Being an entrepreneur can be a long process with tough challenges. Many entrepreneurs possess certain characteristics and attributes that allow them to stand out from the competition. Here are six attributes most successful entrepreneurs demonstrate.
1. Determination
No matter how many setbacks, stay determined and never give up. One of the many reasons entrepreneurs fail is because they gave up after a mistake.
“Great entrepreneurs will tell you that they may have pivoted many times, down to their last dollar, but have never given up. I look for that same determination in every new founder.”
2. No Excuses
Don’t make excuses, turn challenges and setbacks into lessons learned for the next client.
“Successful entrepreneurs are always ready, willing, and able to learn from challenges, rather than trying to find something or someone to blame. Howard Schultz readily admitted that early success created hubris and entitlement in his team, which took a major initiative to correct later.”
3. Update
Constantly update your products or services. Don’t decide to make changes when your competition does. Always stay ahead of the competition and make changes, even if they become lessons learned.
“Steve Jobs was quick to obsolete his own best-selling products every few months, to keep the momentum and the Apple brand image growing. That’s a challenging but winning long-term strategy.”
4. Relationships
Build relationships with your team, clients, and potential partners. A successful business relies on talent and relationships with others. Surround yourself with strong and positive people.
“There really is something to the saying that a successful business depends on who you know, as much as what you know. That ability and determination to nurture win-win relationships with peers, potential partners, and competitors, separates long-term entrepreneurs from short-term flashes.”
5. Desire for Change
A desire to change is sometimes more important than profit. Long term success comes from motivation for a higher purpose.
“Steve Jobs often attributed his long-term success to a desire to change the world, but suffered setbacks when he took his eyes off revenue flow for too long. Even the best cause does not sustain a business alone, and a higher cause is needed to drive long-term success.”
6. Hard Work
Work hard, stay focused, and learn along the way. A successful entrepreneur puts in longer hours and works harder than the average person.
“Not only do they put in more hours by habit, they get far more done than others. Yet they are known for their extreme focus on selected critical elements, and their extreme depth of knowledge on key subjects.”
What are other traits successful entrepreneurs have?
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