Not everyone has the leadership skills it takes to be a successful entrepreneur or to build a successful business from the ground up. Sometimes people struggle with the basic concepts of a profitable business model. Often, great plans do not make it off the ground as a result of some unforeseen factor.
Although the majority of new businesses are not likely to remain active for the long-term, a great deal can be learned from the innovative entrepreneurs who do succeed. There are a few qualities that they all have in common to be a successful entrepreneur, including the following:
Every successful entrepreneur knows that getting your business off the ground is hard work often accompanied by long days and many all-nighters. Nobody develops a multimillion dollar company by sitting back and letting things happen.
The best entrepreneurs are looking for potential problems and are working tirelessly to solve them before they even appear. Furthermore, they are constantly adapting to the changing tides of the marketplace and relish the challenge of new opportunities.
According to a study completed by professors at Northeastern University’s D’Amore-McKim School of Business, optimism is one of the single most important qualities of winning entrepreneurs.
Entrepreneurs are confident that their business has a 100 percent chance of success, but they are also willing experience a number of failures along the path and take risks that they think will pay off. However, this doesn’t mean that they dive headfirst into every opportunity. Leading entrepreneurs are able to make calculated decisions.
Another characteristic demonstrated by the successful entrepreneur is self-confidence. Nobel Prize laureate Daniel Kahneman summed up the thoughts running through most entrepreneurs’ heads in an interview with Inc. when he said, “A lot of progress in the world is driven by the delusional optimism of some people. The people who open small businesses don’t think, ‘I’m facing these odds, but I’ll take them anyway.’ They think their business will certainly succeed.”
Entrepreneurs that lead popular companies all tend to be highly organized in their thoughts and actions. They know approximately when the next phase in development needs to happen and what objectives they need to achieve. Furthermore, the successful entrepreneur researches everything, from production to sales, to make sure they have laid out the best plan. After all, organization is the key to efficiency.
Some of the most successful entrepreneurs have been driven by a single goal that inspired them not to stop until it was reached. They knew the idea they had was gold and needed to become a reality.
Take Blake Mycoskie, the founder of Toms Shoes. During a trip abroad, he found himself greatly disturbed by the hardships faced by young children who did not possess shoes. Upon his return home, he began developing a company that would use a One for One strategy, meaning they would donate a pair of shoes for every pair sold.
The company has become a huge success and has expanded to include eye wear, coffee, and bags. The sale of each of these products helps someone in a developing country to acquire basic necessities. Due to one man’s inspiration, this model has been identified as one of the best examples of corporate responsibility.
The most important trait of a successful entrepreneur is his or her ability to communicate. Individuals never reach the top alone, and to get there, entrepreneurs need a strong network of business investors, employees, friends, and partners. They need to be able to work effectively with these people and maintain strong relationships.
Additionally, the ability to communicate well and handle emotions in a professional manner is essential to managing a business. Effective communication with employees and investors is the key to a happy work environment and leads to more stable, progressive companies.
Becoming a successful entrepreneur is no easy task. However, with determination and dedication, it is an achievable goal.
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