How does one person make tons of money in a business, while others lose their shirts? If you’re on the outside looking in, successful entrepreneurship may seem mysterious. But it isn’t. Here are five patterns of behavior that are common to successful entrepreneurs.
1. Open-mindedness. The minds of successful entrepreneurs aren’t clouded by preconceived judgments or assumptions. When they come across a potential business idea, product or technique, they have the ability to assess it with complete openness. They possess both independence of mind and the courage to try something new – even if everybody else thinks it won’t work.
2. Strong Team. Successful entrepreneurs build a strong team and then use it. They want smart, hardworking people who can take responsibility – who will take a task and run with it. They also want people who will occasionally challenge them.
3. Perfection. Successful entrepreneurs are perfectionists when it comes to their core product or service, and they are willing to spend an almost infinite amount of time getting it right. But they also know that it’s not possible to devote close attention to every aspect of the business. They delegate, they cut corners, they do whatever is required.
4. Adaptability. Successful entrepreneurs realize the ground can shift at any time, and they’re willing and able to make the required adjustments when it does. After putting a tremendous amount of time and energy into crafting a business plan, they are fully prepared to revise it a month later to accommodate significant new data.
5. Willingness to Learn. Successful entrepreneurs learn from both success and failure. They are able to honestly assess the success of a business venture and to analyze what happened. They have a passionate desire to absorb whatever lessons are available.
Very few people can master all five qualities, which is why there are so few entrepreneurs who are consistently successful. Those who do develop and hone these traits have the potential to excel in whatever business they choose to develop.
Adapted from the BQE Blog.
Editor's note: This is a sponsored article. All text and images were provided by the sponsor company.