The most successful entrepreneurs of the world are Henry Ford, Charles Merrill, Steve Jobs, Bill Gates, Walt Disney, Charles Schwab, Sam Walton, the bottom line, and so on. Therefore, the most important question is Why they all are successful entrepreneurs and entrepreneurship as compared to millions and billions of other entrepreneurs.
Luckily, if you will find the answer to this WHY then you can understand Who are successful entrepreneurs and Why. Interestingly, it will also direct you towards the success path that will lead you towards a successful entrepreneur. For example, the stories of Bill Gates, Jack Ma, Henry Ford, Steve Jobs, and many more are full of failures, disappointments, and rejections.
But why they are now known as successful entrepreneurs? Because the striking difference is that they take the risk and never, never give up and continued their efforts. So, now they are among the top successful entrepreneurs. Likewise, they also share some other most common characteristics that made them successful.
Bureau of labour Statistics (BLS) facts
The article “Entrepreneurship and the U.S. Economy” was published on the website of BLS that highlights some key facts related to business or entrepreneurship startups. Therefore, it reflects that almost 20% of startups are failed in the first two years after opening, and 45% fail in the first five years, and 65% fail in the first ten years.
Interestingly, just 25% of new startups sustain over 15 years and more than that. Similarly, the question is that why only 25% of startups are able to sustain despite, thousands of startups get launched each year? It is very very important for you to know the reason that distinguishes them from the crowd.
So, if you are willing to know the reasons then you must have to continue reading this blog. In the same way, you will know that successful entrepreneurship is not just limited to investment, great ideas, and million followers. But it also depends on your life approach, your personality, and your attitude towards failure and success.
So, after reading you will definitely know that Who are successful entrepreneurs and why? All successful entrepreneurs have some shared characteristics. If you adopt these characteristics happily you will be also among those 25% successful entrepreneurs. That’s why you must continue reading to direct yourself towards the success path.
Most common characteristics of successful entrepreneurs
Visionary and think outside the box
A successful entrepreneur is always a visionary who thinks outside the box. In uncertain situations, they think freely, creatively, and differently. That’s why they confront problems in a different way as compared to others.
They not only get profits from their business but they have the vision to positively influence the world through their business. Therefore, to achieve that vision they do whatever it requires. Because successful entrepreneur not only have a vision but they also know how to accomplish it.
So, if you want to be a visionary entrepreneur you must have a focal point and a strong commitment to your mission. You must think creatively and freely to produce products and services based on innovative ideas. And to make the best judgments.
Proactive Mindset- believes in action
A successful entrepreneur always believes in action. That’s why it is considered as best characteristic of successful entrepreneurs. Only a proactive mindset can take intentional actions to create a feasible environment for their startups or business. That also decides their fate and future of business.
Actions matter a lot that’s why successful entrepreneurs don’t want for favorable circumstances. But they just jump into actions to create a favorable environment for their business. Not only do they create an environment for doing business but also they believe that they can control it. And can decide the fate of their startup or business.
However, the external environment impacts their business but they possess the ability to control it.
So, if you want to be a successful entrepreneur then you must be practical in your words and should take responsibility for failure and success.
Persuasive personality is the topmost characteristic of successful entrepreneurs. Successful entrepreneurs consider Persuasion as the most significant contributor to their success and sustainability.
They keep it at the top priority among other characteristics such as interpersonal skills, goal orientation leadership, and personal accountability.
Why it is an important characteristic of successful entrepreneurs?
It is important because only a persuasive entrepreneur is able to effectively sell its business to customers, attract investors, and motivates business partners. That’s why it is considered the topmost characteristic of successful entrepreneurs.
So, are you interested to be a persuasive personality?
So, you must possess the knowledge of persuasion, which is all about knowing the ways to convince people in an attractive way. If you will know how to convince them you will be probably successful in your business.
Successful entrepreneurs for example Jack Ma, Jeff Bezos, and Elon Reeve Musk strongly believe in risk-taking. They mostly encourage the young and businessmen to take a risk because it’s a key to their success.
