If you had to choose one trait that you felt was most necessary for success as an entrepreneur, what would it be and why? How can aspiring entrepreneurs cultivate it?
These answers are provided by the Young Entrepreneur Council (YEC), an invitation-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. More information at yec.co.
1. The ability to solve problems
The one trait I would say is most important for entrepreneurs is the ability to solve problems creatively. Sometimes the solutions to business problems are not obvious and an immediate solution must be found. This can be a real challenge because most people are taught to paint inside the lines.
– Baruch Labunsky, Safe classification
2. Grain
You need courage, determination and strength of character to endure the ebbs, flows and failures that lead to a successful business. The best way to achieve this is through experience. I have seen many young entrepreneurs with more courage than their older counterparts, especially when they had customer service jobs and climbed the ladder to experience different seats in the company.
– Givelle Lamano, Oakland DUI Lawyers
3. Flexibility
One of the most essential traits an entrepreneur can have is flexibility. You need to be able to change your approach in response to market conditions, customer feedback, and what partners or investors want at any given moment. Being flexible also means looking at “failure” as a signal to make changes rather than a permanent obstacle.
– Kalin Kassabov, ProTexting
4. No fear
Aspiring entrepreneurs should be scared. It’s the fear that often prevents them from taking advantage of new opportunities, as new entrepreneurs are unable to decide what’s best for them or how a certain decision would affect them. Well, you won’t know unless you try. So, be quick with your decisions. Preparation is great and all, but if you’re afraid to make a move, someone else will, and they’ll probably 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’s 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 safe enough to connect with you on a deeper level.
– Andrew Munro, AffiliateWP
6. Determination
One trait you need to succeed as an entrepreneur is determination. You will meet 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 overcome these unfortunate situations if you want to succeed.
– Daman Jeet Singh, FunnelKit
7. Decision
Decisiveness is the main trait that any successful entrepreneur must cultivate. From making budget decisions or day-to-day communication, it is imperative to maintain the ability to decide and decide quickly. I use mental models like Occam’s Razor to direct my life. For example, when presented with two options, I choose the simpler one and do a lot of meaningful work.
– Libby Rothschild, No dietician
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 a lot of frustration when things don’t go your way. Instead, learn your lessons and keep moving. This will also help you consider and prepare for various scenarios as you adjust along the way.
– Richard Count, Virtus Flow
9. Moxie
To be an entrepreneur, you have to have some moxie. Being open, direct, resilient and having the ability to persevere is something that most entrepreneurs have in common. You have moxie if you can get back up after you fail. Aspiring entrepreneurs can cultivate this by focusing on confidence. Stand up for what you believe in and don’t let the opinions or perceptions of others stand in your way.
– Jennifer A Barnes, Optima Office, Inc.
10. The ability to follow long-term plans
So important is the ability to follow and execute a long-term plan, meaning several years, without getting sidetracked by mirages along the way or discouraged by inevitable ups and downs. This requires you to learn multiple skills, including attention to detail, deep work, and strategic vision (as opposed to tunnel vision, which bogs down many entrepreneurs).
– Andrew Schrage, Money Crashers Personal Finance
11. The will to keep learning
If you want to be successful as an entrepreneur, you should have an open mind to learn. It is important for you to realize that learning is an ongoing process. It can help you develop new skills which 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. Accepting your mistakes and learning from them is the only way an entrepreneur can grow and be better than ever. However, you cannot cultivate this skill by enrolling in a specific program. You have to be open-minded, give yourself the freedom to make mistakes and build up the courage to learn from them.
– Stephanie Wells, Formidable shapes
13. Resilience
Resilience is one of the most important traits you can develop as an entrepreneur. The journey will have highs and 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 build resilience, develop a positive mindset, build a strong support system, understand your purpose and take care of yourself.
– Zane Stevens, Protea Financial
14. The ability to thrive on ambiguity
The cornerstone of business success is the ability to accept and thrive with ambiguity. I’ve found that navigating the unpredictable business enterprise landscape requires you to have a flexible mindset that can adapt to constant change and take advantage of emerging opportunities. Always stay up to date with the latest news and treat every change as an opportunity to grow.
– Vikas Agrawal, Infobrandz