The number of people dreaming of success in entrepreneurship is growing again. According to the U.S. Census Bureau, latest business applications filed in 2020 doubled in comparison with previous years, and greater than 5 million applications were filed in 2021 and 2022.
Last 12 months, a record number of 5.5 million latest business applications were submitted.
Many of these people see themselves selecting the entrepreneurial life and then immediately select the right business. They imagine they have achieved enormous success by allowing them to turn out to be extremely wealthy, be the boss, have the freedom to come back and go as they please, and work how and when they need.
If only this were reality, everyone could be an entrepreneur!
Unfortunately, this is not an experience for most. Being an entrepreneur could be incredibly rewarding, but it is labor. This is a key thing to maintain in mind before you begin down the entrepreneurial path, before you even think about what industry is attractive to you or which might make the best use of your skills, abilities and strengths.
Entrepreneurs, on average, work harder and longer than their employees, while taking much greater risks.
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Despite adversity, 1000’s of people start latest businesses every 12 months. Some will achieve great success, some will move towards sustainability, and some will fail. While luck can’t be ignored, the success of a latest business is largely the result of the founding entrepreneur’s vision, effort and skill.
So what do you’ll want to do to successfully start a business?
Remember these 10 typical traits of an entrepreneur:
- Vision
Successful entrepreneurs have a clear vision of what their business can be and can succinctly articulate its purpose, goals and market position. They have identified (and can briefly describe) who, what, where, when and why they run their business.
- Passion
A successful entrepreneur is passionate about his business. It’s labor and putting in long hours can be difficult if you do not love what you do. Passionate people know what motivates them to proceed working towards achieving their vision.
- Persistence
Entrepreneurs stay tough when the going gets tough. They don’t quit easily. They can accept rejection and are willing to learn from their mistakes. They are willing and in a position to adapt and modify their plan to achieve success next time.
- Willingness to work hard
Being an entrepreneur is tougher than being an worker. To achieve success, an entrepreneur should be willing to place in the required time and effort, often for little or no pay at first. Successful entrepreneurs realize the risks and the vital work that can be involved in achieving their goals.
- Trust
Successful entrepreneurs have confidence in themselves and their company. They must imagine in their abilities and their idea. Every entrepreneur will encounter rejection along the way, and successful entrepreneurs are those that have the confidence that they’ll keep going and get back up after failure.
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- Flexibility
Things don’t at all times go in keeping with plan. A successful entrepreneur is flexible. They learn from their mistakes and are willing to adapt and change over time. They take advice from others and are open to trying latest approaches
- Can be sold
An entrepreneur should be comfortable selling. Even with a sales team, a leader should be an expert networker and have the ability to advertise himself and his company to bankers, customers, suppliers and staff.
- Be careful with your money
Successful entrepreneurs are good money managers. They invest in overheads rigorously, at all times monitor money and manage money flow.
- Willingness to ask and accept help
An entrepreneur must know the whole lot, but the most successful entrepreneurs know their limitations, realize that they can’t do the whole lot, and are willing to delegate their tasks to others. They are joyful to ask for help. They seek and pay for expert advice when needed.
- Resistance
No matter how successful your enterprise is, there can be bumps in the road. A successful entrepreneur is resilient and in a position to bounce back after failure. They use failure as an opportunity to learn and grow. They understand that failure is part of the game.
Running your personal business could be incredibly rewarding, but not everyone is cut out to be an entrepreneur. Before you’re taking the leap into entrepreneurship, ask yourself if you have what it takes to succeed. If so, enjoy the journey.