What does it take to become a successful entrepreneur?

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Answered by: Chrisc2, An Expert in the Become an Entrepreneur Category
The past decade has seen an increasing number of people turn to entrepreneurship as a way to gain more control over their financial success. A job in an established corporation is, in large part, no longer viewed as a secure way to earn a living. However, jumping the corporate ship to become a successful entrepreneur takes more than just a desire to take control of your life.



Just as thousands of people realise their dreams of setting up their own successful business each year, thousands more fail in the face of immense pressure, huge challenges, and lack of preparation. There is no blueprint that can be followed to guarantee success as an entrepreneur, but here are a few basic traits that all successful entrepreneurs possess.

Patience



Despite what the media and the movies might have you believe, very few people become overnight millionaires with their brilliant new idea. The tech industry has some recent examples of, seemingly, overnight successes - think the newly minted billionaire founders of WhatsApp - However, the reality is that these successes came after several years of hard work.

Building a business requires patience and commitment. The most successful entrepreneurs among us understand the importance of long-term vision and have the patience to stick it out when the going gets challenging. This vision, coupled with a great deal of patience will help to ensure that you do not become disillusioned when your idea does not take off immediately.

Eagerness to learn

If you earned a degree twelve years ago and figured that your learning days were over, it’s time to think again. Accomplished people have a never ending thirst for learning. They constantly consume information from books, articles, conferences and anywhere else they can find it. Just as well because the constantly changing business landscape can quickly become unfamiliar if they do not keep abreast of the latest trends and industry best practices.

Like Bill Gates, who is said to be a voracious reader – reading around a book a week – you need to get into an always learning mind-set. If you are just starting out this might well come naturally, but it is important to remain a keen student as you become more successful.

Persistence

Ninety percent of start-ups end in failure. While there are numerous reasons why so many businesses fail, most will all come down to this. The founders lacked persistence. This is closely tied in with patience, but where patience requires that you see an end to the ultra-marathon that is building a business, persistence says that you have the ability deal with the actual marathon and all its obstacles.

Every entrepreneur faces failure at some point. The successful ones are the ones who overcome this with a determination that will not be broken.

Passion

The fuel that drives almost all successful entrepreneurs is passion. This could mean a passion for a particular business, a passion to succeed, or a passion to change the world. It is not required from the start, but without passion you will find it difficult to find the patience and determination required to become a successful entrepreneur.

If you enjoy what you are doing then the long nights, constant setbacks, and sustained stress will be a little easier to manage. So many people decide to start a business because they want to “get rich”. However, if the most successful entrepreneurs are not driven by money. They are driven by a passion to solve a problem or make something better.

Becoming a successful entrepreneur can be rewarding in many ways. Getting there however, requires more than just a willingness to turn up and work hard. Every entrepreneur travels his own road, but with these four basic traits you will certainly have the makings of success.

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