Perhaps you have already asked yourself whether a certain personality is necessary to be a successful entrepreneur. Then what would be the qualities and skills needed.

We have put together eight characteristics for you, which are particularly pronounced among entrepreneurs. However, it is important to know which of the characteristics and personality factors listed below are advantageous. It is therefore not a question of whether a certain personality factor is present or not. Rather, future founders should ask themselves to what extent this factor is developed in them - and to what extent it can still be developed.

Motivation

You're burning for your idea and can't wait to turn it into a viable business concept. You love what you do and you're on the verge of making it happen.

A strong personality

You have a strong personality, the courage to have your own ideas and you are ready to take a path that is considered abnormal or unusual.

Self-confidence

I can do it! You are convinced of your strengths and abilities and you support your idea 100%. Even in stressful and difficult situations, you keep a cool head.

Resilience

Nothing will upset you that quickly. Difficulties motivate you instead of worrying, disappointments are an opportunity for development.

A social sensitivity

You approach customers, partners and other stakeholders with openness and trust, and are open-minded and uncomplicated towards others.

A willingness to take risks

You're taking a certain risk. Combined with emotional stability, you are able to make risky decisions and endure them even in times of uncertainty.

Adaptability

Your product is not well received by the customer? You are able to rethink and orient yourself towards the market.

Patience

You're euphoric, motivated and ready to go - and nothing happens. It's hard to put up with, but sometimes it just takes a while before you get the success you want. Don't give up - patience is a strength.

Nothing is more powerful than an idea whose time has come. There are several ways to check whether your business idea works. Make your idea known, check its potential and adapt it if necessary. Here are some variations:

Test it yourself

If your idea is a product, it is in your best interest to test it yourself first, so that you can then implement the best possible version.

Consider your idea as an "outsider".

What would you say if it wasn't your idea? We admit it's easier said than done. However, it is an effective method and a valuable quality for a founder to be thoughtful and critical of himself.

Market Research

A business idea is only economically viable if it resonates with the target group. It is therefore essential to align the company's range of products and services with the customer's wishes from the outset and, in addition, to position itself visibly in the market. Market research includes, for example, customer surveys in person, by telephone or on the Internet, surveys in test laboratories (observation, acceptance tests, taste tests or eye tracking), but also the evaluation of data already collected elsewhere, such as the development of sales figures, complaints and claims and annual reports.

Competitive analysis

It is also very important to know how many competitors offer the same product or service as you do. Your idea must stand out from that of your competitors. You achieve this by defining a Unique Selling Proposition (USP). More information about the USP can be found in Step 2 "Business Idea".

Discuss your business idea with others

Get input from others and discuss your idea with superiors, colleagues, acquaintances, experts. Are you afraid your idea will be stolen? This happens very rarely because many people have good ideas, but true entrepreneurial value only begins with good execution, and often it doesn't even stay with the original idea. By discussing your idea with others, the feedback you receive can help you go much further - and you can develop your idea further.

Develop your business idea with your target group.

Of course, you first have to identify your target group, your ideal customer: Who is this ideal customer? Because once you have decided to set up your own business, you will soon have to decide who should buy your product or service. If you do not understand your target group, it is very likely that it is not your target group. It is therefore very important to take a closer look at your future customers. Think about the age of your customers, the channels through which you will reach them and, of course, the amount they are willing to pay. To make things easier, you can create a profile - give your typical customer a name and define his or her environment, habits and buying behavior. Then start looking for representatives for your target group(s), present your idea and develop it with your customers.

However, be prepared that feedback can be quite painful. Even a negative evaluation of your business idea will help you move forward - use criticism to reconsider some points in your offer and make adjustments if necessary.

The business plan is at the heart of the creation of any business. A well-conceived and developed business plan can help you to better structure your ideas and convince potential investors and future business partners of your idea. In addition to the business concept, it should include analyses of the target market, the business strategy and the service and product portfolio. Factors such as marketing, sales and organization are also described. Financial planning for the next three to five years should not be lacking.

