What traits do successful entrepreneurs have? This is a question that no doubt many of you ask yourself before going to bed. But since very few people don’t dream of being their own bosses, it makes this particular question that more important. So that’s why we figured out to dig a bit deeper and find out what are the traits that every successful entrepreneur has.
Being a business owner is no small task. Not only do you have to come up with a successful idea and turn it into a working product, but you have to be persistent and believe that you will truly make it. It is said that 1 in 5 small businesses fail within the first year in the United States. Can lack of persistence be attributed to that? Not really.
Businesses fail due to many reasons. Investopedia investigated the issue and named lack of funding to be the main reason, while inadequate management was a close second. So what does this have to do with persistence? Persistence is a character trait that allows successful entrepreneurs to get hit and keep moving forward. It’s a trait that Rocky has, only Rocky is a successful business owner in our case.
This trait is the sole reason why entrepreneurs manage to identify opportunities. To become a successful entrepreneur, you first need an idea. To find an idea, you need to be curious about a problem. Without this trait, you will never dive deeper into common problems and look at finding solutions.
In addition to that, curiosity comes in handy when needing to ask difficult questions in hopes of better understanding a business process, problem, or any other challenges that might arise. Many experts describe entrepreneurship as a process of discovery. You can’t have discovery without curiosity.
Many people think of entrepreneurship as realizing their dream of being their own boss. But do any of you know that making difficult decisions separates successful from unsuccessful bosses? This is why being decisive is a character trait of successful entrepreneurs. Decisiveness in business is not only characterized by making difficult decisions, but also sticking by them to the end.
Being decisive is a sign you’re ready to start a business in the first place. If you’re not sure whether or not to commit to this life-changing action, then you’ll never be truly successful.
Being able to adapt to any new challenge presents a unique problem on its own. In the business world, things are always changing. It is those entrepreneurs that are adaptive who will ultimately weather the storm that is the ever-changing business landscape. Considering that nothing comes without its challenges, knowing how to react in each situation can set you aside and launch your startup to success.
Much like being persistent, being adaptive to everything work throws at you is a character trait that the most successful people have.
We might live in a capitalistic society, but that doesn’t mean anyone can start a business and expect instant success. It is far more likely for your business to fail than to succeed. Only if you do your research can you identify the risks associated with entrepreneurship. And that’s exactly what entrepreneurship is – managing risk.
But not only that, every successful entrepreneur has to know how to minimize risk. In addition to all that, successful entrepreneurs know how to manage risk and reward. What everyone hopes to get out of these situations is something positive. But that doesn’t mean you won’t encounter risks. Only the best know that some risk is vital for more success.
Being Okay With Failure
We are lead to believe that we shouldn’t be okay with failing or losing. If you’re a fan of any sports team, you’ll know that athletes absolutely hate losing. But behind all the show and glamor of multi-billion dollar sports, a businessman is managing it all. And these businessmen know that even losing can sometimes be a good thing.
To be successful at what you do, you have to be comfortable with failure and comfortable with losing. Since we all know that startups do fail, you have to be okay with that if it ever happens. But what you do next separates a successful from a failed startup. Being okay with failure is one thing, but not learning from it is another. Instead of eating that your business is going to fail, look at the possibility of it being even more successful the next time you try.