4 Things Successful Entrepreneurs Have In Common
Updated: Jul 21, 2020
Entrepreneurs do not fall from the sky but they build skills of entrepreneurship within them. To be an entrepreneur, you have to...
learn a couple of tricks in the books.
Over the past few years, Gallup Research has found that people with innate entrepreneurial talent have higher levels of success, are better at noticing business opportunities, and are more natural salespeople and networkers than their less talented peers. They also suggest that while hard work and steady practice are important, those with innate talent will still see much greater returns. That's the bad news. The good news, Gallup finds, is that you're likely to be most successful when you work with your dominant natural talents and identify your potential. That's where self-assessment and diligent study take place. If you want to be a successful entrepreneur, identify your strongest assets, continuously nurture those innate abilities while managing areas of weakness, and study what other successful business leaders and innovators have done. The more you can emulate their achievements and identify like-minded talents, the more likely you are to realize your own success. Looking for a place to start? Here are 12 things all successful entrepreneurs have in common: 1. Subject Matter Expertise Despite drastically different career paths, leading entrepreneurs and innovators like Bill Gates and J.K. Rowling all have one thing in common: they were all domain experts before launching their businesses. Bill Gates, for instance, spent nearly 10 years in school programming in different computer systems before starting Microsoft. Meanwhile, J.K. Rowling of Harry Potter fame began writing at the age of six, and spent over seven years refining and perfecting her idea before it became a global sensation and boosted her net worth to over $1 billion. 2. A Growth Mindset Entrepreneurs who intend to achieve a high level of success rapidly require a growth mindset. Jeff Haden describes it as the belief that your smarts and skill can all be developed through solid, continuous effort. Meanwhile, people with a fixed mindset who believe they aren't born with enough talent or don't have the time or resources to tackle their dreams don't get very far. 3. Intense Discipline Building a business, securing funding, and going through years of struggle and near failure all require intense discipline to see success. And even with all of those things, many entrepreneurs realize their first dream isn't working, scrap the entire idea, and start building their next business or product. Successful entrepreneurship doesn't just take discipline, but intense discipline, to keep working through obstacles and moving forward. 4. Persistence Intense discipline and persistence go hand-in-hand, with the latter fueling the forward momentum needed to push through failures and showstopping stumbling blocks. Milton Hershey, as an example, dropped out of school in the 4th grade, and launched not one, but three, unsuccessful candy companies. He ultimately landed on a caramel recipe that was a hit and that paved the way to a multi-million dollar company.