A business plan lives with the company and it is important that it is always adapted to the latest developments. This enables you to proceed systematically, identify potential problems at an early stage and counter them with appropriate measures. In our free workshops you will learn the basics of business planning and you will have the opportunity to work live on your own business plan using the IFJ BusinessPlan tool. All you need to bring is your concrete business idea.

This quote from Paolo Bulgari hits the nail on the head. It is clear that good marketing is a cost factor. Especially in the beginning, many founders are faced with the problem of a rather tight budget but no start-up should do without marketing - at least if it wants to succeed in the long term. In order to resolve this contradiction, it is therefore important to launch targeted and highly effective marketing measures precisely in the start-up phase. This will help you to attract your first customers, which will have a positive effect on your finances. It is therefore worth investing time and energy in appropriate marketing measures. We have summarized a few possibilities for you.

Classic advertising

Even in the age of social media, it can be interesting to rely on print advertising, radio or television. Today, direct marketing is also part of classic advertising. As the name suggests, it is any direct contact with a customer or prospect.

Online marketing

Online marketing includes all variants of advertising on the Internet. This includes marketing on social networks such as Facebook or Instagram as well as SEO optimization. Don't forget your own website or e-mail marketing.

Referral marketing

Under no circumstances should you underestimate referral marketing. Word-of-mouth is still very much in vogue. Before a potential customer buys your product or uses your services, they ask their friends, family or acquaintances for their opinion. The customer thus becomes an advertising medium for your company.

Influence marketing

Influence marketing is an important part of referral marketing. Here you are looking for a perfect advertising partner who has a great influence on your target group. The decisive factor is the influence of that person, either a celebrity, blogger or entrepreneur who corresponds to your company and can identify with your business.

Event marketing

Whether large or small, an event offers the opportunity to make new contacts, hold exciting discussions and develop ideas. Whether it's a conference, an open day or participation in a trade fair, here you can promote your company. Make sure that the cameras capture the event as professionally as possible. Because the event is usually not only exciting for the participants - but also for those who weren't there.

Networking

Apart from curiosity and openness, this measure costs you practically nothing. In exchange, you will gain relationships that will take your business forward in a completely new way. You can read more about this under point 8 "Networking".

Multi-channel marketing

This is the principle of distributing advertising over different communication channels at the same time. The advertising message is thus encountered repeatedly by the customer. It is recognized and stored for the long term. The precondition is that the content and design of your message is consistent across different channels, such as the internet, television, posters and print media.

Public Relations

For each founder, it is important that the public be informed of the latest news. In addition to classic advertising, public relations can also support you. For a long time now, attention has not only been focused on the product. Today's customers want to know what is behind a company - you can achieve this through public relations, with the publication of a press release.

IFJ also supports you in the area of marketing by offering free courses and events. Benefit from the know-how of experienced practitioners and learn from the experiences of other founders.

Economic conditions, new laws, geographical developments, technological progress, the latest trends, changing customer preferences or the sudden appearance of a competitor are all important factors for a company: it is therefore necessary to keep up with these constant changes which are as much a part of the business environment. Many factors can affect your business and require a quick reaction and flexibility to avoid being squeezed out of the market.

Let’s take digitization as an example. This is probably one of the most important changes in recent years, affecting all areas of life including the economy. Both start-ups and established companies have to cope with technological change and the associated modernization processes in order to survive in this rapidly changing world.

Those who want to survive in the long term must therefore be able to react flexibly to market changes and be open to change. No matter how good your business idea is, you must constantly rework your success. Keep yourself up to date by keeping up to date with developments, trends and current events in your sector. Observe your competition, improve your offer, optimize your internal processes, further develop your company and thus give yourself a decisive competitive advantage again and again.

And best of all: New impulses in your daily work provide new inputs. Even small changes can make a big difference. If you have been an entrepreneur for some time, take time to remember the start-up phase. What has changed since then? What obstacles have you overcome? You will certainly find that you have grown tremendously over time, both personally and professionally. Be proud of that.