Why Hard Work Is the Most Important Trait a Successful Entrepreneur Should Have Seven reasons that this trait matters above all others.
By Oliver Isaacs Edited by Jessica Thomas
Opinions expressed by Entrepreneur contributors are their own.
Try, try, try. Fail. And try again until you succeed and achieve your goals. This is hard work. Hard work isn't a one-time thing. It's a series of continuous efforts in a particular time span, with pure dedication and a clear vision of the goal you want to achieve.
For the vast majority of us, nothing in life comes easy. Business is no exception — unfortunately, there is no secret to success beyond motivation and hard work. As Thomas Edison put it, "The three great essentials to achieve anything worthwhile are, first, hard work; second, stick-to-itiveness; third, common sense." These weren't just words: Edison, one of the most successful inventors and businessmen of all time, famously worked 20 hours per day.
Related: 7 Habits of Super Successful Business Owners
Assuming that common sense is a given for most business owners with a chance of succeeding, hard work is the most important factor. Although hard work does not guarantee success alone, lack of hard work and smart work does guarantee failure.
1. Talent is not enough
Let's put one idea to rest once and for all: Talent alone is not enough to become successful in business or elsewhere.
Being good at something certainly gives you an edge over the competition, but talent won't mean anything unless it's put to good use. And putting it to use requires a lot of effort, from planning to taking care of daily business-related tasks. If you're smart and talented, your hard work might take you further than it will others, but it still needs to be done.
2. Challenges need to be overcome
Running a business involves many challenges at every stage, from coming up with a business plan to budgeting and implementation. Regardless of how good you are, there will be setbacks and obstacles to overcome. And this, too, will require hard work.
Related: One Part of Succeeding as an Entrepreneur Is Hard Work, and This Unconventional Formula Is the Rest
If business owners didn't make enough of an effort to keep their companies going despite the obstacles in their way, no business would survive longer than a year. To make it in business, you have to make tough calls, deal with pressure and handle unexpected challenges — in other words, work hard to stay on track.
3. Staying on top of things
Speaking of staying on track, there are a lot of things to take care of when running a business — particularly in the early stages, or in startup form, where there is a smaller team and fewer opportunities to delegate. It takes a lot of effort to stay organized and manage every aspect of the company. And if you want to reach the position where trusted colleagues are taking care of most of the daily running of the business for you, you'll need to work hard to get there.
4. Lucky breaks happen, but we can't count on them
Although many corporate gurus claim there's no such thing as "luck" in business, it's undeniable that there are times when circumstances align exactly in our favour, despite being entirely out of our control. Of course, the trouble is that we can neither predict these lucky breaks nor depend on them in any way. You can't count on luck to achieve your goals — you'll need to work toward them and work hard to create your own luck.
Related: 7 Ways Focused Hard Work Crushes Self-Limiting Beliefs
5. Knowing your business
Working hard on creating, maintaining and improving every aspect of your business is an indirect way to ensure that you know everything there is to know about the company. If you've done your research and been the main driving force behind changes and improvements, you'll be in a much better position where it comes to decision-making and ensuring the company is on the right track.
6. Learning along the way
As you put in your own hard work to make your business a success, you'll develop a strong work ethic along the way. Patience, determination and a methodical approach will also grow in the process. This will make you more efficient as time goes on, better at running your business and well-prepared for anything that comes your way.
7. Your success is your own
If the success of your business is the result of your hard work, you'll be able to take full credit when it comes to reaping the benefits. In business, nothing brings as much satisfaction and fulfilment as achieving your goals through your own initiative, determination and work.
Related: 8 Quotes on Motivation, Hard Work and More from Basketball Legend Michael Jordan
