Thinking Outside the Business Box: 7 Traits of Highly Effective Entrepreneurs

The path of an entrepreneur is often marked by amazing opportunities – and devastating pitfalls.

It takes a special kind of person to take the leap from dreaming of running their own business to actually doing it. They have the entrepreneurial spirit. And a big part of that spirit involves having a vision, pursuing it with determination, and thriving in times of uncertainty and change.

Let’s explore 7 characteristics that highly effective entrepreneurs possess, which will hopefully provide inspiration as you proceed along your own entrepreneurial journey.

 

1: Don’t Rely on Plan A

While having a well-thought-out plan is key to accomplishing goals, things don’t always go according to plan. Entrepreneurs know this all too well. They’re ready to shift to Plan B if necessary – as well as Plan C, D… or whatever’s necessary to get the job done.

An effective business leader is skilled at identifying when a plan isn’t working, then pivoting to alternative solutions.

Having contingency plans in place is a hallmark of effective business leadership. By being prepared for all kinds of scenarios and surprises, they can keep on rolling through the hard times.

 

2: Be Comfortable with Failure

Speaking of setbacks, there are times when things will go all the way wrong. It happens. Failure is an inevitable part of an entrepreneur’s journey. But many successful entrepreneurs don’t see failure as a barrier – they see it as a necessary stepping stone to success.

Failure is often a learning opportunity that brings valuable insights to guide future decisions. Therefore, instead of fearing failure, business leaders embrace it as a natural part of innovating and growing their brand. This allows them to bounce back from losses, stronger than before.

3: Be Persistent

Failure may be inevitable, but that doesn’t mean it has to get you down. Nope, quite the opposite. Persistence is a defining characteristic of highly effective entrepreneurs.

Business leaders often face obstacles that test their resolve – it comes with the job. Persistence in the face of seemingly insurmountable obstacles and challenges allows an entrepreneur to stay focused on accomplishing their goals. This tenacity is a key driver of entrepreneurial success.

 

4: Communicate Effectively

One of the most crucial characteristics of successful entrepreneurs is the ability to communicate. This is the foundation of building any relationship, especially in business. It’s important to convey your vision clearly to potential investors, employees, and customers. Once everyone’s on the same page, and working toward the same goals, then success becomes much more attainable.

Not only that, but with effective communication, you can build trust and rapport, both of which are essential when it comes to forging long-lasting partnerships.

Listening is also a vital part of communication. When you actively listen to feedback, concerns, and fresh ideas, you can make decisions powered by a wide range of perspectives and ideas.

 

5: Keep Learning

Successful entrepreneurs know all too well that the business world is constantly changing. There’s no way to change that. But knowledge is a powerful tool for adapting to ever-changing market conditions and making informed decisions.

Business leaders are often open-minded and curious, always on the hunt for new ways to expand their knowledge base. This thirst for learning extends beyond their industry – they’ll often explore all kinds of subjects to gain a broader perspective on the world at large.

I recently attended the Goldman Sachs 10,000 Small Business training program. It provides a deep dive into running your business, and you come away with a powerful growth plan that you can put into action right away. It was a great experience that gave me the ability to work on my business instead of working in my business.  If you’re interested in learning more, follow this link: Goldman Sachs 10k Small Businesses.

6: Think Creatively

Creativity and innovation are at the heart of entrepreneurship. Successful business leaders thrive on finding unique solutions to the many, many problems they face. They approach these challenges with an open mind, bubbling with ideas, always on the hunt for groundbreaking solutions. And that takes creativity.

By experimenting with innovative strategies, powered by their own creativity, business leaders can discover what works best for their customers and the business.

 

7: Be Decisive

Entrepreneurs have to make tons of decisions, from long-term planning to day-to-day (or even minute-to-minute) operations. This can be harder than it sounds. After all, a key decision can be the difference between smooth sailing and rocky shoals. And it’s not always clear right away which decisions are the most impactful.

This level of high-stakes uncertainty can be intimidating to most people. But hemming and hawing over every choice isn’t any safer. Being decisive doesn’t just mean picking options at random.

There are several behaviors that can help you be a decisive leader:

• • A Clear Vision. Knowing your short- and long-term goals for your business, as well as the kinds of strategies to accomplish them.
  • Deep Knowledge. Going back to the passion for learning, the more knowledge you have to draw from, the better your decisions can be.
  • Guts. Research and planning can only get you do far. In the end, you’ve got to take the leap by trusting your own talents and gifts.

Analyzing the situation, weighing the pros and cons, and taking the leap to make tough decisions – that’s a powerful skillset.

Celebrating of the Entrepreneurial Spirit

The entrepreneurial spirit is a powerful force that drives individuals to create, innovate, and lead. By cultivating these 7 characteristics, aspiring business leaders can build real momentum as they travel along the winding road to success.

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