Most professionals eventually reach a point in their career when they desire something more than a nine-to-five desk job. Ambition is a powerful thing, and it can color some important life decisions. While many aspire to be their own boss and start their own business, the reality is that most new companies fail within their first ten years. Not everyone is cut out to be a business leader. Here, we’ll examine a few of the traits that all successful entrepreneurs possess so that you can see for yourself if you’ve got what it takes to make it on your own.
Strong Work Ethic
Make no mistake, the most successful professionals in any field have to work extremely hard to attain their goals. Small business owners are constantly burning the midnight oil and subbing in as needed. If you’re not willing to go the extra mile on a daily basis to get your startup off the ground, then consider an alternate career path.
You can’t fake passion. Either you love a particular profession, or you don’t. Employees, customers, and business partners will notice if you’re truly passionate about your business, and they’ll also notice if you become apathetic or if your interest wanes. The good news is that positively channeled passion can be infectious, and it can help you develop leadership skills as well.
This is a simple question, but many people struggle to answer it definitively: do you believe in yourself? If so, virtually anything is possible. If not, then you’ll struggle to make it in the business world.
In addition to a host of intangibles, prospective business owners also need funding in order to make their dream a reality. Thousands of great business ideas have never seen the light of day due to financial limitations.
Even the most talented professionals need help from time to time. Unsurprisingly, the best business owners manage to surround themselves with capable team members who offer support and advice. It’s okay to admit that you don’t know how to apply for a business loan or how to fill out a 1065 tax form –– just make sure you hire someone who does!
Loathe though some successful business owners may be to admit it, luck does play a vital role in determining the fate of a business. Being in the right place at the right time is invaluable. To a certain extent, no one can control whether they’re lucky or not. However, professionals can certainly “make their own luck” through hard work, tireless preparation, and by making good decisions on a consistent basis.