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Not everyone is cut out to be a successful entrepreneur. And there’s no doubt that there are certain characteristics that entrepreneurs possess that make them more suited to striking out on their own in business.
So what are these characteristics that make successful entrepreneurs willing to go against the grain and pursue their own businesses?
1. Determination and Tenacity
Starting a business is hard, and it’s certainly not for the faint of heart. If you want to succeed, you can’t be the type of person to give up easily. It’s recommended to fully devote 3-6 months to a new business before judging whether it will be a success.
Remember, there are no true ‘overnight success’ stories with new businesses. It takes a lot of time and a lot of effort. So be patient and stay determined.
2. An Abundance of Confidence
This ties in closely with the previous trait, for a number of reasons. You have to have a high level of confidence to believe in yourself and your business. Without that, it will be difficult to succeed. And in those first months of getting started, your confidence may be the only thing that carries you through.
That confidence will persuade customers and investors to take a chance on you.
3. Understanding that Failure is Part of Life
Another trait that is closely linked with the previous ones is that successful entrepreneurs understand the possibility of failure. In fact, most new businesses fail, often in the first year of existence. You can make all the right decisions and your business might still fail.
Due to this, some entrepreneurs find themselves starting new businesses after a business failure. Even with successful businesses, there are entrepreneurs who are happiest with starting new businesses and getting them off the ground.
4. A Love of Learning
Successful entrepreneurs never stop learning, and they enjoy it. The business field is, and always will be, filled with changes. It is always evolving. People who don’t enjoy learning new things and keeping up with the latest trends in their industry will find it hard to succeed as entrepreneurs.
Smart entrepreneurs set aside time to keep themselves updated, and modify their businesses as necessary.
5. Able to Turn a Passion into an Opportunity
Successful entrepreneurs are passionate about what they do. That’s not so different from other people in the workforce, but entrepreneurs can spot opportunities.
Businesses are created to fill particular demands or needs of consumers, and entrepreneurs can spot those needs and figure out how to give those consumers what they want.
Passion is often what gets a new business through its early days. A business owner has to love what they do.
6. Willingness to Take Risks
Starting a business is risky. To go from having a steady income as an employee to not knowing when or how much you’ll be paid as a business owner, is taking a huge chance.
If you have a family to support, it’s even riskier. And the risks don’t stop once the business succeeds.
Entrepreneurs have to be willing to continue to take chances as they grow and expand their businesses. Even successful businesses still face risks, such as a poor economy or otherwise changing market.
7. Understanding of How Business Works
To have a successful business, you must understand how business works. Knowing where your money goes at all times, and knowing how much money is required by your business, are musts.
Entrepreneurs know how to plan for the what-ifs, but not over plan so much that they can’t be flexible and adapt to changes that occur.
They must be versatile in skills, and they should have the ability to oversee every area of the business.
However, they should also be able to recognize when they don’t have the time or necessary skills for an aspect of the business. Good entrepreneurs know when to delegate business activities and use the strengths of their team members.
Entrepreneurs must adhere to their sense of ethics and right and wrong. You’re the boss. People look to you to make sound decisions. Consumers trust you and your product. Employees trust you to provide income for them and trust you to be a good leader.
You must demonstrate that you can be decisive when needed, but flexible when something unexpected happens. Entrepreneurs are naturally competitive people, but that competitiveness must be tempered with a strong sense of ethics.
It can be tempting to cut corners in business, but you should remember that will only put your business credibility at risk and won’t bring about long-term success.
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