Habits of Truly Successful Entrepreneurs

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Hundreds of thousands of new businesses open in the United States each year, but the number of business deaths is outpacing births, according to Gallup.

The odds of being a successful entrepreneur are stacked against you. If you find that exciting, rather than daunting, then you may well have the stuff from which successful entrepreneurs are made, such as the ability to turn obstacles into assets.

Successful entrepreneurs are more likely than other professionals to challenge assumptions. “I work at the problem each day from different angles, under different lenses — which can include but are not limited to: looking at extremes, considering what essential assumptions are and how to test them, and discovering how a different industry might solve a problem,” LightSale Energy Co-Founder Danielle Fong told entrepreneur.com.

Entrepreneurs often work harder

Another common habit of entrepreneurs is self-discipline. Starting a business because you want to be your own boss and set your own schedule usually aren’t good enough reasons. Initially, you’ll likely find yourself working harder and longer than you ever did when you worked for someone else. Remember that in the early days of Microsoft, Bill Gates not only ran the company but continued to write code too.

Unflinching self-awareness and clear-eyed analytical skills also are crucial for entrepreneurs. Is there a market for your idea? Can you create a product at a price point that the market will bear, and will that price let you make an acceptable profit?

If your answers are “yes,” proceed. If not, start again with a new idea and repeat the analysis until you hit on a combination that does result in a “yes.”

Be prepared to make mistakes

This lather-rinse-repeat mentality will keep coming into play throughout the lifespan of the business. Entrepreneurs will make mistakes. Some of them will work out anyway – according to Business Insider, inventions ranging from the chocolate chip cookie to the pacemaker were largely accidents! The key is to ask yourself on a weekly, if not daily, basis: What went well? What went wrong? How can I improve things this time?

Entrepreneurs also have to become familiar with aspects of the business that weren’t even on their radar before. Marketing is key when you’re establishing a new enterprise; so are planning, project management, and business financing.

Many entrepreneurs often find themselves going back to college to earn a business degree to fill in these gaps, and many find that an online option such as Forbes School of Business® at Ashford University is more effective than closing up shop and heading to a brick and mortar campus.

Entrepreneurs who find ways to apply education and training to their ideas, minds, and passion are well-positioned for business success.

 

Written by Ashford University staff

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