When you hear the word “entrepreneur”, what comes to mind? A man in a suit headed into a high-rise building? Do you think of the big names such as Elon Musk, Jeff Bezos, or Steve Jobs? Most likely when we hear things about or listen to these individuals, we may laugh to ourselves about how incredibly rich they are and what we would do with all that money. Of course, dreaming about all the things that would be possible with that level of success is fun, but do you ever consider what qualities it took them to obtain it?

There is no natural-born talent or gene that creates business success. There is no one-way path to success. Read the story of anyone who has succeeded in anything. Failure, hard times, disappointment, these are all inevitable encounters in life. This may scare you, but some skills can help you blossom from negative experiences and use them to your advantage.

8 Traits That Successful Entrepreneurs Possess:

1. Curiosity

Kobe Bryant once said, “Certain things will happen, some may be good, some may be bad. I don’t know. That wasn’t good enough for me. I want to know why… I think it’s that constant curiosity that will separate you”. It is a constant hunger to learn that will allow you to gain the experience and tools you need to succeed.

2. Structured Experimentation

Test your market, find the demand and you will gain insight into the opportunity for creation. The basic rule of business: find a need and fill it, seems simple enough? Not without using your curiosity to find what the need is, who wants it, and how you can support this need.

3. Adaptability

If the COVID-19 pandemic taught us anything, it’s that changes arise in the business world, and your ability to handle these changes is critical. The business world is ever-changing, in order to thrive, adapting your approach is critical.

4. Decisiveness

Entrepreneurs will be in the position to make decisions every single day they call themselves an entrepreneur. Part of this means making decisions in the best interest of the company, that may not be favorable, risk-free, or make everybody happy. If you want to be an entrepreneur, you must be able to decide what is best for your business.

5. Team Building

A true entrepreneur knows what he or she is good at and where they need help. To support this, they need a supportive team that fills areas of their weak points. Also, people can learn from and help them follow the vision of the company.

6. Risk Tolerance

While launching your own business and working for yourself is already a risk, it does not stop there. Taking risks is stressful, but they can deliver tremendous benefits if they work out. Great entrepreneurs can take risks but also manage the risk being taken.

7. Enduring Failure

Accompanied with risk-taking and mitigating, entrepreneurs must accept if something fails. This does not mean that they give up, it means that they look for what went wrong and try again. The most successful of entrepreneurs have failed countless times, they never stop trying until they succeed. It typically takes a minimum of three years for a business to start succeeding after it is started. When you have the staying power to see it through and keep trying, the probability of success increases.

8. Innovation

Successful entrepreneurs do not always create an original idea, this is hardly ever the case. Taking an existing concept and then adding your vision to make it beneficial to the consumer base will set you apart from the competition. Elon Musk and Tesla is an example, he has created a sustainable method of transportation and slowly drove out the need for gas-powered vehicles. Just because someone’s already thought of it, does not mean you can't make it better.

Conclusion

Entrepreneurship is not a guaranteed life of glory and financial freedom, it requires being committed to a purpose that touches your heart. It takes being passionate and relentless in pursuit of a vision that may seem impossible at times. If you have these skills, and the staying power that is driven by your passion, there may be a life on the other side that you’ve always dreamed of.

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