Founding a business and turning it into a profitable company is a daunting challenge. Many try and most fail. How does one person cash in on a business opportunity while others lose their investments? Here are seven traits that are common to profitable entrepreneurs.
- They are clear-sighted and open-minded.
The top entrepreneurs are always on the lookout for a promising business idea, and they have the ability to assess it with a critical gaze and an open mind. They approach every new proposal without preconceptions and without undue regard for others’ opinions. The best entrepreneurs possess both independence of mind and uncommon courage; they are willing to try something that nobody else has dared to try, and they have the confidence to make it work.
- They are perfectionists when it counts, but realize that not everything has to be perfect.
The top entrepreneurs are willing to spend an infinite amount of time getting their core product or service right. No detail is too small to consider, no effort is wasted. However, these business owners also know that it’s not necessary to devote that sort of attention to every aspect of their business. With respect to less critical things, they are willing to cut corners, to expedite, and to delegate.
- They are flexible.
The best entrepreneurs realize that market conditions can change at any time, and they’re willing and able to make the required adjustments when that happens. They know that the best business plan is only as valid as its key inputs, so they are always willing to revise the plan to accommodate new data.>/li>
- They are team players.
Profitable entrepreneurs are strong individuals who know they need strong people working for them. They don’t want to be surrounded by sycophants or fawning followers. They seek smart, hard-driving, ambitious subordinates who will take charge and take responsibility. Indeed, the best entrepreneurs want employees who will challenge them occasionally, in an appropriate way and at an appropriate time.
- They are able to learn from both success and failure.
Successful business owners understand the value of post mortems, and they are willing to take whatever time is necessary to identify the lessons of failed business ventures. They do this not out of academic interest, but out of a fervent desire to avoid making the same mistakes again.
- They are imaginative.
The best entrepreneurs are able to think outside the box and to consider possibilities that have not yet been fully explored. In past centuries, they would have been the explorers and the adventurers. They see links that others don’t see and develop passions that others don’t fully understand or appreciate.
- They are perpetually hungry.
The top entrepreneurs are never satisfied with the success they have achieved or the wealth they have amassed. They are always looking for new business ideas and new sources of revenue. For such individuals, entrepreneurship is a way of life rather than simply a means to acquire status and wealth.
These seven traits are rarely found in the same person. That’s why so few entrepreneurs are consistently successful. The best way to acquire these traits is to study the most successful entrepreneurs. Their stories about developing profitable companies are rich with examples that illustrate each of these seven qualities.