Did you know that only 25% of new businesses make it to 15 years or more? 20% of them fail during the first two years. While that shouldn’t scare you away from being an entrepreneur it definitely begs the question: what makes successful entrepreneurs successful?
Market conditions, the right business network, and a bit of luck certainly have a little bit to do with it. However, when it comes to the success of the individual themself, it has a lot to do with their personality traits and determination.
If you’ve ever wondered what makes a successful entrepreneur then we’re about to walk you through some of the top traits of these types of innovators.
How Many Successful Entrepreneurs Are There?
If you’re asking this question, then you may be considering becoming an entrepreneur yourself. And you’re not alone. According to recent studies, entrepreneurship is on the rise. During the pandemic, interest in becoming an entrepreneur grew by 24%.
However, in terms of pure numbers, there are quite a few entrepreneurs in the US right now. According to Oberlo, over 15% of the population state they’re entrepreneurs. But does that make them successful?
To answer that we have to first consider the definition of success. For some, success is measured in terms of financial wealth. Others may deem success to be achieving a high level of power or influence. However, for most, success means simply achieving one’s goals.
Ultimately, it’s hard to measure the exact number of “successful” entrepreneurs. Chances are if you work tirelessly to achieve success more than someone who puts in only minimal effort then you’ll be successful.
And the best part is that there are nearly endless ways in which you can cultivate success in today’s world. You can build an HVAC franchise, create an app, or even start a small marketing agency. It’s up to you.
6 Traits of Successful Entrepreneurs
What sets successful entrepreneurs apart from the rest? While there is no one-size-fits-all answer, there are certain traits that many successful entrepreneurs share. Here are six of them.
Highly Self-Motivated
Being highly motivated is essential for any entrepreneur. Without motivation, it can be difficult to set goals and achieve them. It can also be hard to persevere through tough times and keep going when the going gets tough.
However, entrepreneurs who are highly motivated are more likely to be successful. This is because they’re more likely to set clear goals and develop practical plans to achieve them. And, because they believe in their ability to succeed, they are more likely to inspire others to do the same.
Not Afraid of Failure
Many people view failure as a negative experience to be avoided at all costs. But successful entrepreneurs know that failures are simply part of the journey to success. Failure is a part of life, and it’s something we all experience at some point.
Successful entrepreneurs don’t let their fear of failure stop them from taking risks and trying new things. In fact, they use their failures as opportunities to learn and grow, they are calculating and have the ability to make the best decisions even in the worst of cases.
They see every setback as an opportunity to get one step closer to their ultimate goal. They are able to accept that even if the best decision is made, sometimes things do not go according to plan and they can fail. What’s important is learning and improving.
Interested in Innovation
Any successful entrepreneur should be interested in innovation. Why? Innovation can help them to stay ahead of the competition, tap into new markets, and find new ways to improve their products or services.
And being innovative has benefits that extend beyond just your personal life. If you own a business or have employees, investing in innovation can ensure that your projects and businesses are always moving forward.
Receptive to Feedback
Being receptive to feedback is important for entrepreneurs for several reasons. Namely, it can help them identify areas where their product or service could be improved. Additionally, it can help them build better relationships with their customers, employees, and other stakeholders.
Listening to feedback can be difficult, but it is essential for entrepreneurs who want to be successful.
When it comes down to it, feedback from the right people can provide entrepreneurs with useful information about what is working well and what needs to be improved. It also demonstrates courage and a willingness to grow when owning a business.
Flexible in the Face of Change
Entrepreneurs have to learn to be flexible because they need to be able to adapt to change. The business world is constantly changing, and entrepreneurs who cannot adapt will quickly become outdated.
Moreover, flexibility is essential for dealing with unexpected circumstances. These are pretty common when starting a business.
Entrepreneurs who are inflexible will often find themselves stressing over small problems that could have been easily resolved if they had been more flexible. Finally, flexibility allows entrepreneurs to take advantage of new opportunities as they arise.
A good entrepreneur who is unable to seize new opportunities because they are too rigid will quickly fall behind their competitors.
Passionate About Growth
Successful entrepreneurs are passionate about growth because they know that it is essential for the success of their businesses. They understand that if their businesses are not growing, they will eventually stagnate and decline.
As a result, they are always on the lookout for ways to grow their businesses, whether it is by expanding into new markets or introducing new products and services. By constantly striving for growth, successful entrepreneurs ensure that their businesses remain vibrant and resilient.
Passionate entrepreneurs also realize that growth provides them with the opportunity to continue learning and evolving as business leaders.
They know that each new challenge presents an opportunity to grow and develop their skills and knowledge. In sum, a passion for growth is an essential and common trait of successful business owners.
Learn More About Business
Successful entrepreneurs also have one other thing in common: they’re constantly learning how to improve and evolve. If that’s you, then visit our business news section to find more helpful resources that will help you become a better entrepreneur or business owner.
