Do you have what it takes to be a successful entrepreneur?By Wayne Goshkarian October 9, 2021Opinions expressed by Entrepreneur contributors are their own.You’re reading Entrepreneur United States, an international franchise of Entrepreneur Media.
These days, anyone can become an entrepreneur thanks to all the digital resources available at your fingertips. However, what many entrepreneurs soon learn after taking the leap into owning their own business is that it takes a special level of passion and drive to ride the roller coaster that is entrepreneurship. In fact, according to the U.S. Bureau of Labor Statistics, nearly 20% of small businesses fail within the first year and 50% fail after 5 years.
So, how do you know that you have what it takes to become an entrepreneur?
1. You’re always striving for more
When I was 11 years old, I took on my first job as a paperboy for a 50-home route. I was thrilled to have my own money and was soon eager to find a way to make more. I thought about other products I could deliver to my customers and began offering cleaning products to my customers when I met with them twice a month. Looking back, I see now that this drive was a clear indication of my entrepreneurial spirit, even as a young boy. A hunger for more is something that I see in nearly every successful entrepreneur.
Related: Is Your Personality Permanent? New Research Says ‘No.’
2. You’re a problem solver
When creating a new business or product, I always recommend starting with a pain point. What’s missing in the industry you’d like to be in? Is there a process that can be simplified or solved with a product or service? After working in the insurance industry in the 90s, I began to consider how the industry could be improved. It’s notoriously slow and generally behind the times, so I knew there was a way to take it to the next level. With the internet and computer access more readily available at this time, I anticipated that there could be a way to merge these technological advancements with the slow-moving processes of the insurance industry. In 1993, I developed a laptop enrollment system to communicate core benefits and voluntary benefits 10 years before the industry considered digital methods. If identifying and creating solutions to pain points comes naturally to you, chances are you’d make a great entrepreneur.
Related: Personality Intelligence: What It Is, Why You Need It and How to Get It
3. You’re a self-starter
When it comes down to running your own business, the only person who can push you is you. Entrepreneurship is hard work and isn’t for the faint of heart. If you don’t have the motivation to lead your company, put in the long nights and make tough decisions, it’s likely your business will never get off the ground. True entrepreneurs know that their fate is in their own hands and use that as motivation to push themselves to be the best they can be for their business.
I’ve started multiple businesses in the last 40 years, and I’ve experienced firsthand how challenging entrepreneurship can be, but I’ve also experienced the rewards. If you’re an entrepreneur at heart, it’s time to harness your drive and creativity. You’ll be amazed at where it can take you.
Success begins by cultivating the mindset required to take risks and lead teams.By Deep Patel March 14, 2018Opinions expressed by Entrepreneur contributors are their own.You’re reading Entrepreneur United States, an international franchise of Entrepreneur Media.
The most successful people benefit from a combination of luck and personal prowess. Luck in the sense that timing is often a factor when ideas catch fire, and personal prowess in the sense that successful people are capable of capitalizing on lucky timing.Michael L Abramson | Getty Images
If you’re hoping to increase your personal or professional success, you can cultivate personality traits that will optimize your chances. Let’s take a look at 10 personality traits that have enabled magnates like Steve Jobs, Sheryl Sandberg and Jack Ma to achieve remarkable things.
4. Open-minded
In 1983, Apple released Lisa. It was one of the first computers to use a bitmapped graphical interface and mouse. In short, the device was a revolution that put Apple on the map as a company that was developing cutting-edge personal computers.
As Walter Isaacson noted in his biography Steve Jobs, Jobs led a team hoping to rethink what a personal computer could be. Rather than develop a device that could contend with market leaders of the day, Jobs and his team approached the task of developing a new personal computer with an open mind.
Refusing to simply stick with the status quo, they pushed boundaries and designed a product built to solve a pesky problem (the usability of personal computers).
Related: A Job Application Steve Jobs Handwrote in 1973 Is Full of Errors and Will Be Up for Auction
5. Focused
When Jeff Bezos founded Amazon, he knew that his company would need to focus on a specific problem in order for his small business to make any headway. As a result, he originally focused his team on becoming the world’s largest online bookseller.
The company worked on innovations that would improve customer experience as it related to ecommerce bookselling. During a 1999 interview with 60 Minutes, Bezos was asked about his desk. Though at the time Bezos was already a billionaire, the desk was made of an office door and taped-together 4x4s. Bezos replied that the desk was “a symbol to spend money on things that matter to customers.”
