What makes an entrepreneur successful?
Believe it or not, successful entrepreneurs all have certain things in common that help them on the track lane to success.
What are these things?
Well, I have the answers in this article. These are 12 things that successful entrepreneurs all have in common.
1) They are creative and innovative
Entrepreneurs are the type of people who are bursting with ideas. Some of which don’t even exist yet!
They’re also the ones who see a gap in the market and a way to improve someone’s life for the better.
Richard Branson, the founder of Virgin Media, agrees with this sentiment.
In a blog post, he wrote, “Entrepreneurship in its truest form is about identifying a gap in the market and creating a product to use to fill that hole and make people’s lives better.”
Entrepreneurs Travis Kalanick and Garret Camp proved their innovation and creativity skills when founding Uber.
The co-founders came up with the idea for Uber after they could not catch a cab. They thought, ‘What if you could request a cab from an app on your phone?’
I think it’s safe to say their idea worked. Uber is now a modern and common way to travel from place to place.
2) They have a clear vision of their goals
Entrepreneurs may have business ideas, but successful entrepreneurs get to work.
They have a clear vision of their goals and the path to get there, making plans and to-do lists.
Successful entrepreneurs also break their goals down so they’re manageable and use their time efficiently to work on them.
Jeff Bezos, the founder of Amazon, had a clear vision of his business.
Though he started as an online book store, his vision was for Amazon to be ‘an everything store.’
Over time, Bezos sold a broader range of items, from electronics to household products.
Now, you can pretty much find almost anything on Amazon!
3) They are risk-takers
Entrepreneurship is a risky business, so you’ll have to take some risks to be successful.
That’s because entrepreneurs are taking their idea and putting it out into the world to see.
And it’s a risk as to whether or not their audience will bite.
But successful entrepreneurs are willing to step out of their comfort zones and face uncertainty by taking these risks.
For example, Elon Musk took massive risks with his companies Tesla Motors and Space X.
Musk invested millions of his money into Tesla. He also sold his car to help fund it before the company began to pick up steam.
As for Space X? The company had three failed launches before he landed a contract with Nasa.
These efforts only paid off after taking calculated risks for his companies. This brings me to my next point.
4) They are resilient
Entrepreneurs have to be resilient. Chances are they will meet failure at the door many times before reaching success.
And it’s the successful entrepreneurs who keep going, no matter how often failure knocks!
Arianna Huffington, the creator of the Huffington Post, knows what it’s like to be rejected many times.
One of her first books was rejected 36 times.
But one thing that kept her going was the career advice her mother gave her, which was that ‘Failure is not the opposite of success; it’s a stepping stone to success.’
Huffington went on to author 15 books and create the news site Huffington Post (which is one of the most well-known websites today!).
5) They have a strong work ethic
Entrepreneurs are essentially their own boss. That means they get to set their own hours and schedule without a manager looming over them.
But that doesn’t mean they don’t work hard.
In fact, entrepreneurs tend to work longer hours than the average person, especially when they’re starting out.
Studies show that entrepreneurs, on average, work at least 50 hours a week.
This is no surprise.
You see, entrepreneurs don’t just work one role.
Entrepreneurs have to wear many hats. They have to market their business, get funding, hire and pay employees, respond to emails and phone calls, schedule their time, etc.
This alone requires long hours and even weekends to get everything done. But successful entrepreneurs are willing to do this because they’re brimming with passion for their idea and business.
6) They are passionate
It’s what keeps them bouncing back after failure upon failure.
What makes them take risks, like investing personal money into their business.
There’s also another thing that helps keep successful entrepreneurs going…
7) They’re driven to succeed
They believe in their idea. The impact it will have on people’s lives. The world, even.
When it comes down to it, successful entrepreneurs believe they will succeed.
No matter the setbacks, failures or long hours they have to work, they’re driven by the success they believe their business will bring.
And it makes sense. After all, if they don’t believe in their business, why would anyone else?
8) They master their craft and industry
Another thing that successful entrepreneurs have in common is that they master their craft and industry.
They don’t walk into their industry with blindfolds on. They study it meticulously, their competition, customer needs, and industry trends – ultimately, to see if there’s a demand in the market for their business.
Successful entrepreneurs make sure to do their due diligence before the risk-taking and action planning begins.
The same goes for entrepreneurs who master their craft.
Gordon Ramsay, a renowned chef, may be best known as a potty-mouthed chef on shows like Hell’s Kitchen and Kitchen Nightmares.
But before these world-famous TV gigs, he spent years training under top chefs like Marco Pierre White and Guy Savoy.
He was also a head chef at a top restaurant before he decided to open his own restaurant.
9) They are continuously learning
A successful entrepreneur’s learning doesn’t stop once they’re successful.
The learning never stops for them.
Continuous learning helps successful entrepreneurs stay up to date with industry trends, improve their products/services, and stay ahead of their competitors, to name a few.
That’s why they’ll take courses, classes and read widely to brush up on their knowledge.
This is also what helps them be adaptable.
10) They are adaptable
Industries are fast-moving and constantly evolving. But successful entrepreneurs are able to adapt to continue providing high-quality services and products for their customers and stay relevant.
Plus, being able to adapt makes it easier for entrepreneurs to capitalize on trends.
Reed Hastings and Marc Randolph, the founders of Netflix, were able to do this.
They’d started out as a DVD-by-mail service. However, a change in how people consumed their content inspired them to start streaming services.
The co-founders seized the opportunity and quickly expanded their reach globally.
And now, streaming TV shows and movies online is a common way we consume our content.
11) They are disciplined
As I mentioned, entrepreneurs don’t have bosses, so they have no one to keep them in order.
But successful entrepreneurs have the discipline to get stuff done without someone telling them what to do.
Successful entrepreneurs also make sacrifices to be successful.
That means cutting down on family, friends or leisure time and working long hours to get everything done.
But this is where, as mentioned earlier, their passion and drive come into play.
Because a successful entrepreneur’s long-term goal is success, they’re able to dodge and weave the temptations that come their way and try to steer them off path.
12) They actively network
The last thing successful entrepreneurs have in common is that they actively network to broaden their connections.
Entrepreneurs can’t make it on their own.
That’s why they seek a support system to help them in their endeavours of building a successful business and as motivational buddies when the going gets tough.
Successful entrepreneurs network with people in the position they want to be and look for mentors to help them start and grow their businesses.
Networking also opens doors for collaboration and further opportunities to expand upon or take on new business ventures.
Being an entrepreneur is not an easy path. A successful one? Even trickier.
But successful entrepreneurs all have things in common that help their businesses and ideas thrive.
Foremost among them are the willingness to take risks and the ability to persist when those failures start knocking.
Also, get ready to put in those hours to bring your business to life and network with like-minded people to help you along the way.
Keep going, and the road to success will get closer in time.
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