Startup success ratio is very low; according to Forbes, approximately 543,000 new businesses get started each month, but more businesses shut down than the number that starts up each month. But one should not be demotivated with this information because we also know the fact that startups are the businesses that have the potential for hyper growth.
Getting into the details of Forbes research, 7 out of 10 new firms survive at least 2 years, 5 survive for 5 years, only 3 cross the mark of 10 years and hardly 2 go up to 15 years or more. So, it’s great even if you start up a seasonal business that goes great for two years whereby you can make supernormal profits. Isn’t it?
So, if you are actually going to start a business, you must have traits of being a successful entrepreneur in order to make your business a success story. Let’s see what those traits are:
1- Successful entrepreneurs are usually ambitious people who have a specific entrepreneurial drive and a strong desire to succeed.
2- They are competitive in their particular field; some are great at marketing, some do sales very well, some are technology geniuses while some are gurus of monetary matters. You may want to know these 20 things we can learn from Mark Zuckerberg.
3-They are passionate about their business, and they know the fact that own business is 24/7 commitment.
4- They are creative and out of the box thinkers; generally speaking they are problem solvers who do not give up until it is done.
5- They are resourceful and often willing to take calculated risks; whether it is about launching a new product line, hiring people or making diverse investments, they take timely decisions with calculated risks.
6- They believe in themselves and their ideas even when no one else believes.
7- They are ready not to react badly when setbacks occur because they are strong, know the entrepreneurial fears and how to overcome the same.
8- They are prepared to take the rough with the smooth, and it is a must to make your entrepreneurial dream come true!
9- They are naturally optimistic; or better call it realistic, i.e. they are positive thinkers and are hopeful in the times of distress, but they are also prepared for the worst.
10- They are determined to overcome the odds because they are strong and are well prepared to battle any situation.
If you have the above traits or else you can develop them you will certainly see the difference between survival and failure. Starting a business is easy, but doing it might be tough.
You may count on the support of family and friends, but there come times when you alone have to face a lot and you must be ready for the quest!