If you had to choose the one trait you think is most necessary to be successful as an entrepreneur, what would it be and why? How do aspiring entrepreneurs develop it? can you?
These answers are provided by the Young Entrepreneur Council (YEC), an invitation-only organization of the world’s most successful young entrepreneurs. YEC members represent nearly every industry, generating billions of dollars in revenue each year and creating tens of thousands of jobs.Learn more about yec.co.
1. Problem-solving ability
One of the most important traits of an entrepreneur is the ability to creatively solve problems. Sometimes the solution to a business problem isn’t obvious and you have to find an out-of-the-box solution. Since most people are taught to color within the lines, this can be really difficult.
Successful business requires courage, determination and character strength to withstand the ups and downs and failures. The best way to get this is through experience. I’ve seen a lot of young entrepreneurs with more grit than older entrepreneurs. Especially when they had customer service jobs and walked up the stairs to experience the different seats within the company.
One of the most important traits an entrepreneur can have is flexibility. You should be able to change your approach at any time depending on market conditions, customer feedback, and what your partners and investors want. Being flexible also means seeing “failure” as a signal to make change rather than a permanent obstacle.
Ambitious entrepreneurs must know to be afraid. Fear often prevents new entrepreneurs from seizing new opportunities because they are unable to determine what is best for them and how certain decisions will affect them. Well, you won’t know until you try. So make your decision quickly. Being prepared is great, but if you’re afraid to take action, someone else will do it and probably succeed.
To be successful as an entrepreneur, you need to focus on improving your social skills. Having good social skills makes it easier to build strong relationships with customers, investors, or anyone else you think is important to your business. Good social skills enhance your ability to communicate, make others feel safe, and connect with you on a deeper level.
One of the traits you need to have to succeed as an entrepreneur is determination. You will run into people who don’t like your ideas. It may also be rejected by customers and investors. Your first project idea may never see the light of day. If you want to be successful, you need the will to overcome these unfortunate situations.
Determination is a key trait that successful entrepreneurs need to cultivate. From budget decisions to day-to-day communications, maintaining quick decisiveness remains essential. I run my life with a mental model like Occam’s Razor. For example, when presented with two options, I choose the simplest and can accomplish many important tasks.
8. Be realistic
Be realistic! An entrepreneur’s career is full of ups and downs, it’s part of the learning process, it’s a fact. Keeping your feet on the ground can take a lot of your frustration out when things don’t go your way. Instead, learn your lesson and keep moving forward. This also helps you consider and prepare for multiple scenarios while adjusting along the way.
Being an entrepreneur requires a certain amount of anxiety. The ability to be candid, straightforward, resilient, and persistent is what most entrepreneurs have in common. If you can fail and get back up, you have Moxie. Aspiring entrepreneurs can develop self-confidence by focusing on self-confidence. Stand up for what you believe and do not interfere with the opinions and perceptions of others.
10. Ability to follow long-term plans
The ability to follow and execute multi-year long-term plans without being sidetracked by mirages or discouraged by inevitable ups and downs is critical. This requires learning multiple skills, including attention to detail, deep work, and strategic vision (rather than the tunnel vision that trips many entrepreneurs).
11. Motivation to keep learning
If you want to be a successful entrepreneur, you have to be open-minded to learning. It’s important to recognize that learning is a continuous process. It helps you develop new skills that keep you ahead of the competition.
One trait that helps aspiring entrepreneurs succeed is self-reflection. Accepting your mistakes and learning from them is the only way entrepreneurs grow and become better than ever. However, just enrolling in a particular program does not develop this skill. You have to be open-minded, give yourself the freedom to make mistakes, and develop the courage to learn from them.
Resilience is one of the most important traits you can develop as an entrepreneur. There will be high mountains and low valleys on this journey. Whether you can overcome this period and endure it tenaciously will be the difference between success and failure. To build resilience, develop a positive mindset, build a strong support system, understand your purpose, and take care of yourself.
14. Ability to live in ambiguity
The foundation of entrepreneurial success is your ability to embrace ambiguity and succeed. I’ve found that navigating the unpredictability of business ventures requires having a flexible mindset that can keep up with constant change and take advantage of new opportunities. Stay up-to-date with the latest developments and see every change as an opportunity for growth.