While the success stories of entrepreneurs flow through our news feeds, several start-ups hit the ground before they even fly, and their stories play as significant lessons to the rest of us. According to U.S Small Business Administration Statistics, 50% start-ups fail to get through the first five year period. There are some traits that most successful entrepreneurs follow to keep their business on top. While they make it look easy, budding entrepreneurs would want to know the secret behind their success.
Here are some traits successful entrepreneurs follow:
A clear vision of what their business will be and can concisely eloquent its aim, ambitions, and market position is what makes entrepreneurs successful. They can succinctly characterize the who, what, when, where, and why’s of their organization. Vision is what makes people dare to do something that usually they won’t and it creates and establishes the culture.
They have confidence and belief in themself and business and in their ideas and abilities to run it. They are prudent with their money and always keep track of their investments and hence are good managers. According to Tony Robbins( Author, Entrepreneur, and Philanthropist) “Business success is 80% Psychology and 20% Mechanics.”
2.Determined to Follow Their Passion
Most successful entrepreneurs are successful because they are passionate about what they do in business and life. Passion is what drives them to keep working on their vision. Running a business is hard work. Putting a lot of time in that will be tough if you don’t love what you do. Knowing what you are truly passionate about is what leads you to be successful. So many people accelerate through life without exploring their passion.
Determining your passion is not enough, you have to make a lot of effort to follow your passion without qualification. Mark Cuban ( an American Entrepreneur and investor in the ABC Shark Tank) once said: “Choose something that you both love and are good at.”
3.They Speak Less and Listen More
Successful entrepreneurs listen to what the others have to say like they are revealing a secret. Richard Branson ( Founder of Virgin Group, Entrepreneur, Philanthropist, and Investor) said, ” Listening enables us to learn from each other, from the marketplace and from the mistake that must be made to get anywhere that is original and disruptive.”
Most people treat a conversation like its a competition. But if you come to think of it usually, the person who speaks the least benefits most than the person who speaks more.
4.Resilience and Willingness To Work Hard
Successful entrepreneurs are usually resilient and are always ready to snap back from setbacks. They view these setbacks as an excuse to grow and learn from their mistakes. Being an entrepreneur is ever more difficult than being an employee. No matter how successful your business might be, there will be a few bumps along the way.
A successful entrepreneur is someone willing to work hard and ready to put the time and effort required for little pay or no pay at all. They recognize the necessity and risk involved to achieve their goals. The famous founder of Alibaba Group Jack Ma once said: “Never give up. Today is hard, tomorrow will be worse, but the day after tomorrow will be sunshine.”
Always Ready to Embrace the Failure
Successful entrepreneurs stay robust even when the going gets rough. They don’t give up easily and won’t settle for rejection and are always willing to learn from their mistakes. Steve Jobs got deposed as a CEO by Apple board but he didn’t give up and started working on NeXT and Pixar. Through them, he made a pride return to Apple.
Entrepreneurs adapt to the situations and modify their game to be successful as they move along. Mark Zuckerberg’s ( Founder and CEO of Facebook) advice for young Entrepreneurs is “Move fast and make mistakes.” He further explained it by saying, “Most companies mess up by moving too slowly by trying to be too precise. When you are moving quickly, you want to make mistakes evenly on both sides. So that way, you’d know that you are in the middle.”
5.Their Curious Nature
Curiousness is in human nature. Albert Einstien once said: I have no special talents. I am only passionately curious. This curious nature of Einstien resulted in many inventions like Phonograph, Electric Light Bulb and Motion Picture Camera.
Harvard Business Review reports that people with a higher “curiosity quotient” (CQ) are more inquisitive and generate more original ideas, this “thinking style” leads to higher levels of knowledge procurement over the years.
Business leaders don’t make it through life by just being detached from the things happening around them. They are always looking for another way to make things different.
6.Building a Good Team and Accepting the Help
A common misbelief regarding the entrepreneurs is that they are usually arrogant and believe that they know everything, but that is not the case. The majority of the entrepreneurs are self-made and are not arrogant at all. Most of them are first to accept that they don’t know anything and believe in learning from their experiences. They believe in keeping an open mind and are always prepared to handle criticism positively. The more they learn, the more they explore what they don’t know and are ready to accept help.
To run a business, no matter how intelligent and experienced you are, it is improbable to have all the skill-sets that are required. No one can become successful on their own and the same applies to entrepreneurs. Henry Ford once said: Coming together is a beginning, staying together is progress and working together is a success. To be successful in what you do, you need to know how to accredit. All the successful entrepreneurs have built their team of creative, loyal and experienced people. Building a good team can make a lot of difference.
The failure rate of new business is estimated to be between 30% to 70% within the first two years. Most Successful Entrepreneurs have made mistakes and learned from them to be where they are now. They have worked tremendously hard and put in a lot of hours than their employees whilst taking much more risk. These are some of the traits followed by famous entrepreneurs to be successful.
Abhyank Srinet holds a Masters in Management degree from ESCP Europe & has an engineering degree with a specialization in Instrumentation & Control. His interest in the digital landscape motivated him to create an online startup for Masters in Management application consulting (MiM-Essay), focused on spreading quality information about the MiM degree & performing application consulting services for clients. He is the chief consultant of the company and takes care of Business Development and Digital Marketing side of the company.
He is very passionate about writing and marketing.