However, successful entrepreneurs always take calculated risks, to access the payoff and harm against that risk. Similarly, your business will not grow until you will take risks. If you will not take risks how you will know.
Innovations are the results of taking risks. It teaches us valuable things. That’s why after that we learn either the best way to make things done or to know a way through which things can’t be done.
So, Risks always give us something to learn. Take calculated risks, manage risks, in turn, it will boost up your business.
Flexible and adaptable
Over time things and process change that impacts your business plans. That’s why it is crucial to accept and adopt these changes. Successful entrepreneurs always forecast the future and remain flexible to it.
Successful entrepreneurs and businesses sustain because they welcome upcoming trends, adopt them, and mold them according to their business. That’s the thing which is followed by only 25% of successful businesses or entrepreneurship.
For example, the BlackBerry brand was the most famous brand some years ago. Now, they are no more in the market. Because they are not adaptive and flexible to the changing trends of the market. That’s why they were kicked out of the market.
That’s why being flexible and adaptable matters a lot.
Money management ability
For a business start-up, spending money is a key thing in its initial years. That’s why it is very important to manage spendings. An entrepreneur can be only able to manage it effectively when he/she knows the basic financial knowledge of credit, tax forms, bank statements, etc.
“Rule No. 1: Never lose money.Warren Buffett
Rule No. 2: Never forget rule No. 1.”
Almost all successful entrepreneurs reflect that they are familiar with the basic knowledge of numbers and money management. So, if you want to successfully start your business or to maintain your competitive edge you must have possessed some knowledge about numbers and money management.
Have a network of like-minded people or entrepreneurs
Successful entrepreneurs are always connected with like-minded people or entrepreneurs and seek for new social networks too. Because it inspires and motivates them to work harder than they did yesterday.
“Going solo in a world of over seven billion people is a sign of subconscious arrogance” – Tai Lopez
Not only this but also it helps them in making long-lasting bonds and better reputation. They share ideas and information and get creative and fresh reviews and opinions against it.
So, if you want to be successful then you must form connections with like-minded people. To communicate and share ideas and information to get more advantages for your venture.
Always seeks help when needed
Successful entrepreneurs are humble enough for asking help from others when they do mistakes. It’s human nature that they do mistakes, so there is nothing wrong with making mistakes. But repeating mistakes are something wrong.
So, to avoid mistakes successful entrepreneurs always humble to ask for help and don’t let their ego in the way. In this way, they also get an opportunity to learn new things.
For learning and getting help in difficult times, successful entrepreneurs have mentors and different coaches.
Interestingly, you should incorporate this characteristic in your nature to become successful in your business.
Take competition as an opportunity
Successful entrepreneurs always participate in the competition. Because they know that there is no business without competition. That’s why successful entrepreneurs become more progressive in a competitive environment.
So, it is very important to see competition as an opportunity instead of an obstacle to become successful in your business or vision. Moreover, you will only get success when you equipped your business to compete.
That’s why only 25% sustained because they struggle to compete and as a result, they are rewarded with continued growth and profit-making opportunities.
Time management and disciplined
Time management skills not only matters in business success but it is equally significant for other fields of life as well. However, all successful entrepreneurs keenly focused on time management skills and being disciplined.
Successful entrepreneurs strictly followed their timetables to avoid the mismanagement of time. That’s why it can be observed that successful businesses timely respond to customers, disasters, and followed their deadlines.
However, business stakeholders are mostly attracted towards such business that timely responds and meets the deadlines. Moreover, being disciplined also avoids being stressful.
Successful entrepreneurs not only manage time but also prioritize their tasks to eliminate distractions also.
Absolutely, now you know who are successful entrepreneurs and why? In the same way, if you also want to be among the list of successful entrepreneurs then you must follow the above-mentioned characteristics of successful entrepreneurs.
So, to be successful you must be confident, innovative, opportunists, flexible, risk-taker, persuasive, proactive, visionary, flexible, adaptable, and take competition as an opportunity.