Not everyone has what it takes to run their own business.
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Becoming a successful entrepreneur requires not only a great business idea, but certain traits. Jenny Ta, founder and CEO of Sqeeqee.com — a social commerce platform that gives individuals, businesses, celebrities, politicians and nonprofit organizations the ability to monetize their profiles — said that, for years, people have tried to identify what qualities make successful entrepreneurs, especially serial entrepreneurs, different from everyone else.
"While there is no single answer to this question, certain traits pop up again and again when studying this class of person," Ta said.
Based on her experience, Ta said there are six common traits found in entrepreneurs:
- Confidence: Belief in oneself is a universal characteristic of serial entrepreneurs. You must believe in yourself, and believe in your vision. This doesn't mean you can never have a moment of doubt, but it does mean that your doubts cannot be allowed to overwhelm your core belief in what you are trying to do. If it gets to the point where you're having brief moments of belief instead of brief moments of doubt, it may be time to go back to the drawing board.
- Self-motivation: Simply sitting around believing in yourself won't allow you to get much done. You must be motivated to work toward the realization of your vision, and that motivation should come from within. Other people cannot push you to greatness. If you need constant kick-starting, your chances of success are greatly reduced.
- Tenacity: Successful entrepreneurs do not lie down in the face of adversity. If the first real challenge you face takes the wind out of your sails, how can you hope to overcome the numerous and difficult obstacles that almost always pave the way to success? An honest evaluation of your ability to triumph over adversity and to follow through when staring at hardship is necessary before you embark on your entrepreneurial journey.
- An understanding of your limitations: This may seem like the opposite of having confidence, but it is not. While you need confidence to succeed, you also need to be able to view your own abilities objectively. A good entrepreneur is a good leader, and a good leader knows when to listen to others. If you stubbornly refuse to consider other viewpoints, or insist on doing things yourself that can be done better by those with a more suitable skill set, you are steering your enterprise toward failure.
- A healthy disrespect for the rules: People with an entrepreneurial spirit know that rules and common knowledge exist to be defied. Illicit risk-taking behavior is a common trait among entrepreneurs, and that translates into the ability to defy conventions that stand in their way. That doesn't mean entrepreneurs are natural felons, but it does mean that entrepreneurs are willing to cross lines that some people are not.
- Willingness to fail: Successful entrepreneurs fail, but then they start over and try again. Rarely is a huge leap taken without huge risk. An entrepreneur has to be able to objectively weigh risk and reward, and take the risk when it makes sense. A budding entrepreneur who is not willing to risk it all when the rewards are great enough is unlikely to ever reap those rewards.
Ta encouraged aspiring business owners to review these traits and see if they can identify with them. "If not, ask yourself how you can change your thinking and behavior to achieve your own entrepreneurial goals," Ta said.
Originally published on Business News Daily.