What makes a successful entrepreneur? Although every startup founder will have a unique story, the successful ones have a few common traits. Luckily, you don’t need to look hard to find out what makes Bill Gates, Jeff Bezos, or Steve Jobs different from the rest.
According to the Bureau of Statistics, approximately 20% of all startups fail within the first couple of years. Only around 25% of new establishments get to 15 years or more. Therefore, what sets these businesses apart from the rest in the industry? Well, it all comes down to the following five successful entrepreneur traits.
Sense of Purpose
What do you want to achieve within a set timeframe? Being a successful entrepreneur requires you to establish clear and concise goals. Consider several micro-goals within the basics, such as increasing sales, expanding your business, and hiring new employees.
Most people fail to pursue an entrepreneurial career path because of the many challenges and massive workload. A sense of purpose from the moment you start your business will help you achieve success. Ensure you set attainable goals within a considerable timeframe.
Risk-Taking and Management
Although business growth and taking risks go hand in hand, it is never enough. Successful entrepreneurs need to learn how to manage risks. It will help if you take calculated risks by weighing the payoff against the level of harm.
There is no chance to learn and grow without taking risks. Every successful startup founder needs a high level of risk resilience and tolerance. Contrary to what you might think, these risks are not always financially related. At times, you must take a gamble on yourself and invest all your time and effort in the new startup.
High Level of Creativity and Persuasion
Every successful entrepreneur will spot opportunities where everyone else sees problems. He or she has to challenge the status quo and creatively think when confronting a problem. It is about doing everything you can to accomplish your vision and hopefully changes the world
The next step is convincing the entire world that the opportunity you are presenting is worth pursuing. Successful entrepreneurs rely on their selling ability to bring in investors and stakeholders. It is simple to foster a persuasive tongue once you have a vision.
Constantly Learning and Adapting
Staying sharp in the business world will keep you ahead of your competition. You need to learn and adapt to new changes in your industry. Otherwise, you might find it impossible to keep up with people claiming to have the next big idea.
Start by reading industry news and books to have a clear understanding of what is going on around you. Doing this will help you establish and revolutionize your policies, methods, and procedures. You can also quickly learn from your mistakes and plan accordingly.
How do you deal with a failure? Do you run away or get up to fight another day? Every successful entrepreneur understands that failure is among the few secrets to success. Excellent ideas often rise from the ashes of failed businesses.
Embrace the fact that failure is a vital part of becoming an entrepreneur. Use your failures as real-world learning experiences. Always remember you will learn more from failing than from being in a classroom.
It’s Not that Hard
All the above qualities will come when you dive into the entrepreneurship world. However, you might need to put in a bit of work at developing some of them. Luckily, there are courses, books, and coaches that can help you out. At Dustin & Amy Delay, we are passionate about helping you achieve your goals. Ensure you apply for mentorship today to start your journey towards entrepreneurial greatness.