The idea of starting and running your own business, especially a startup is appealing. Being your own boss and running your company as you see fit can be both personally and professionally rewarding. However, entrepreneurship is not a game and it takes a lot of work and sacrifice. With great reward comes great risk. Here are some essential traits that are common to successful entrepreneurs.
An entrepreneur cannot be afraid of failure. Running your own business comes with significant risk and even if the overall trend is towards success, you’ll likely experience setbacks along the way. As a marketing expert like Eyal Gutentag can attest, those failures and misfires often teach you more about yourself and your business than the successes. The great idea that fuels your enterprise is a disruption to the status quo and that comes with inherent challenges. Embrace failure!
The person that thinks they know everything, knows nothing at all. Good entrepreneurs recognize that continuous learning is a must. You should always be open to good counsel and advice from those who have been where you are. New ideas and new ways of thinking are the lifeblood of entrepreneurship. The world is in constant flux and making your own path comes with new challenges that may make you reconsider what you know and believe and adjust accordingly. You should also seek to learn from mistakes and failures.
Believing in your idea is a great thing; however, being married to it is not. A good entrepreneur remains flexible and adapts easily when faced with hard data. If your particular niche or market is changing, you have to be ready to respond in kind. You have to be ready to pivot or adjust to meet the demands of the market so that your business continues to move towards profitability.
Your potential for success is improved when you embrace and exhibit certain qualities. Embracing failures, learning continuously and remaining flexible are essential to personal and professional growth as a business owner. Nothing is written in stone and your destiny shouldn’t be either.