Aldain Reid
Contributor

Much has been said regarding the abundance of the entrepreneurial spirit that resides right here in Jamaica. The most recently published Global Entrepreneurship Monitor (GEM) Report supports this view by identifying that at least 17 per cent of the nation's adult population is either actively planning, or has recently started a business. We have struggled, however, as a country to translate this appetite for entrepreneurship into enduring businesses.

While I would suggest that the absence of an enabling environment for entrepreneurs in Jamaica has largely contributed to this fact, it is equally important that prospective and current entrepreneurs recognise that there are certain qualities that are absolutely necessary if success in business is your ultimate goal.

Not all these qualities will be inherent in your personality, but with the right attitude and relevant training, you will be on your way to achieving your dream.

1. Self-confidence & an Inner drive to succeed
This is perhaps one of the most critical characteristics that an entrepreneur must exhibit. Belief in your abilities will be crucial since you will depend on others to believe in you. Never fear the unknown. The most lucrative opportunities exist down paths that no one has dared to tread.

This inner confidence will enhance your ability to take risks and make difficult decisions two frequent features of your life in business. While this level of confidence will often be mistaken as arrogance, entrepreneurs must not be distracted in this regard. Set your goals and stay committed, no matter what the obstacles!

2. Leadership Skills
The ability to lead people is a major contributing factor to an entrepreneur's success. No company can move forward unless its team is moving forward with a shared vision. It is, therefore, a plus if you are a CEO who people want to follow.

It is much easier to influence the behaviour of your team if there is trust and mutual respect.

An abundance of charisma is not a prerequisite for becoming a great leader. Indeed, there are conservative, unassuming leaders who connect with employees by building a culture of respect and trust. You need to be genuine.

Employees are increasingly able to identify pretence when they see it. A successful entrepreneur values and cares about people. Encourage honest feedback on your performance from associates, peers and employees. This process may be unpleasant, but it is crucial to your personal development.

3. Sound Knowledge of your field and Adaptability to Change
One of the most common reasons for business failure is the entrepreneur's failure to acquire adequate knowledge of the industry prior to jumping in.

If there is one constant in business, it is change. From new technologies and economic trends to emerging markets and the sensitive customer, your ability to anticipate change and how it will impact your business success is critical to the longevity of your business.

Successful entrepreneurs are also exposing themselves to the skills of complementary sectors. As the global marketplace becomes more competitive, it is also important to keep abreast of the world economy and international events that may affect the local business environment. The recent demise of Wall Street provides a perfect example.

Be creative. Build knowledge from numerous sources, including competitors, customers and leading companies in other industries. Keeping up with the latest technology will be crucial to enhancing your ability to seamlessly adapt to change

Read the local and foreign press regularly. Subscribe to general business magazines or trade publications from unfamiliar industries to source new ideas and trends. I strongly recommend the Entrepreneur magazine as a good source of relevant information.

4. Superior Communication skills
If you consider the number of people you interact with each day, you will understand how critical your communication skills are to the success of your business.

Whether it is with clients, staff, the media or shareholders, entrepreneurs must be able to communicate key messages with consistency.

Establish the messages you want to communicate to your publics and make every effort to reinforce them through your personal and professional interactions.

Successful entrepreneurs not only make themselves heard, but hear others. Listen keenly to what your associates are telling you and go beyond this by further by establishing mechanisms that encourage candid feedback.

5. Creativity and Innovativeness
The ability to harness innovative ideas by turning them into value-creating profitable business activities is a key source of entrepreneurial success.

Creativity is an ongoing exercise for the successful entrepreneur, who is always exploring new ways to do things, regardless of the obstacles, or the absence of resources. The ability to identify opportunities, to innovate, and to take these ideas to market, is a vital prescription for success. Creativity and innovative thinking are required in virtually every facet of an entrepreneur's experience in business. Many great inventions have emanated from innovative ideas of creative thinkers.

6. The Art of Negotiating
Getting the best deals is critical to the long-term success of an entrepreneur.

We often fail to realise just how much time we spend negotiating those deals and, therefore, how much our bargaining skills can make or break our business.

Whether it is with clients, employees, suppliers or business partners, we are constantly negotiating.

One of the keys to successful negotiating is listening well and a willingness to be persuaded.

Negotiations are won or lost based on the amount of preparation you do. Before each negotiation, consider all the likely scenarios that might occur and then role-play each of them.

7. Strong Networking abilities
Successful entrepreneurs pay special attention to developing their personal network.

Networking is an ancient art, but many entrepreneurs still have not figured it out. It is not about how many business cards you amass; it is about connecting with colleagues to exchange ideas, and information to create change.

The best networkers master the art of listening, focusing on the needs of others.

So, you may ask, who should be a part of your network?

Find them at industry-specific events. Join a board, service club or a peer group.

The advent of Web 2.0 and its social-networking portals, such as LinkedIn and Facebook, has created a great avenue for expanding your network, based on shared professional or social interests.

There is nothing like trading ideas and challenges with those entrepreneurs who have already made the journey. This accelerates the learning curve and provides a unique opportunity to discuss sensitive issues in a mutually comfortable environment.

Aldain Reid is a serial entrepreneur and is currently serving as the president of the Young Entrepreneurs' Association of Jamaica. He may be contacted via his entrepreneurship blog at www.aldainreid.com