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10 Characteristics of Successful Entrepreneurs
Successful entrepreneurs share 10 key characteristics: they have a passion that drives them to continuously improve, they are willing to take risks but also plan carefully to mitigate risks, and they work hard with self-belief. Additionally, they adapt flexibly to changing markets, deeply understand customer needs, manage finances responsibly, plan systematically while also being adaptable, and network widely. Finally, they know when to exit failing ventures and have a healthy amount of self-doubt.
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10 Characteristics of Successful Entrepreneurs
- 1. Seth, S. (2014).10 characteristics of successful entrepreneurs. Retrieved from http://www.investopedia.com/articles/personal-finance/101014/10-characteristics-successful- entrepreneurs.asp 10 Characteristics of Successful Entrepreneurs
- 2. #1 Passion &Motivation • Is there something you can work on over and over again without getting bored? • Is there something that keeps you awake because you have not finished it yet? • Is there something you have built and want to continue to improve upon, again and again? • Is there something you enjoy the most and want to continue doing to the rest of your life?
- 3. #2 Risk Taking •Successful entrepreneurs are willing to risk time and money on an uncertain future, but also keep resources and make plans to deal with unknown problems. • Is the risk worth the cost of your career, time and money? • What will you do if this venture does not pay off?
- 4. #3 Self-belief andHard Work • Successful entrepreneurs believe in themselves and enjoy what they do. • Can you focus and have faith in your ideas? • Can you demonstrate discipline and dedication despite detractors?
- 5. #4 Adaptability &Flexibility • Successful entrepreneurs welcome all suggestions for optimization or customization that enhances their offering and satisfies market and customer needs. • Can you be flexible in adapting to dynamic markets and changing customer needs?
- 6. #5 Understand theMarket • Successful entrepreneurs know their market and their product inside and out. • Can you stay aware of changing market needs, competitor moves, and other external factors to avert failure?
- 7. #6 Money Management •Successful entrepreneurs realize money management is mandatory and plan for present and future obligations. • Can you handle keeping sufficient cash flows after becoming operational?
- 8. #7 Planning • Successfulentrepreneurs make plans as much as possible but maintain a mindset and temperament for dealing with unforeseen possibilities. • What are your time and money targets? Are they feasible?
- 9. #8 Networking Abilities •Successful entrepreneurs find experienced mentors and build networks to seek valuable advice. • Can you create a network to tap for solutions?
- 10. #9 Being Preparedto Take the Exit • Not every attempt ends in success. Successful entrepreneurs know when to cut their losses and try something different rather than continue to lose money in a failing venture. • Can you leave a venture if it fails?
- 11. #10 Self-doubt, butnot too much • Successful entrepreneurs do gut checks. • Can you do this? • Do you want this?