Establishing a business and growing it is not an easy task. You have to take huge risks and fight against the odds to ultimately find your success. You devote your time, energy, and effort without any guarantee that you will make it to the end of the tunnel.
As initially published on Goalcast, Mr. Salim shares an insighful knowledge on broadening your horizon by adopting the most important traits found in the giants of the corporate world that have achieved great prosperity. found in every successful entrepreneur.
Here are 4 key traits found in successful Entrepreneurs that have reached the heights of success. You can adopt these traits to climb the ladders of success one step at a time. The great scientist Newton once said: “If I have seen further than others, it is by standing upon the shoulders of giants.”
#1 – Self-Confidence
All the successful businessmen were crazy-sure about their business idea or product, and were able to refute the predictions of naysayers who always criticize novel and out-of-the-ordinary things.
It’s a belief in one’s success that turns risk into an exciting business proposition. Jason Apfel, founder of FrangranceNet.com, identifies self-confidence as the most important determinant of his success. He says that when he started the business he had confidence that he would be able to sell beauty products online at affordable prices. He warns that even if you are confident, you should still take calculated risks; never make a bet that can wipe you out completely, have enough dry powder to live another day. With this strategy, the company has been able to outlast bigger funded rivals and now earns more than $145 million in annual sales.
#2 – Passion
Your passion for your business idea will determine whether you can work tirelessly without getting bored. As Steve Jobs explained in a 2007 interview: “You have to have passion for what you do, because it’s so hard that any rational person would give up.” Passion will keep you awake long at night until you’ve finished all the tasks. It will be something that you want to build and continue to improve, again and again. In short, passion acts as a fuel that can skyrocket your business to the heights of your dreams.
#3 – Tolerance of Uncertainty
The ability to tolerate ambiguity and potential failure is the classic risk-taking trait that has propelled many businessmen to success. Michael Sherrod of Neeley School of Business at Texas Christian University says that the chances of success of a business boils down to successfully managing the fear surrounding the business environment.
According to Sherrod, controlling fear or tolerance for uncertainty is one of the most important traits of a successful entrepreneur. There are many fears that can emotionally cripple an individual such as fear of bankruptcy, lawsuits, losing to competitors, and the list goes on. The ultimate test for an entrepreneur takes places not in the real world, but in the mental battlefield. You can either quit, overwhelmed with the fear, or push through despite the uncertain outcome.
#4 – Tenacity and Persistence
Persistence or tenacity is a crucial factor for the success of any business. You have to continuously push through a large number of obstacles for years. To achieve success, an entrepreneur needs to push through the barriers that prevent his/her company to reach its true potential. This trait is an amalgamation of various elements such as commitment, determination, persistence, perseverance.
Mike Colwell, owner of Plains Angels, an Iowa-based angel investor, said that tenacity is the number one trait he sees in successful entrepreneurs. He says that an entrepreneur has to repeatedly deal with failures. In order to be successful, you should be ready to start all over again from scratch. You should not let ‘failure’ define the rest of year life, and think of it as a learning experience that will eventually pave the way for success later on. Thomas Edison made more than a thousand unsuccessful attempts at inventing the light bulb.
“I have not failed. I’ve just found 1,000 ways that won’t work.”
– Thomas Edison
Latest posts by Editorial Staff (see all)
- Letting Go: How To Make Peace With Your Past - 19th March 2018
- 8 Secrets to Unveil the Mystery of A Successful Life - 2nd February 2018
- 5 Principles Of Marketing Strategy You Should Know - 1st February 2018