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 and this is the reason more people are considering investing in startups.
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- The Ambition
Successful entrepreneurs are usually ambitious people who have a specific entrepreneurial drive and a strong desire to succeed. Most of the times these people do not have the required skills and resources to make their dreams come true, but they innovate and come up with the new solutions because of the ambition!
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.
Do’t worry if you feel like you are not an expert in any field; you can always gain experience while working for other, volunteering and going beyond your comfort zone/
They are passionate about their business, and they know the fact that own business is 24/7 commitment, while working for someone may be just a 9 to 5 job.
4- The Thinkers
They are creative and out of the box thinkers; generally speaking they are problem solvers who do not give up until it is done.
Becoming an out of the box thinker is none too difficult; all you need is to look for the solutions when you find a problem. Connect with problem solvers to learn out of the box thinking; observer them, listen to themm ask questions!
5- The Risk Takers
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- The Believers
They believe in themselves and their ideas even when no one else believes in them.
If you are passionate about an idea, you have carefully done the feasibility study and you are confident that you can make it success… believe in yourself!
7- The Resilient
They are ready not to react badly when setbacks occur because they are strong, resilient and know very well the entrepreneurial fears and how to overcome the same.
8- Prepared for the Worst
They are prepared to take the rough with the smooth, and it is a must to make your entrepreneurial dream come true!
The most important quality of successful entrepreneurs is that they aim for the success while being prepared to face the worst.
9- The Optimistic
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- Ability to Beat the Odds
They are determined to overcome the odds because they are strong and are well prepared to battle any situation.
The Bottom Line
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!