How do you succeed in business? What qualities must you have to become a successful entrepreneur? This is a question that every business owner wants to know, with many trying to understand if there’s some magic formula to achieving success.
Alas, there’s none. But as entrepreneurs who made it big have shown, there are a number of strategies that you can use to increase the chances for success of your business.
Here are some qualities that successful entrepreneurs share:
It is important to dream big, according to David Novak, Chairman and CEO of Yum! Brands: “I want to continue to dream big, even if from time to time people tell me I’m overreaching. If we set bold goals, then we at least have a shot at achieving them. If we don’t, what’s the point of showing up tomorrow?”
Learning how to find opportunities is an important trait of every successful entrepreneurs. As Gladys Edmunds said: “Sometimes opportunity knocks; at other times you have to pursue it. You don’t want opportunity to come in on a boat when you’re standing at the airport waiting for it.”
Successful start-up businesses require a lot of work to get off the ground, let alone manage. As Mark Cuban said: “Everyone has the will to win, but it’s only those with the will to prepare that do win.”
Ryan Allis describes the hard work as: “Would you work 70-hour plus weeks for months on end; sleep at the office when you get backed up; put your own money on the line when payroll is due and the bank has yet to approve a loan ; be the janitor .. and present in front of a room of investors after already being turned down by 50 other banks, angel investors, and venture capital firms?
How you perform each day will determine whether or not you will succeed in the long run. Self-discipline is very important; as it is what will push you to work on the business and persist despite the challenges you will face as you jumpstart your business.
As Donald Trump wrote in his book: “Learning to expect problems saved me from a lot of wasted energy, and it will save you from unexpected surprises. It’s like Wall Street, it’s like life. The ups and downs are inevitable, so simply try to be prepared from them.”
Founder of Blockbuster Video and other successful businesses Harry Wayne Huizenga said: “It’s not making the investment for the sake of making the investment. It still is having fun. If you are enthused and excited about it, you work at it harder. And you get up in the morning and you’re still thinking about what you should be doing and so forth.”
Kitty Holding said: “Finding a true partner is one of the most critical things you will do. You are better when you have a partner that you can truly trust, rely upon, and function effectively with as a counterbalance to your weaknesses”
To succeed in this competitive business environment, you need to be innovative. Don’t play catch-up with the leader; rather create new markets and reinvent new ones.
Author Donna Fenn gave this advice: “Seduce your customers, by not presenting your products as commodities but by selling something far more emotional and valuable.”