Have you ever looked at the successful business owners and entrepreneurs and wondered, “What do they have that I don’t have?”
Let me clue you in…
Contrary to popular belief, that special something isn’t a trust fund or other financial windfall. There are plenty of people who went from dead broke to very wealthy by building their businesses (sometimes on a shoestring budget).
That special something also isn’t a contact list full of helpful people. Most business owners eventually get help from others in their niche, but they didn’t arrive on the scene with a list of joint venture partners.
So what is it that separates the successful business owners from those who’re still sitting in their cubicles and dreaming?
Here we’re not talking about one factor. Instead, we’re talking about a set of characteristics that successful people possess.
Do you possess these characteristics too? Do you have the right mindset?
That’s precisely what you’re about to find out in this post, where you’ll discover ten of the most critical traits and characters you’ll want to develop if you’re looking to succeed in business.
1: Entrepreneurs Take Risks
There is no guarantee in business. You’ve probably heard the stats of how somewhere around 95% of companies fail in the first five years. Perhaps you even remember the Dot Com boom and bust around the turn of the century, where plenty of tech businesses folded and went under.
Sometimes even a “sure thing” can go off the rails.
Would you take the chance anyway?
Successful entrepreneurs do. They’re risk takers.
2: Entrepreneurs Push Through Fear
Sometimes outsiders look at successful entrepreneurs and think that these people simply have no fear.
But that’s not entirely true…
Instead, successful people feel the fear, but they do it anyway.
So feel the fear and follow your dreams anyway. The more focused steps you take, the faster your fear will dissipate.
3: Entrepreneurs Are Self-Motivated
When you’re an employee, you usually have someone telling you exactly what to do. And if you don’t do it right away, then you’ll have someone breathing down your neck and pressuring you to stay on task.
That doesn’t happen when you’re self-employed. There is no one telling you what to do. There is no one forcing you to get something done. There is no pressure.
So, the bottom line is – if you don’t have a lot of built-in motivation, you’re probably not going to build a successful business.
4: Entrepreneurs Believe in Themselves
If you’ve started sharing your business plans and ideas with friends, family and colleagues, then you already know that not everyone is thrilled by your ideas. Plenty of people are going to doubt your abilities, doubt your plans, and trot out a whole lot of nay-saying every chance they get.
It’s not just you. It’s not just your plans. Every entrepreneur through history has likely dealt with something similar.
Spend a little time reading the autobiographies and biographies of successful people, and you’ll find out that they were ridiculed, told their ideas wouldn’t work, and not given any support. But the world’s most successful people believed in their ideas and went ahead with them anyway, even though others laughed at them.
Point is, you need to learn to let other peoples’ negative opinions roll off of you like water off a duck’s back. These people aren’t paying your bills, they’re not living your life, and they have nothing to do with your business.
5: Entrepreneurs Want to Help Others
You’re probably looking at this whole entrepreneurial gig as a way to help yourself. I mean that’s obvious. You want financial freedom, you want to be your own boss, you want to set your own hours, you want to do what makes you happy.
But let me ask you something: does part of your motivation rest with helping others?
You see, most successful entrepreneurs share the trait that they really do enjoy helping people. They love the feeling they get when they know they’ve done something meaningful or made a difference in someone’s life.
Money is good, of course. But getting a “thank you” email, a good review or an unsolicited testimonial can just make your whole day.
6: Entrepreneurs See Lessons in Disappointments
Not everything you do in your business is going to work out the way you hoped or expected. Sometimes you’re going to fail. Sometimes you’re going to be very disappointed. But the way you view these disappointments is going to make all the difference in your future success.
Be honest with yourself.
You see, you don’t get just one shot at success – you get as many shots as you’re willing to take, but you need to learn from your mistakes. Once you accept responsibility and learn from your disappointments, then you are one step closer to the success you desire.
7: Entrepreneurs Make Data-Driven Decisions
You may get “gut feelings” sometimes. Maybe you occasionally make decisions based on these hunches. But when it comes to business, successful entrepreneurs make decisions about their business based on their research and data.
If it’s possible to collect data, you should do so before making a related decision.
8: Entrepreneurs Make Plans
The key to this trait is that entrepreneurs plan without over-planning. In other words, they don’t get stuck with a case of analysis paralysis, which is where fear takes hold and someone never gets out of the planning phase and into the “take action” phase.
If you ask any successful entrepreneur about their plans for the day, week, month, year or even five years, they’ll be able to share their plans with you.
The average person, on the other hand, may know what they’re doing in the short-term, but they don’t have any long-range plans.
9: Entrepreneurs Invest in Themselves
Let me put it this way: successful entrepreneurs are not “know it alls.” The smart entrepreneur realizes that there is always more to learn, so he invests in himself by setting aside time every week to learn something.
This study time may include reading a book, watching videos, attending a workshop, watching a webinar, or similar activities.
If you want to be successful too, then make it a weekly habit to set aside time to improve your skills, learn about something new, or even just read or watch inspirational material to help you get or stay motivated.
You can set aside one afternoon a week for this activity, or you can set aside a small amount of time every day (such as reading for half an hour before bed).
Just be sure to invest in yourself by learning as much as you can about your industry as well as how to run a successful business.
10: Entrepreneurs Willingly Work With Others
There are very few successful people in this world who’ve created their success entirely on their own. Most of the time, you need a team of people.
Sometimes people look for exceptions to this rule. Perhaps they exist, but these exceptions are fewer and farther between than you think.
It’s very unlikely that you can be a lone wolf in your business. Some business owners try to go that route, but they find it exceedingly frustrating, and at some point business growth will come to a screeching halt.
There you have it.
Ten traits of the most successful entrepreneurs.
Seems like a lot doesn’t it?
The good news is you don’t need to be born with these specific traits or this overall specific mindset, as it is possible to develop them.
So the next step is simple: get to work identifying your weaknesses on this list, and then make a plan for how to improve in those areas.
For example, if you’re not used to making data-driven decisions, then you’ll need to do some reading to learn more about creating business plans, testing and tracking ad campaigns and similar activities.
Another example: if you’ve never really examined the lessons in your failures, then it’s time to sit down and analyze your past disappointments. Figure out what went wrong, and be specific about your personal responsibility. That way, you can do better in the future.
You know what to do. Now it’s just a matter of getting started. Right now is a great time to take action while it’s all still fresh in your mind.
I wish you the best of success!