Last Updated on Mar 11, 2020 by James W
Self-made business people are the source of much admiration. After all, everyone knows that being a successful entrepreneur is no easy feat. If it was, everyone would be working for themselves! So, what makes these individuals stand out from among the rest? What allows them to succeed where countless others have failed? While the world’s most famous entrepreneurs come from a variety of cultural and economic backgrounds, they do share some common traits. Below you will find just five of these admirable qualities.
One of the best tips available for aspiring entrepreneurs is to create a product or service that fills a real gap in the market or even an imaginary one. If people feel like they need your product/service, they will pay money for it. At the root of this concept is problem-solving. Entrepreneurs are individuals who are inspired by the problems in their life. When Jamie Wilson was presented with the problematic task of gathering his father’s personal documents after his unexpected death, Wilson was prompted to create a solution. The result was the establishment of Australian company Your Digital File and its online document storage system. To read the full story, click here.
For many of us, risk is something to be shirked at all times, bringing only disappointment and loss. Yet entrepreneurs view uncertainty in a different light. They understand that calculated risk is necessary for real growth and prosperity. As self-help guru Tony Robbins says, If you do what you’ve always done, you’ll get what you’ve always gotten.
Reading interviews or quotes from wildly successful individuals, have you ever been struck by how humble they appear to be? This modest outlook on life comes from the acceptance that many people have helped them get to where they are. Both Mark Pincus, the CEO of Zynga, and Dick Smith, the Australian business mogul, have been quoted on underlining how important it is to seek advice. A successful entrepreneur’s ego is never too big to stand in the way.
The reality is that risk can bring failure. And with failure comes despair, doubts and downwards spirals. Yet entrepreneurs are resilient individuals; failure only spurs them on to try again and again. They are realistic about their goals and the hard work that will be required. American inventor and businessman Charles F. Kettering perfectly summed up the core mantra of an entrepreneur,Believe and act as if it were impossible to fail.
The world is an ever-changing place. New governments, new technology and new fashion trends; nothing is ever set in stone and what has worked in the past may not work in the present. True entrepreneurs understand and respect this. They embrace change, use it to their advantage and then move on and up. Former American president Bill Clinton’s quote, the price of doing the same old thing is far higher than the price of change is a telling reminder of how inflexibility can be damaging.
What other characteristics do savvy entrepreneurs have in common? Do you have any of these traits? Comment below to share your answers.