Why are some entrepreneurs make it look easy to start a business and succeed?
What is their secret? What skills do these successful entrepreneurs possess that the other failing entrepreneurs don’t?
These 10 characteristics of an entrepreneur are key to business success.
Top 10 Reasons Why Entrepreneurs Succeed
Successful entrepreneurs are always searching for ways to improve existing products and services. They are always asking themselves How they can make these items better in function and design, and sell them at a lower price. It is their mindset that books for opportunities for improvement and profit.
Contrary to popular belief, some of the most successful businesses were not 1st in their industries such as these notable companies
Apple – They did not invent the 1st smartphone, but made it much easier to use and way cooler to own
Google – Yahoo was a search engine before Google was launched. However, Google improved the Internet searching for more accurate results.
Tesla – they improved the already existing electric car and made them cooler and more desirable
Make Friends With Risk
Entrepreneurs who want high profit and big sales will need to be prepared for the possibility of failures. Entrepreneurship has both risk and reward. Your job is a successful entrepreneur is to find ways to minimize risk as much is possible, without letting the possibility of risk stopping you from capturing opportunities.
The Responsibility Is Yours
You, as the entrepreneur, are ultimately responsible to all parties to your business success such as your customers, employees, and suppliers. Smart entrepreneurs know that relationships build firms in the short and long-term.
Ideas are Only the Start
Having a great business idea is just the seed that needs to be planted, watered and weeded to grow into a successful firm. One of the key factors for success in entrepreneurial ventures is having a defined business plan.
Be Nimble and Flexible
Marketplaces shift unexpectedly, and your firm should be able to adapt the new market conditions. Use every mistake to your advantage to learn and to modify your plans for best results
Get Help from Mentors
Benefit from others, experience and knowledge by getting a business mentor to help you in your startup journey. Or you could join mastermind groups with like-minded entrepreneurs supporting each other’s success.
Passion is Not Enough
Love and passion are great to start a business, but you need more realistic planning for long-term growth. Critically review your financial projections to Be certain that the business of your dreams can be a profitable reality.
Be Mission Driven
Create an inspiring mission statement and referred with daily. Be sure you are building your business in line with your goals. Your corporate culture is defined by this mission, and all employees need to understand these goals.
There will inevitably be tough times in your business. However, complaining will not help you nor your firm. The resiliency to continue through hard times is what makes certain entrepreneurs succeed where others quit.
Balance Life and Work
List of Entrepreneurs Throughout History
Matthew Boulton – 1809
Pioneered Manufacturing Processes
Andrew Carnegie – 1919
Henry Ford – 1947
Thomas Alva Edison
Science and Inventions
Oprah Gail Winfrey
Media and Entertainment
William Bill Gates
Information Technology and Computer Science
IT Computer Science
Sir Richard Branson
Social Media Mogul
CCTV and Retail
Charles Kemmons Wilson