Learn 7 key characteristics of a successful entrepreneur

There is no magic spell that can transform you into a rich and successful entrepreneur overnight. However, for those who are prepared to work hard to succeed, there is an almost formulaic blend of entrepreneurial skills that can help set successful businessmen and women apart from the rest:

7 Key Characteristics of an Entrepreneur

Fall from the saddle

No matter how many refusals successful entrepreneurs receive, they are always prepared to dust themselves off and find an alternative way to get a “yes”. It’s this kind of tenacity that is required to take a business from idea to fruition and growth.

Fear of failure is one reason that many entrepreneurs don’t succeed. Great entrepreneurs view failure as a positive experience – something to learn from and overcome. All entrepreneurs inevitably make mistakes along the path to success. What matters most is that you own those mistakes and learn from them. You’re going to get bucked several times; Get back on the horse and ride.

Invest in a coach or mentor

Even the very best entrepreneurs of our time worked with other experts in their industry before going it alone. Finding a mentor or coach is a great way to learn more about your industry and yourself. Your mentor may even have made mistakes in business themselves, but that makes them the perfect person to learn from, giving you the chance to understand where they went wrong.

Coaches can help you get past roadblocks and inspire you to take calculated risks you wouldn’t normally. Sometimes we just need that little push to get us on the right track. Coaches can guide you on your journey to success.

Stay hungry and ambitious

Running a successful business is not an ego trip but rather a desire to grow and provide a better product or service for customers that keeps entrepreneurs hungry and ambitious. The moment that a business owner stops wanting to learn new things is the moment that complacency sets in, allowing others to overtake you and leave you behind. 

Evolve with the times

Any successful entrepreneur requires business agility, with the ability to learn and adapt to new methods, processes, or technology that can make their business stronger and more efficient. Market needs have always been dynamic: both the business and consumer worlds are ever-changing and what worked years or even months ago might not work tomorrow.

There are always new opportunities to enhance your offer and satisfy the needs of your customers and the market as a whole. A product developed strictly for your own needs would be classed more like a hobby; however, a product developed for the market must be designed to satisfy evolving market needs.

Nurture long-term business relationships

Business relationships matter. Your ability to nurture long-term working relationships with like-minded entrepreneurs within your industry will be one of the key factors in the long-term success of the business. Most entrepreneurs would agree it’s far easier to secure work from repeat customers than it is investing time and money into securing new customers.

Business relationships also include access to finance too. Every entrepreneur wants the very best opportunity to see their business proposition become an established company. This means entrepreneurs have to become highly investable. By nurturing relationships with angel and seed investors, venture capitalists, private investors, and even banks, you can set the wheels in motion to secure that all-important entrepreneur funding.

Be an inspiration

Even the richest, most experienced entrepreneurs cannot be good at everything! All entrepreneurs require a team of people around them that complement their skills. The real skill is not only hiring the best possible team to support you, it’s about hiring people who share your vision and passion. By inspiring and investing in your team, not only will they succeed but the business itself will too.

Trust your gut instinct

In some cases, your gut instinct and heart are still your very best guide for decision-making. Ultimately, no one knows as much about your business as you do. Listen to that voice inside your head. If something sounds too good to be true, it probably is. If something feels off, it’s probably not the right choice. Let your gut guide you.

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By Leslie Radford