
Visionary Leadership keeps Your Team on Track
An entrepreneur is a visionary leader of teams. Visionary leadership is a key quality. The vision is yours after all; carry your team along with you. Guide your team to success; that is the responsibility of every business owner.
Visionary leaders inspire and motivate others. They recruit and form strong teams that join them to achieve their mission. They are focused on the long term, are determined to stick to their vision, come what may. You don’t need an elaborate vision to be a visionary leader; your mission just has to be crystal clear.
Just like it was clear to Adenah Bayoh, a real winner who went from being a survivor of the Liberian war to owning four IHOP franchises in the US, with her visionary leadership, she saved 50 jobs and created 40 more.
You’re wondering: How can I be a visionary leader? Study examples of successful leaders, examine their journey, and their experiences.
Win the Game of Business With Strategic Thinking.
An entrepreneur who is out to win in business thinks strategically. Strategic thinking helps you spot trends. Trends that could turn into lucrative businesses. Successful business owners have a quality plan for risks and make the right decisions.
Mo Abudu of EbonyLife Media is a winner with an incredible example. First, she started as a talk‑show host, but her vision was more than that. She wanted to be known in the African storytelling ecosystem. So she came strategically. Struck Co‑production deals with Netflix and Sony Pictures.
Then she went further to build a film school for aspiring talents. Her enterprise currently streams original series to international audiences. Talk about strategy! Each step—content, training, distribution—fitted her broader plan.
To dominate the premium African narrative, be a winner, think strategically like Mo Abudu. Check out your competitors. Look for opportunities you can leverage in the economy. If you’re starting out, strategy entails running small‑scale pilots before scaling.
The Deciding Factor: Entrepreneurship Qualities
Whether you win or quit depends on you. Developing entrepreneurship skills is the deciding factor. It keeps you in the game of business long enough to overcome challenges, make your mark, and succeed in business. Sign up for our newsletter for financial tips that help you win.
