Money For Lunch – The Traits of Successful Entrepreneurs

The Traits of Successful Entrepreneurs

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Successful people aren’t all the same, but there’s no denying most embody the following unique characteristics. Not everyone has what it takes to be a successful entrepreneur, but if you identify with the following traits, there’s a good chance you do. Look to the following characteristics to determine if you have what it takes, but keep in mind that collaboration is a necessary component to success. If you’re lacking in any of the following traits, you can still be successful if you collaborate with people who show strength where you’re exhibiting weakness.

Successful People Have Great Resolve

Successful people don’t give up. They have tenacity, and the ability to keep going despite dangerous odds. If failure does happen, the successful entrepreneur brushes it off and continues on. “If at first you don’t succeed, try try again” is absolutely the motto of successful entrepreneurs.

Self-Confidence is Power in the Face of Adversity  

If you don’t believe in yourself, how will others believe in you? People who are self-confident exude this confidence, and it’s contagious. If you’re exuberant about your product or service, so will many others. Of course, this self-confidence also lends itself to dealing with personal failures. If someone doesn’t like your product or service, your self-confidence will allow you to move on confidently – you will continue to unwaveringly believe in yourself.

According to Entrepreneur.com, this is called “task-specific confidence.” You truly believe in yourself, and therefore eliminate risk. “You’ve conducted enough research and have enough confidence that you can get the job done that you ameliorate the risk.”

Hugely successful entrepreneurs have great self-confidence. Take Ricardo Vega Serrador, the owner of multiple franchises and the originator of Mexico’s Go Mart, a hugely successful convenience store. Serrador believes in his abilities so deeply, he was able to open multiple businesses and continues to delve into new entrepreneurial projects. One of the fast food chains Serrador worked on was Subway, who knew Subway would be popular in Mexico? Ricardo Vega Serrador did.

Entrepreneurs Have a Strong Desire to Succeed and a Passion for their Business

Of course money is a great motivator, but the most successful entrepreneurs are more motivated by the product or service they’re offering. Do you truly believe in what you’re selling? Are you passionate about your dream business? If so, you’re embodying the characteristic that drives people to be successful.

According to Forbes.com, “The one thing all successful entrepreneurs have in common is the desire to make their idea a reality. What entrepreneurs need most of all – above motivation, focus, hope, financing, marketing skills, a brilliant idea, etc. – is the will to bring their idea into existence. Unless you truly want to make something happen, the odds are nothing will. Without that desire, nothing else matters…”

Patience is the Virtue of Successful People

You’re not going to get rich overnight. It takes time and dedication. If you’re a patient person, and you’re conservative with your time and money, there’s more of a chance you’ll be successful. As Elvis says, “Only fools rush in.” Don’t be foolish. Do as successful people have done before you, and be patient.

Entrepreneurs Satisfy the Market

A great idea is a wonderful thing, but it isn’t usually the path to success. A lot of people have great ideas, but do those ideas satisfy an entire market of people? If not, you won’t be successful because you won’t have people to buy what you’re selling.

The most successful people understand what their given markets need or what’s missing from society. They provide benefits to society, such as Ricardo Vega Serrador did when he brought both Subway and Wendy’s to Mexico. These popular chains triggered growth in the local economy by creating jobs and providing low-cost food to citizens.

Remember: if you find yourself lacking any of the above named characteristics, you may still be successful. There’s no ultimate rule book that states each trait must be prevalent to be successful. Besides, nothing is more powerful in business than successful collaborations. If you’re missing a key trait, just partner with someone who has that trait. Together, you can make your dreams come true.

 

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