10 Traits Of Successful Entrepreneurs
You're reading Entrepreneur Middle East, an international franchise of Entrepreneur Media.
What does it take to be successful? We all do more or less the same things when we start a new business but some of us fail while others succeed. What is it that successful entrepreneurs do right then? Here is an insight.
1. They love what they do
Passion and perseverance is key to keeping business strategies going, and is guaranteed to move anything over time. Steve Jobs said, “People with passion can change the world for better.” Some successful entrepreneurs never look as their day jobs as something they are obliged to do in order to earn money and make a living. They never see it as simply work. They are passionate about what they do, therefore they dedicate their heart and mind to reach what they want to accomplish.
2. They know what they want
They are very clear in what they want to achieve and they won’t give up until they get there. Edmund Hillary had a number of attempts prior to successfully climbing Mount Everest in 1953, becoming the first person ever to reach the top of the mountain. Thomas Edison had to conduct thousands of experiments to develop the light bulb, each time having to invent a new component. Successful people know exactly what they want and they are determined to do what it takes to achieve it.
3. They make smart decisions
Successful people make decisions quickly and change them slowly, if ever. People who fail make decisions slowly and change them quickly and often. But this is not to say that successful entrepreneurs make hasty and risky decisions. Quite the opposite! They evaluate their options carefully, and since they know exactly what they want to achieve, when they are presented with an opportunity they will not procrastinate. Additionally, successful people do not make permanent decisions based on temporary emotions. Instead, they are able to recognize and understand their emotions and make decisions objectively and rationally.
4. They are persistent
Successful people understand that you will fail a number of times before they succeed. Knowing that, they do not let a temporary defeat define their results. The ones that succeed in that they do learn from their mistakes quickly and move on. Sir Richard Branson says that he has lost count of the times he heard that his new ideas would not succeed. He believes that making mistakes is an essential part of an entrepreneur’s life and says: "My mother taught me that I should not focus on past regrets, so with regards to business, I don’t. My teams and I do not allow mistakes or failures to deter us. In fact, even when something goes wrong, we continue to search for new opportunities”.
5. They are good planners
People who are successful not only know exactly what they want to achieve but they also have a detailed plan on how to get there. Though often they may get challenged on the way, they do not give up. They may review their plan, re-evaluate and adjust the strategy however they will not give up on their original goal.
6. They surround themselves with like-minded people
There is something to be said about the importance of surrounding yourself with like-minded people. Research in psychology has shown that people naturally mimic the behaviors of those around them. So if you surround yourself with negative people, you are more likely to find reasons why an idea is not likely to succeed than actually see it for the opportunity it may be and eventually you loose sight of your dream.
7. They work smart- not hard
Hard work in itself is not necessarily an element for success. Successful people always look for ways to work smarter not harder. They use the 80/20 rule, and focus 80%of their efforts on the 20% of work that will give them the greatest return.
8. They are thankful
Successful people always appreciate what they have and they are grateful for what they have achieved. A big element of success is also about how much you give back. Successful people are always conscious of helping others.
9. They know where to find the right knowledge
Successful people understand that they might not possess all the knowledge they need, but they know where to find it when needed. That is why successful people surround themselves with teams of experts. They also understand that being successful rarely means being completely independent and working alone. If we look around us, we will see that some of the most successful companies were started with teamwork: Google was founded by Larry Page and Sergey Brin, Apple was founded by Steve Jobs and Steve Wozniak, and Microsoft was started by Bill Gates and Paul Allen.
10. They don’t let limiting beliefs control them
We all have a number of habits and beliefs that we accumulate through life that we perceive as true and we rarely question. These beliefs are responsible for how we perceive the world around us but also how we feel about ourselves. Such beliefs will always play in your mind and will try to stop you from achieving anything that might scare you or take you out of your comfort zone. People who are successful often operate outside their comfort zone, which means that they often challenge and change their limiting beliefs. Being outside your comfort zone, is the only way to grow and learn new things. Famous motivational speaker, Les Brown, said it best with, “If you put yourself in a position where you have to stretch outside your comfort zone, then you are forced to expand your consciousness.”