Becoming an entrepreneur is risky. On average, 543,000 new businesses launch each month. Only two-thirds survive at least two years, and only half are around after five years.
So how do successful businesspeople become champions in their field? Studies show that the following powerful qualities are essential to their success.
They are Relentless Learners
Change is the only constant in the business world. In this environment, continuous innovation is critical to thriving. To excel at innovation, you need more than skill. Information plays a huge role.
Successful businesspeople dedicate a large chunk of their time to acquiring new knowledge. Not only do these individuals read a lot, but they also try new experiences and learning new skills.
They are Skillful Negotiators
In business, negotiations often happen around the clock. From securing funding, resolving disputes to drawing up contracts, and more. Knowing how to get the best deal possible is a critical skill.
Successful corporate titans are masters in the art of negotiation. Investing in a negotiation skills training course is a great way to join their ranks.
They Know How to Persevere
Perseverance or grit is a state of mind. It is an inner drive that pushes you on despite the obstacles in your path. Setbacks and failures are constant companions on an entrepreneurial journey. Elon Musk describes the experience as “eating glass and staring into the abyss of death.”
Skill and training do not eliminate rejection. So, the ability to persevere is critical to success. As Jim Watkins said, “A river cuts through rock, not because of its power, but because of its persistence.”
They’ve Mastered Self-Discipline
Success in business is rarely the result of massive jumps. More often, achievements are the result of slow, small constant improvements.
It takes training and skill to stick with the slow and steady. The steady road to success can seem dull, and getting distracted is easy.
Successful business leaders know that self-discipline is more effective. Building self-discipline ensures what needs to get done, always gets done.
They are Action-Oriented
There are millions of books and training courses on how to be a successful businessperson. Yes, successful businesspeople credit their achievements to reading. What sets them apart, though, is their bias for action.
The business world moves fast. There’s a lot to learn and not a lot of time. Thinking, talking, and reading are great ways to generate ideas. Nothing can replace the knowledge that comes from taking action. If you are action-oriented, you can learn an incredible amount in a short space of time.
They Take Calculated Risks
Ben Silbermann left Google to start his own company. Pinterest launched in 2010 and struggled to find users. Today, the company has a market capitalization of $14 billion.
In the corporate arena, people who take calculated risks progress quicker. What’s even more impressive is what happens if those decisions don’t pay off. Successful businesspeople don’t wallow in defeat. Instead, each misstep is a learning opportunity.
With the right training, negotiating risk can become a skill in your entrepreneur toolkit.
They Always Act with Integrity
The opportunity to cut corners is ever-present in the corporate world. Shortcuts are tempting as they can result in quick wins. More often than not, those gains are only temporary. The price paid for shady practices far outweighs any momentary benefits.
Integrity is less a skill and more a state of mind. Successful businesspeople let honesty guide all their actions. Not because people are watching, but because it is the right thing to do. As Jon Huntsman, Sr. said, “There are no moral shortcuts in the game of business or life.”
They Have Robust Support Systems
Entrepreneurs face hard choices almost every day. Negotiating your way through may take more skill or training than you have at present. During those times, having people you can count on makes a noticeable difference.
A reliable support system can help you cope with the pressures of entrepreneurship. From cheering you on when you feel defeated to showing you what skills and training you might need. That select team of individuals can also help you take your business to the next level.