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What Do Successful Entrepreneurs Have in Common?

There is no secret recipe to become a successful entrepreneur, but there are certain qualities that all successful entrepreneurs share.

The good thing about this is that you can learn and emulate these traits to be a successful entrepreneur.

Here are some characteristics successful entrepreneurs have in common: 

1. Willingness to fail.

Your willingness to fail is the key to be a successful entrepreneur. Taking the risk and experiencing failure is hurtful, but this experience will teach you how to be resilient, how to find solutions, how to seek improvement, and come up with an innovation.  

You will also have a different perspective to problems and failure. Instead, you approach problems, challenges and failures as lessons. Remember what Thomas Edison said when asked how did he feel to fail 1,000 times inventing the light bulb? Edison said, “I have not failed. I’ve just found 10,000 ways that won’t work.”

This teaches us that even when our plan and effort did not seem to work, it does not mean that we failed and that we should give up. Instead, we are given a lesson or a clue of what is missing and formulate an improved and corrected plan that will push through the barriers of success.

2. Calculated risk-takers.

Entrepreneurs are like knights, they don’t go to war unarmed. They don’t dive in a business blindly and look forward to great results. Starting a business requires a substantial amount of money. Thus, they don’t gamble what they have without carefully planning. They also think about the course of action on how they will deal with a situation while reducing the risk as they move forward with their venture.

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3. Flexible mindset.

We live in an ever-changing world. Having a flexible mindset will help you embrace changes and overcome challenges. You are also ready to adopt changes in your product and business process if needed. 

When you are attached to a certain process and unwilling to change, you could struggle meeting what your customers’ needs, thus, your business might face a high risk of failure. When you have a flexible mindset, you are open to new ideas and you don’t hesitate about changing your decisions and modify your plans.

4. Passion.

Passion is the key to success because it is what keeps you going despite the challenges you will encounter. When you love what you do, you produce great work. Successful entrepreneurs are passionate about their mission and the impact of their idea to the society. They are passionate about how their products or services will help others because of the solution it offers. When you are passionate about something, you’ll keep on striving, working on your vision even though you receive criticism from others. You will also find ways of improving your product/service because you want to offer the society the best solution for a certain problem.

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5. Creative.

Creativity is a must in every entrepreneur. An innovation comes from an idea, and for you to think of an idea and make it happen, you must have a creative mind. Whether entrepreneurs need to come up with fresh ideas or help improve an existing product or service, an entrepreneur’s creative mind would help determine what actions they have to take to do it. 

Instead of using a conventional approach in solving problems, entrepreneurs opt for the creative problem solving approach. This is because when you us a conventional approach, you will come up with a mediocre solution, on the other hand, when you use a creative problem solving approach, you will come up with an innovative solution, something out-of-the-box solution that is a game changer.

6. Goal Oriented

Successful entrepreneurs set attainable daily, weekly, monthly, yearly, and long term goals. These goals are clearly articulated by entrepreneurs before they even start their business, because this will help them determine the path where their business is heading and the right action they have to make for them to reach their goals.

Do you have some of these traits? If you don’t have one of those traits, it does not mean that you cannot develop or improve those qualities. You can start applying those qualities listed above and develop them as  your habit. When you are disciplined and consistent with your actions, you are able to achieve your goals and eventually be successful as other entrepreneurs. 

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About The Author

Esther B.

Esther B.

Esther is a writer whose work focuses on career and personal development. She has also been YourTango’s Expert Partner where she wrote articles mostly for women to encourage them to have a meaningful life and healthier relationships. Her articles were constantly in YourTango’s weekly top ten for highest number of page views and her works have been featured in MSN and POPSUGAR. She also has almost 8 years of experience working for top publishing companies (Wiley and Cengage Learning) helping authors publish their books and research papers. When she is not on the computer, you’ll likely find her in the kitchen busy looking for snacks to eat.