Inside all of us lies a Steve Jobs waiting to burst out and bless the world with our brilliant business ideas. But unfortunately, for many people who attempt this, the reality isn’t as magical as they first thought - even Steve Jobs himself experienced major failure before gaining acceptance.
So why do some people make it and others don’t?
We’ve put our brains together and explored exactly what characteristics are present in many business owners that lead them to success, and we've narrowed down success in business to seven elements and a postscript:
1. Expert Knowledge
This may seem a little obvious but many people think that an idea will spontaneously sprout from someone’s mind and a business will be born. This is not true, far from it. Many successful business owners will have built up an expert knowledge in their field over a number of years (6, on average) before they embark on their journey to create their bright idea, and most will devote time to make sure they never stop learning. As they say, Rome wasn’t built in a day – and neither is a business.
2. A Bucket Load of Passion
As you can imagine, building a business from the ground up is no mean feat. If the long hours and sleepless nights don’t get to you, the pressure to make it work will. But there’s one thing that will override all of these issues. The answer is passion. Without it, it’s pretty likely that business owners wouldn’t get anywhere. Although many people think the money alone is enough of a motive, the sheer love for their brainchild is a driving force behind them.
3. Success is a Risky Business
As Richard Branson said, “You can’t run a business without taking risks. The brave may not live forever – but the cautious do not live at all”. Having the confidence to take a risk and give it a go is key to success. This, along with being able to live with uncertainty. As an early business owner everything is almost always ‘up in the air’ and the ability to remain calm and collected when situations are unpredictable is an art in itself.
4. Try, Try and Try Again
As mentioned before, failure is something many business owners have experienced more than a few times in their life. However, their ability to persevere is what matters. It can be tough to get your business noticed, but as many successful business owners know, refusing to give up increases your odds tenfold. This goes hand in hand with making sure you’re always open minded to new ideas, never being afraid to strip back an original idea and give it another go.
5. Setting a Goal Leads to Success in Business
Setting goals allows businesses to track success. Even short term goals provide a focus and a target to work towards. Successful people tend to avoid ‘winging it’ and will almost always have a plan which allows them to concentrate on exactly where they want the business to go. Success in business rarely happens by accident.
6. Growing a Thick Skin
Succeeding in business does not come without criticism and being prepared to receive some uncomfortable comments is a must. This is something MDs are well versed in. They’ve grown that thick outer edge that forms a force field around their feelings and deflects anything negative. Positive mental attitude and optimism are key characteristics of successful business owners as their sheer determination will warn off anyone with a dampener on their goal.
Self-doubt accounts for the failure of 99% of business ideas. It seeps into every vulnerable area of the mind and infiltrates all optimism. Unless you’ve trained yourself to avoid this, it’s a major risk. Successful business owners have built up confidence in themselves and although they will not always be aware of whether it will turn out how they imagine, they won’t question their product.
So, the secrets have been revealed, these seven characteristics and traits spell out success in business for many Entrepreneurs, MDs and Business Owners. Is this the same for you? Drop us a line at firstname.lastname@example.org and let us know.
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