What does it take to be a successful entrepreneur? Other than some few traits that many successful entrepreneurs share, being a self-starter can make you very desirable both in your business and also in the industry. Moreover, having an abundance of optimism and self-confidence is another key that can help you.
This is the most significant characteristic that every entrepreneur has, and for obvious reasons. They are successful because they love what they do. These entrepreneurs put all the extra hours they have into the business to make it successful and flourish. It is a pleasure for them to see the results of their labor, which goes well beyond the money received.
People like this are always researching and reading things to find strategies in how they can make their business better.
2. Strong work ethic
Entrepreneurs who are successful make sure that they are always the one who is first to the office and the last one to leave.
These people are those who ensure that they come to the office during their off days, if needed, just to ensure that the outcomes meet their expectations. The successful entrepreneurs are those who always have their mind in their work, even if they are not in their workplace.
3. Strong people skills
A successful entrepreneur is someone who has excellent communication skills for selling the products to customers and motivating the employees. Yes, most entrepreneurs who have the power to motivate their employees can see their business grow within no time. These entrepreneurs are also great at instructing others to be successful and highlighting the advantages of any situation.
The successful entrepreneurs are never greatly impacted by the defeats they encounter. For them, failure is like an opening for a success story, and hence, they try again and again just till they get the success they are expecting. Moreover, these entrepreneurs are not wired to believe that some things are not possible and cannot be done.
One of the main aspects of creativity is the ability to find a relationship between two unrelated situations or events. They usually come up with the solutions of these problems that are a combination of other things. These people normally re-purpose the items for marketing them to new industries.
The number of companies formed are increasing every month and every year, as every entrepreneur feels that they can do a much better job than others. They run with the aim that they need to win at the sport they play and win the business that they are creating or have created. It is an entrepreneur that highlights the track record of success of their company.
7. Self Starter
Every successful entrepreneur knows that if something has to be done, it needs to be done by themselves. Parameters are set by them, and they ensure that the projects are following that path. They do not wait for someone to permit them and are highly proactive.
8. Open Minded
For those entrepreneurs that are successful or are following others who have been successful, understand that each situation and event is a business opportunity. There are new ideas that continually come out regarding new potential businesses, people skills, efficiency, and workflows. These people have the capability to see all that is around them and direct the focus towards their objectives and goals.
A successful entrepreneur never asks the question or keeps doubts in their mind about if they can succeed or if they are even worthy of success. They are normally confident enough that their knowledge and their know-how will help them make their business idea a success. And they radiate this confidence in everything that they do for the business.
Successful entrepreneurs always focus their energy on making the business work, and for eliminating the distractions or obstacles to their goals. Their overarching strategies help them to reach the goals they have while they outline the plan to achieve the final outcome. Moreover, entrepreneurs become successful as they are disciplined to always make new steps every day towards the accomplishment of their goals.
Other than these traits, every successful entrepreneur just wants to see what is at the top of the business mountain and they will pick up everything they get on the path while on their way up. But that is not where their determination ends.
As soon as they see it, they want to move ahead and see more. One of the most important things about successful entrepreneurs is that they know exactly how to talk to their employees. These are all the reasons why their business soars.
So, if you are about to embark on the journey to be an entrepreneur, have just entered the journey or have been in the journey but have not seen success, you need to adopt these traits and make them a part of you for gaining success.
11.Tolerance of ambiguity
This classic trait is the definition of risk-taking–the ability to withstand the fear of uncertainty and potential failure. “It all boils down to being able to successfully manage fear,” notes Michael Sherrod, entrepreneur-in-residence at the Neeley School of Business at Texas Christian University.
He sees the ability to control fear as the most important trait of all. “Fear of humiliation, fear of missing payroll, running out of cash, bankruptcy, the list goes on.”
Jill Blashack Strahan knows the fear factor. The founder and CEO of Tastefully Simple, a direct-sales company for gifts and easy-to-make meals, remembers the calls to her bank when she was three months overdue on her mortgage. “That fear that I would lose my house almost controlled me,” says Blashack Strahan, who also had to overcome the deaths of her brother and then her husband shortly afterward. “The night after the funeral of my husband, I thought maybe I should give up, get a job and be a mom.”
This is where the ultimate entrepreneurial test takes place, on the mental battlefield. You can go with the fear and quit, or push through it. “I said no; this idea is going to work,” Blashack Strahan says. “We have the power to control our thoughts. When we commit mentally, our action follows.” She made a conscious decision to push through the fear. Her company had sales in 2012 of $98 million.
Business survival, like that of the species, depends on adaptation. Your final product or service likely won’t look anything like what you started with. Flexibility that allows you to respond to changing tastes and market conditions is essential. “You have to have a willingness to be honest with yourself and say, ‘This isn’t working.’ You have to be able to pivot,” says Colwell of Plains Angels.
While still a student at Babson College, Matt Lauzon wanted to digitize the process of designing personalized jewelry. After raising $500,000 from Highland Capital Partners, he launched a custom jewelry design platform for retailers in 2008; however, a year later there was no payoff in sight.
“In theory, it was a perfect match, but in practice we found that we simply couldn’t change the jewelers’ focus on selling the expensive inventory they had sitting in their display cases,” Lauzon recalls.
He reached out to his jeweler customers to solicit feedback. “One of them actually said, ‘You have built something so amazing, with so much potential, you should let people use it directly,'” he says.
Lauzon decided to do exactly that, and with additional rounds of financing, relaunched the Boston-based company as Gemvara.com, selling the custom jewelry experience directly to consumers. He won’t disclose sales, but he has raised $51 million to date, including additional millions from Highland Capital, which backed his initial concept. He has even hired away executives from the jewelry world’s biggest retail force, Tiffany & Co.