We’re living in a world that’s ripe for entrepreneurs. It has never been easier and more difficult to start a new business than it is now. In fact, new businesses are popping up every day. Recently, it was revealed that New York was only second to Silicon Valley as a global entrepreneurial hotspot.
Since the conditions are so favorable, the focus is on the entrepreneur to take advantage of the opportunity. Here are some characteristics that are generally common in new small business owners. These also contribute to their success.
1. They Have Faced Failure Before
Failures and mistakes are life’s way of teaching you important lessons. Many people enter the world of small businesses thinking that they have a million dollar idea and would gain instant success. However, it’s rare for first ventures to actually be successful. When they are, they are because you’ve worked hard for it and driven to the ends of the earth to ensure success. Failure tests your mettle; it tests your determination and drive. It also teaches you how to succeed.
2. They’re Enthusiastic and Passionate
Starting and running a business takes a lot of time, money, and effort. In the beginning, the rewards are slow and you’ll spend months feeling like you’re doing a thankless job. It’s important to always be optimistic about your business because without that enthusiasm and passion, you’re not going to be able to meet the demands of the business.
Over time, you’ll just start resenting what you’ve created and eventually give. If you’re passionate about your business, you’ll keep working at it, keep driving yourself harder until your labors finally bear fruit and you taste success.
3. They Understand their Business
Business owners should understand their business. This seems like common sense. Of course they should! But there are very few who enter into the market with a complete and thorough understanding of their business and their goals. Some people enter the market blindly, without considering their business idea. This haste can cost them later in their entrepreneurial life.
4. They Have Mentors
Mentors are important in any business. You might think that you can do everything on your own and you don’t need advice. However, eventually, you’re going to realize how necessary a sounding board, a different perspective, and an advisor is. Mentors not only guide you through the initial difficult years of start-up, but they also provide rationality.
You can get carried away sometimes and a mentor is there to reel you back and ground you.
5. They Don’t Stop
They don’t stop. They don’t let anything get in their way, including failure and mistakes. They’re the kind of people who’ll fall down, stumble, and still keep going. If one idea turns into a failure, they’ll come up with another and try again. This determination is going to eventually benefit them and lead them to success. Giving up should never be an option for you.
If you have these characteristics, you already have what it takes to be an entrepreneur; you only need an idea and the courage to take that first step towards getting your business off the ground.