The fact is that nine out of ten start-ups fail, according to Fortune magazine. If you start a business, the odds are stacked against you. But those 10% who succeed have more in common than you might think.
It’s these few, successful entrepreneurs who consistently change their industries. They come in prepared to deal with adversity and find ways to be more efficient than competitors. Here are the qualities that all of the best entrepreneurs have:
These leaders are enthusiastic about their fields. That’s why they started their own company in the first place. They're excited about their product and they want to tell people about it. This attitude has a trickle-down effect — employees respond to passionate leaders.
Despite the odds stacked against them, entrepreneurs take risks. They put their reputation on the line. They take loans out. They put their all into every business venture. Failure will hurt, but they’re unafraid of the future. If you play it safe, employees may think you don’t really believe in the business. Innovation doesn't happen without taking chances.
All business leaders have to be decisive, but entrepreneurs even more so. Each day involves making hundreds of large and small decisions, from what companies to work with to which clients to pursue. A good entrepreneur weighs the options and acts quickly. But they’re also willing to recognize when they’ve made a poor decision and do what they can to rectify it. These kinds of leaders will gain the respect of their employees.
Successful entrepreneurs are always coming up with new ideas. They’re solutions oriented, ready to solve any problem that might come their way. And they surround themselves with other strong problem solvers. As they tend to explore neglected parts of the market, they need to be ready for anything. Entrepreneurs recognize that they have to be versatile.
More than any other career, being an entrepreneur requires an unusual amount of dedication. For the first year or two, it will require grueling hours. Successful entrepreneurs know how to fight past fatigue and put in the time necessary. Their teams will see this dedication and put in the extra effort too.
The best entrepreneurs know how to delegate well. They surround themselves with strong people and then they work to make those people happy. They respect their employees and listen to their concerns. When there’s a problem, they work to solve it as quickly as possible. They ensure that their best people stay on with them for years to come.
While it’s likely that your first venture won’t succeed, determination and perseverance are other qualities that every good entrepreneur possesses. It’s a tough career choice, but there are few others as satisfying as running a business that you built.