Today we are posed with more opportunities than ever before when it comes to start up our own business, although the success rate of doing so falls at less than 50%. A question that so many entrepreneurs state that they get asked revolve around how they got started and what is it about them that has aided in building a successful business or organisation. The truth is that so many successful entrepreneurs became so through sheer hard work and determination (with some good luck thrown in!).
With there being so many shortcuts in our lives today (such as being able to rely on the internet for your daily dose of information or ask around for someone to write my essay), we have looked at some of the most common characteristics that entrepreneurs have said helped them become the success they are today.
1. Motivation and drive
Perhaps the most significant few that makes for a successful entrepreneur is their passion, motivation and drive. From the initial development and building stages all the way up to pitching for investments and getting the ball rolling, without any drive behind what you do you are certainly less likely to succeed.
As with anything else, setting goals and working towards something makes you far more likely to succeed and get what you want.
2. The strength to take risks
The reason that certain people are able to become successful in starting up their own business is because they are not afraid to take risks. While of course not all risk pays off, in some instances it is taking risks and going with your gut that opens up the best opportunities for entrepreneurs.
Being able to evaluate the level of risk involved in a particular situation is also important when it comes to getting ahead in the competitive world of starting your own business from scratch.
3. Hard work and self-discipline
How many people out there enjoy the work they do and make the commitment to work as hard as possible to get far in their profession? Entrepreneurs tend to be people that love what they do and have the perfect amount go confidence and dedication that allows them to get to the top of their game. Alongside this comes some stubbornness which is an indication of their levels of passion for their product/ service etc.
4. Money management
It can take a long time before you are able to get any sort of profit from an entrepreneurial venture. Until that time an entrepreneur may find that his funds are limited and this is where being able to successfully manage their money is so helpful.
Seeing as the aim of any business is to make money, being able to handle money in a way that benefits the business and secures its long term future means that the business has more of a chance to succeed.
Takeaway
Overall, while personality traits go some way in determining the successful outcome of a new business, they are not the only deciding factors. Things such as education, taking opportunities while they are available and getting lucky are also all part of the process as growing as an entrepreneur.