Since the early days of Amazon, Bezos has focused himself and his company on customer satisfaction. As a result, Amazon has been able to properly prioritize projects while avoiding initiatives that distract from the company mission.
Related: Jeff Bezos: 9 Remarkable Choices That Shaped the Richest Man in the World
6. Influential
Sheryl Sandberg is a great leader; so much so, in fact, that early in her career she didn’t recognize how influential she was. During a company presentation she announced that the organization should stop using PowerPoint during meetings. People on her team took her at her word, and didn’t even use PowerPoint during client presentations (a move that caused some confusion among clients).
Sandberg was shocked to learn what had happened, and took steps to loosen restrictions on what tools Facebook employees could use during presentations. This is just one example of the type of influence Sandberg has earned as a respected professional and inspirational leader.
Related: 21 Things You Probably Didn’t Know About Sheryl Sandberg
7. Willful
Jack Ma is worth roughly $35 billion, and yet, before founding Alibaba, he was rejected for 30 jobs. Ma was rejected for a job at KFC, he was rejected by the Chinese police academy and he was rejected 10 times by Harvard University.
Being rejected frequently taught Ma determination. As a result of Ma’s learned willfulness, he was able to successfully launch Alibaba in 1999. Roughly 20 years later, the company is worth at least $460 billion.
Related: 22 Crazy Things We’ve Learned About Alibaba Billionaire Jack Ma
8. Modest
Warren Buffett purchased a modest house in Omaha, Nebraska, in 1958. Today he is one of the wealthiest people on earth, with nearly $90 billion in assets. However, he still lives in the same house, which is now worth one-hundredth of one percent of his total wealth.
That is one sign of how modest Buffet truly is. It is a characteristic that has helped him to earn respect among a wide variety of business people, including Bill Gates.
Related: 25 Surprising Facts About Warren Buffett
9. Self-reflective
Rick Rubin is a legendary music producer, responsible for helping musicians like Jay-Z and Johnny Cash to find their musical voice. He has achieved immense professional success, and he credits his self-reflective streak as the main driver behind his ability to discover talented artists.
For years Rubin has maintained a daily meditation practice, and he has recently incorporated cold baths and a sauna treatment to help him further center himself. By practicing a variety of techniques to remain calm and focused, Rubin has been able to discover talented artists whom other producers might have overlooked.
Related: I Tried This Oprah Meditation Hack Every Day for Two Weeks. Here Are My 5 Takeaways.
10. Process-oriented
Running a successful business requires process-oriented thinkers. People who simply rely on instinct and creativity may find it difficult to work together on a regular basis. In his book High Output Management, the former CEO of Intel, Andrew Grove, wrote about the importance of operating as a process-oriented leader.
While successful professionals are certainly adaptable and creative, they also know how to implement ideas by designing processes that empower subordinates to work efficiently.
11. Charismatic
Charisma is a necessary element for effectively motivating employees to do their best work. However, while charisma is an important component of leadership, it doesn’t necessarily require extroversion.
Inspirational leaders can be introverts too. Having charisma means you have storytelling ability, conviction and empathy. If you are able to package those skills, you’ll be well on your way to leading a team to get behind your mission.
Related: Introverts: 4 Ways to Be Yourself and Be a Charismatic Leader
12. Empathetic
Speaking of empathy, good leaders (and thus successful people) care about the people around them. Take the founder and executive chairman of Starbucks, Howard Schultz. Schultz insisted that employees should be offered generous benefits, and as a result the organization provides a wide range of benefits to all employees who work more than 20 hours per week.
From partial-match 401k plans to tuition reimbursement, Starbucks takes an empathetic approach to employee benefits, which stems from the compassion of the company’s leadership.
Related: How Starbucks CEO Transformed a Small Coffee Bean Store Into a Massively Successful Worldwide Brand
13. Daring
Steve Jobs dropped out of college to build computers in his parents’ garage. Jeff Bezos left a lucrative career in finance to open an ecommerce store. Mark Zuckerberg spent hours building Facebook instead of studying for tests while attending Harvard. Howard Schultz quit his job to open a coffee shop after being inspired by Italy’s coffee culture while traveling for business.
Successful people have a daring streak in them. They are comfortable embracing risk if they feel they are doing it for the right reasons.
Success starts with the proper mindset. If you work to cultivate the 10 personality traits outlined in this article, you’ll be well on your way to becoming your most successful self.
14. Team Player
15. Willing to Accept criticism
