Successful entrepreneurs come from all walks of life. We all have different backgrounds, family situations, income levels, and passions. In my experience, certain traits are more prolific in those that are successful in entrepreneurship.
- Not Worried About Failing – Businesses sometimes fail. Entrepreneurs sometimes fail. The best don’t worry about it. If you want to succeed, you must envision yourself having success and keep moving forward.
- Sense of Urgency – If you find a market opportunity, don’t wait for it to close. Act. Move forward. Every day you wait is another day for someone else to beat you to market and another day for the lost profits of not going forward.
- Take Time to Plan But With the Ability to Pivot – Business plans and overall planning for a new business are important. However, you must be able to react as necessary. Even the best plans must change due to unexpected market conditions. Pivot and keep striving forward.
- Trust – This may seem strange to some, but hear me out. People must trust you for you to be successful long-term as an entrepreneur. Do what you say you are going to do. Show up for a meeting you say you’ll be at. Take care of your customers like you say you will. Don’t lie just to make some short-term cash or to avoid an expense. It will catch up to you in the end.
- Willingness to Put Skin in the Game – There is nothing investors and loan officers like more in a business plan than your own skin in the game. Whether it’s your time, money, or resources (or better yet, all of those), you need to put as much in as possible to give yourself the best opportunity to raise the money you need to be successful.
What other key traits do you think are important for entrepreneurs to be successful?