characteristics of successful entrepreneurs

5 characteristics of successful entrepreneurs

It takes a special person to leave a 9-5 job, strike out on their own into the unknown, and create something uniquely theirs that others are willing to pay for. Entrepreneurs thrive on the stress and pressure involved with pioneering something new and worthy. There are five major characteristics that the most successful entrepreneurs all share. Do you have these same qualities? Check below.

1. Risk-taker

Commenting on Space X’s success over the giants of aerospace, Elon Musk argued that his risk-taking ability has allowed him to have the confidence to stake a claim for Mars.

There’s a tremendous bias against taking risks. Everyone is trying to optimise their ass-covering.

Elon Musk

When everyone else is trying to justify each risk and slow down the process of innovation, Musk and other successful entrepreneurs put everything on the line to succeed.

2. Flexible

Jason Fried, in his book, ReWork argues that entrepreneurs need to be able to pivot, eschewing old, dusty plans that they wrote years ago, and instead plan for issues plaguing their company today.

Plans are inconsistent with improvisation.

Jason Fried

The best entrepreneurs can improvise with market conditions or with the failure of a recent product line. They take the hand they have been dealt, learning from what caused them the biggest headaches, and they find their best route to success.

3. Self-motivated

The most successful entrepreneurs are the most interested people in the companies they’ve created. They work hard because they know that they’ve created something valuable, which might help regular people. And that causes them to work tirelessly to make their companies the best that they can be. Bill Gates never took a day off in his twenties, working tirelessly because “In the software world – particularly for platforms – these are winner-take-all markets,” he says.

Although this may not be an option for many entrepreneurs because of their responsibilities, it’s important to remember that entrepreneurs don’t work for a paycheck. Entrepreneurs don’t just punch a clock, but they are trailblazing a spot for their business in a highly competitive market. Many entrepreneurs put in 50 hours or more a week, sacrificing temporary joy for the success that lies just beyond their current spot.

4. Resilience

When the limits are pushed, some of the most successful entrepreneurs have hit roadblocks. In a letter to the shareholders, Jeff Bezos, CEO of Amazon and one of the most successful entrepreneurs the world has ever known, stated the close bond between failure and invention.

To invent, you have to experiment, and if you know in advance that it’s going to work, it’s not an experiment. Most large organisations embrace the idea of invention, but are not willing to suffer the string of failed experiments necessary to get there.

Jeff Bezos

Successful entrepreneurs need to be resilient in the face of failure, choosing instead to learn from their failures rather than wallowing in the pain.

5. Self-Confidence

To thrive in the business world, successful entrepreneurs need an overwhelming trust in themselves – their abilities and ideas – to get through the crushing self-doubt that may hinder them from persevering. It is also inevitable for friends, loved ones and strangers alike to doubt you at some point too – and that is tough in the face of self-doubt. It takes a special breed of person to hold to their beliefs, knowing that if they stick their neck out, if they hold on for one more day, then finally the obstacles standing in their way will slowly give way.

What characteristics do you share with top entrepreneurs? You can cultivate each of these skills to achieve success. Although you may be afraid of taking risks, a situation might present itself, forcing you out of your comfort zone.

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