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April 16, 2019

Business

6 traits you need to succeed as an entrepreneur.

Man in beanie writing on whiteboard  | startup

For many people, the idea of being an entrepreneur seems like a distant prospect that’s far out of reach. Going out on your own can be scary, and while many many people have a dream of being their own boss, very few actually go for it.

One of the reasons dreamers don’t pursue their entrepreneurial goals is because they worry they lack the qualities and skills to succeed. They fear they don’t have what it takes to go the distance and create their own business.

But the reality is that many people possess these common traits that help entrepreneurs succeed. Many successful entrepreneurs cite these six surprising traits as crucial for success, and you may find you have exactly what it takes to follow your entrepreneurial dreams.

Consider if you have any of these traits that entrepreneurs need to succeed.

 

You can admit when you're wrong.

Being a successful entrepreneur requires intelligence. Book knowledge, education, street smarts, and intuition are all valuable for entrepreneurs. But beyond intelligence, it’s crucial for entrepreneurs to be willing to admit when they’re wrong, and learn from mistakes.

Amazon founder Jeff Bezos, who is one of the most successful entrepreneurs of our time, says that he looks for people who can admit when they are wrong and change their opinions often. Bezos finds it important for successful employees to regularly change their mind, evolve their opinion as they learn, and grow over time. These are the kinds of employees that thrive at Amazon.

Famous essays and philosophers agree that the trait of intellectual humility helps people make better choices. When they are willing to entertain the idea that they are wrong, they are more thorough in the decision-making process.

Being smart really means that you have the ability change your opinion when you’ve realized you're wrong, and this trait is crucial for someone ready to strike out on their own as an entrepreneur.

 

Woman holding book up to face | learning

You love to learn.

Bill Gates, Warren Buffett, Oprah Winfrey, Barack Obama. These are some of the world’s most successful entrepreneurs and leaders. And they all have one important thing in common.

They love to learn. Whether in school, or eventually on their own, they know learning is vital for success.

So much so, that in spite of being some of the busiest people in the world, they carve out time each day for learning, reading, creating, and growth.

These and other successful leaders take one hour each day for reading and learning. Whether that’s audio books, journaling, researching a passion project, learning a new skill, getting another degree, honing an ability, or simply picking up a book, this element of learning is crucial for success. It's easy to start; just add a few minutes every day devoted to learning and you'll quickly be on your way.

Entrepreneurs need to always be thinking how they can improve, so learning and considering how to always add to your business is key.

If you love learning, you already possess this important trait for success. Start scheduling your time so you have room to to read and learn every single day.

 

Man sitting at desk alone | startup

You are passionate.

It may seem like a no-brainer, but passion is a key element to being a successful entrepreneur. But it goes beyond just innovation of a specific product or project; entrepreneurs need passion for being an entrepreneur as well.

Investors like to see that the people they are investing in love and believe in their product or content. From the way they create to their marketing plan, passion and motivation is easy to see. But investors also want to see that this person has a real love for being an entrepreneur. They want potential entrepreneurs to be open to feedback, want to get better, and believe in themselves more than anything else.

Investors are likely to take entrepreneurs more seriously if they can see both kinds of passion, product and entrepreneurial, inside a person.

If you believe in yourself and have an entrepreneurial spirit, you may already be started on the path to becoming successful.

 

Man giving presentation | entrepreneur

You like to take risks.

Being entrepreneurial is often painted as a risky endeavor; long hours with no pay, the idea that most new companies fail, and that success will be years down the road, are all commonly associated with running your start-up.

But at the end of the day, how risky is being entrepreneurial, really? With current layoff rates and the number of graduates entering the workforce, numbers are showing that being an entrepreneur isn’t as risky as most people think.

Additionally, more than a quarter of new businesses backed by venture capital are eventually bought out for at least 50 million dollars, or go public. There can be serious cash made in creating a new venture.

But some of the beliefs about being an entrepreneur hold true. Most companies don’t make money right away, and some companies fail. Being an entrepreneur takes a leap of faith, and you need to be the kind of person who is willing to take risks in order to succeed.

There are more risks to owning your own business than simply starting. You’ll need to be willing to take risks regularly as you push to rise to the top.

 

You are determined and confident.

Entrepreneurial attitude isn’t just a myth. In order to be successful you’ll have to be more determined and confident than other people. You have to be willing to take huge gambles on yourself and your work, so you have to be confident in yourself.

Entrepreneurs also can’t throw in the towel with every setback. There will be plenty of roadblocks on the path to success. Entrepreneurs have to be so determined that nothing will stand in their way.

As you look at successful entrepreneurs you see how many times they were knocked down, told no, and failed. But they kept going, kept pushing, and never gave up until they reached their success.

If you are a confident, determined person, you may have the entrepreneurial attitude needed to make it.

 

Calculator, paper, and pen | budgeting

You are disciplined with money.

The last crucial trait of successful entrepreneurs is discipline with money. While taking risks is a good thing, entrepreneurs need to know how to budget and be frugal with their finances.

Because many startup businesses don’t make money at first, frugality is the way that these new businesses stay afloat.

Budgeting, prioritizing, and knowing when to spend and when to save are important elements of being financially smart.

Even if this isn’t a natural strength for you, there are plenty of ways you can work on being smart with finances. From apps to financial professionals, you can get the help you need to develop discipline with money.

 

If you have any of these traits, it may be a good indication that you have what it takes to be an entrepreneur. As you work to develop these attributes and focus on your business ideas, you’ll have the recipe for success as an entrepreneur.

 

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