If you had to choose one trait that you think 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 made up 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 about yec.co.
1. The ability to solve problems
The trait that I would say is most important for entrepreneurs is the ability to solve problems creatively. Sometimes the solutions to business problems aren’t obvious and you need to come up with a ready-made solution. This can be a real challenge as most people learn to color within the lines.
– Baruch Labunski, Secure Rank
2. Grinding
You need courage, determination and strength of character to withstand the ebbs, flows and failures that lead to a successful business. The best way to do this is through experience. I have seen many young entrepreneurs with more courage than their older counterparts, especially when they took on customer service jobs and rose through the ranks to find different seats in the company.
– Givelle Lamano, Oakland DUI Lawyers
3. Flexibility
One of the most essential traits an entrepreneur can possess is flexibility. You must be able to modify your approach based on market conditions, customer feedback, and partner or investor wishes at any given time. Being flexible also means seeing “failure” as a cue to make changes rather than a permanent obstacle.
– Kalin Kassabov, ProTexting
4. Fearlessness
Aspiring entrepreneurs must be brave. It’s fear that often stops you from pursuing 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 that unless you try. So be quick in your decisions. Preparation is great and all, but if you’re afraid to move, someone else will – and 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 becomes easier for you to build strong relationships with your customers, investors, or anyone you deem important to your business. Good social skills make you a better communicator and help you make others feel safe so they 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 must have the will to overcome these unfortunate situations if you want to succeed.
– Daman Jeet Singh, funnel kit
7. Decisiveness
Decisiveness is the main trait that every successful entrepreneur must cultivate. Whether it’s 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 direct my life. For example, when presented with two options, I choose the simpler one and do a lot of important work.
– Libby Rothschild, dietitian boss
8. A Realistic Mindset
To 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 forward. It will also help you consider and prepare for multiple scenarios while adapting along the way.
– Ricardo Conte, Virtuous flow
9. Moxie
To be an entrepreneur, you have to have some moxie. Being outspoken, direct, resilient and having the ability to persevere is something most entrepreneurs have in common. You have moxie if you can get back up after failing. Aspiring entrepreneurs can cultivate it by building on trust. Stand up for what you believe in and don’t let the opinions or perceptions of others get in the way.
– Jennifer Barnes, Optima Office, Inc.
10. The ability to follow long-term plans
The ability to follow and execute a long-term plan – that is, several years – without being distracted by mirages along the way or discouraged by inevitable ups and downs is so important. It forces you to learn multiple skills, including attention to detail, deep work, and strategic vision (as opposed to tunnel vision, which stumbles many entrepreneurs).
– Andrew Schrage, Money Crashers Personal Finance
11. A willingness to keep learning
If you want to succeed as an entrepreneur, you need to be open to learning. It is important for you to realize that learning is an ongoing process. This can help you develop new skills which, in turn, can help you stay ahead of your competition 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 for an entrepreneur to grow and be better than ever. However, one cannot cultivate this skill by enrolling in a particular program. You have to have an open mind, give yourself the freedom to make mistakes and have 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 is going to have its ups and downs, and it will be your ability to persevere and persevere through this time that will make 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 entrepreneurial success lies in the ability to accept and thrive on ambiguity. I have found that navigating the unpredictable business enterprise landscape requires you to possess a flexible mindset that can adapt to constant change and capitalize on emerging opportunities. Always stay up to date with the latest developments and consider each change as an opportunity for growth.
– Vikas Agrawal, infobrandz
