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Successful Entrepreneurs Have These 5 Traits — Do You?

Rana Gujral
Feb 24, 2015 · 3 min read

Are you considering launching your own business? Turns out that having an advanced degree and an abundance of cash are not necessarily predictors of success. Instead, certain personality traits are — do you possess them?

Read on to find out.

You’re Able to Tune Out the Noise and Pursue Your Vision

There’s a lot of noise in the everyday. Not just sounds, mind you, but a turbulence of stuff that can easily cloud one’s vision. All of this information — especially because of its sheer volume, variety, and urgency — can often derail a wannabe business owner. What else can make an entrepreneur second-guess launching a business? The opinions of naysayers. A skilled entrepreneur is able to tune out all of this noise, identify a need in the marketplace, and then take very focused steps to fulfill it — and often in an innovative way.

You’re the First to Roll Up Your Sleeves

There’s no such thing as an easy start-up. It’s hard work covering all the bases, and there are many bases to cover. Create a business plan. Determine the best way to finance your company. Decide on a legal structure and register your company’s name. Secure a tax identification number, as well as the necessary licenses and permits. If you plan on hiring employees, make sure you comply with the state and federal requirements. And that’s all before your first sale! A successful entrepreneur is willing to tackle tasks that may not be sexy, but are essential to operate and thrive.

You Know How to Cultivate a Team of Experts

It’s impossible to know everything. For a business to prosper, successful entrepreneurs assemble a go-to group of experts. Who are the must-have members of this group? Start with an experienced certified public accountant, to help you understand the difference betweena balance sheet and a profit and loss statement, and who can provide guidance on how to manage cash flow and maximize deductions. It’s also important to bring a technology guru into the fold. This expert can explain the pros and cons of each social media platform, and will keep you abreast of technology trends and security updates. And having an industry veteran on your side is imperative, to offer historical perspective, and to serve as a sounding board and mentor.

You Treat Employees and Customers as Brand Ambassadors

A successful entrepreneur creates a business environment that truly values people. Employee perks may include telecommuting options, in-office snack stations and comprehensive healthcare, insurance, and retirement plans. But above all, it includes honesty, respect and fairness. Customers receive first-class treatment, too. A rewards program is in place for repeat customers, and customer service is available 24 hours a day to promptly answer questions and resolve issues. Further, a full refund if given if the customer is not completely satisfied with their product or service. A successful entrepreneur recognizes that happy employees and customers are the company’s best advertising.

You Frequently Evaluate Your Performance

How do you measure success? Savvy business owners look at much more than the bottom line. Perhaps you’re taking steps to make your manufacturing process more efficient, your employees more productive, and your advertising more effective. Or you’re looking to make your company greener, and more community-minded. And on top of all of this, you may be striving for a better work-life balance, too. The best don’t shy away from a good, long look in the mirror. Even more telling, a successful entrepreneur welcomes the challenge of evolving — both personally and professionally — with the very real possibility of transforming an industry along the way.

    Rana Gujral

    Written by

    Entrepreneur I CEO I Investor I Writer at TechCrunch & Forbes I Startup Junkie I YEC, Forbes Council, MIT Sloan, UMass, TACK UK.