If you had to choose one trait that you believed was the most necessary in order to succeed as an entrepreneur, what would it be and why? How can aspiring entrepreneurs cultivate it?
These answers are provided by Young Entrepreneur Council (YEC), an invite-only organization comprised of the world’s most successful young entrepreneurs. YEC members represent nearly every industry, generate billions of dollars in revenue each year, and have created tens of thousands of jobs. Learn more at yec.co.
1. The Ability to Problem-Solve
The one trait I would say is the most important to entrepreneurs is the ability to creatively problem-solve. Sometimes, solutions to business problems aren’t obvious and you have to find an out-of-the-box solution. That can be a real challenge because most people are taught to color within the lines.
– Baruch Labunski, Rank Secure
2. Grit
You need courage, resolve and strength of character to withstand the ebbs, flows and failures that lead to successful business. The best way to get this is through experience. I’ve seen a lot of young entrepreneurs with more grit than their older counterparts, especially when they had customer service jobs and worked their way up the ladder to experience different seats in the company.
– Givelle Lamano, Oakland DUI Attorneys
3. Flexibility
One of the most essential traits an entrepreneur can possess is flexibility. You need to be able to change your approach in response to market conditions, customer feedback and what any partners or investors want at any given time. Being flexible also means looking at “failure” as a signal to make changes rather than as a permanent obstacle.
4. Fearlessness
Aspiring entrepreneurs should be fearless. It’s fear that often prevents you from grabbing new opportunities, as new entrepreneurs are unable to decide what’s best for them or how a particular decision would affect them. Well, you won’t know unless you try. So, be quick with your decisions. Preparedness is great and all, but if you’re afraid to make a move, someone else will — and will likely succeed.
– Chris Klosowski, Easy Digital Downloads
5. Sociability
To be successful as an entrepreneur, you need to focus on developing your social skills. When you have strong social skills, it becomes easier for you to build strong relationships with your customers, investors or anyone you think is important to your business. Good social skills make you a better communicator and help you make others feel secure so they connect with you on a deeper level.
6. Determination
One trait you need to succeed as an entrepreneur is determination. You’ll encounter people who don’t like your idea. There will be times when clients or investors reject you. Your first project idea may never see the light of day. You need to have the drive to move past these unfortunate situations if you want to find success.
7. Decisiveness
Decisiveness is the main trait any successful entrepreneur needs to cultivate. From making decisions about the budget or day-to-day communication, maintaining the ability to decide and decide quickly remains imperative. I use mental models like Occam’s razor to run my life. For example, when presented with two options, I choose the simplest and I get a lot of significant work done.
– Libby Rothschild, Dietitian Boss
8. A Realistic Mindset
Be realistic! An entrepreneur’s career is full of ups and downs, which are part of the learning process — and that’s a fact. Keeping your feet on the ground will save you much frustration when things don’t go the way you want. Instead, learn your lessons and keep moving. This will also help you to consider and prepare for multiple scenarios while adjusting along the way.
9. Moxie
In order to be an entrepreneur, you must have some moxie. Being outspoken, direct, resilient and having the ability to persevere is something that most entrepreneurs have in common. You have moxie if you can get up after failing. Aspiring entrepreneurs can cultivate it by focusing on confidence. Stand up for what you believe in and don’t let others’ opinions or perceptions get in your way.
– Jennifer A Barnes, Optima Office, Inc.
10. The Ability to Follow Long-Term Plans
The ability to follow and execute on a long-term plan — meaning multiple years — without being sidetracked by mirages along the way or discouraged by inevitable ups and downs is so important. This requires you to learn multiple skills, including attention to detail, deep work and strategic vision (as opposed to tunnel vision, which trips up many entrepreneurs).
– Andrew Schrage, Money Crashers Personal Finance
11. A Willingness to Keep Learning
If you want to succeed as an entrepreneur, you should have an open mind toward learning. It’s important for you to realize that learning is an ongoing process. It can help you develop new skills that in turn can help you stay ahead of your competitors at all times.
– Thomas Griffin, OptinMonster
12. A Self-Reflective Mind
One trait that can help aspiring entrepreneurs succeed is self-reflection. Embracing your mistakes and learning from them is the only way an entrepreneur can grow and be better than ever before. However, one can’t cultivate this skill by enrolling in a particular program. You have to have an open mind, give yourself the freedom to make mistakes and foster the courage to learn from them.
– Stephanie Wells, Formidable Forms
13. Resilience
Resilience is one of the most important traits you can develop as an entrepreneur. The journey is going to have high highs and low lows, and it will be your ability to push through and persevere during this time that will be the difference between success and failure. To develop resilience, develop a positive mindset, build a strong support system, understand your purpose and look after yourself.
– Zane Stevens, Protea Financial
14. The Ability to Thrive on Ambiguity
The cornerstone of entrepreneurial success is in the ability to accept and thrive on ambiguity. I have found that navigating the unpredictable landscape of business ventures requires you to possess a flexible mindset that can accommodate constant change and capitalize on emerging opportunities. Always stay updated with the latest developments and treat every change as an opportunity to grow.