What are the attributes of highly successful entrepreneurs? Let’s take a look.
They know how to tolerate risk. There is not getting around it: Starting and managing your own business involves some degree of risk. The most successful entrepreneurs can tolerate that risk and know how to manage their fears. “It all boils down to being able to successfully manage fear,” explained Michael Sherrod, entrepreneur-in-residence at the Neeley School of Business at Texas Christian University. “Fear of humiliation, fear of missing payroll, running out of cash, bankruptcy, the list goes on.” Successful entrepreneurs know how to tolerate risk and can face their fears. They recognize that they aren’t totally powerless — they do have some control over the outcome of their own personal situation.
They produce first and consume second. Highly successful entrepreneurs are producers before consumers. They are focused on building something bigger. “Applied, this means instead of buying products on TV, sell products. Instead of digging for gold, sell shovels. Instead of taking a class, offer a class. Instead of borrowing money, lend it. Instead of taking a job, hire for jobs. Instead of taking a mortgage, hold a mortgage,” explained entrepreneurial expert MJ Demarco. “Break free from consumption, switch sides, and reorient to the world as producer. To consume richly, produce richly first. Unfortunately, most people have it backward: consumption and no production. Producers get rich. Consumers get poor.”
They are flexible. When it comes to the business world, it is all about survival of the fittest. And by fittest we mean the most flexible. Entrepreneurs need to know how to alter their plans to changing market conditions and consumers’ wants and needs in order to be successful.
They are tenacious. “Tenacity is No. 1,” insisted Mike Colwell, who runs Plains Angels, an Iowa angel investor forum, as well as the accelerator Business Innovation Zone for the Greater Des Moines Partnership. “So much of entrepreneurship is dealing with repeated failure. It happens many times each week.” Good entrepreneurs aren’t afraid of failure, and they know how to push through and persevere when something doesn’t quite go according to plan.
They are always focused on continually learning. Successful entrepreneurs are always finding opportunities to learn. Whether they are taking classes to improve their knowledge or working to master a particular skill, entrepreneurs recognize that learning is a lifelong process and are always finding new ways to improve themselves and their skillset in order to achieve and maintain a competitive advantage. At the end of the day, all successful entrepreneurs are good at sticking it out.
They are passionate about what they do. Entrepreneurs have the energy to do what they do, because they love doing it! They are passionate about their business and about building something greater than themselves. This passion is the driving force behind entrepreneurial success.
Article by Jason Duncan, CEO/Founder of ManagerComplete.com. ManagerComplete is an online software application that helps multi-unit franchises manage operations effectively. Follow him on Twitter for latest updates.