What characteristics distinguish a successful entrepreneur from others? According to the Bureau of Labor Statistics, around 20% of new enterprises fail during the first two years, 45 percent within the first five years, and 65 percent within the first ten years of operation. Only 25% of new firms survive for 15 years or more. Thousands of enterprises are launched each year despite this as per Jesse Jhaj. How are the 25% of enterprises able to survive? What are some characteristics that they all have in common that make them stand out from the crowd? Because entrepreneurship isn’t simply about having a brilliant concept, having a million followers, and having a lot of money. It all boils down to your personality, your outlook on life, and your attitude toward success and failure in the end. Successful entrepreneurs have been discovered to have a few personality traits. They are self-assured and creative. They are adaptable and take advantage of opportunities as per Jesse Jhaj. They are open to change and think beyond the box. We’ve whittled down the traits to the best. You will almost likely achieve success if you cultivate these qualities.
Traits As Per Jesse Jhaj
A visionary entrepreneur can perceive what others cannot. They approach problems in unusual ways, thinking freely and imaginatively, and challenging the current quo. They aspire to transform the world through their product or business and will go to any length to achieve that goal as observed by Jesse Jhaj. Because knowing your mission isn’t enough for an entrepreneur. A successful entrepreneur needs a focal point, a devotion to their goal, around which they produce inventive ideas, make decisions, invent products and services, and so on. An entrepreneur’s most valuable asset is a proactive mindset. Proactive entrepreneurs have a mindset that encourages them to take deliberate action, allowing them to shape their environment, future, and fate. That is to say, being proactive entails taking a risk and acting rather than waiting for favorable circumstances to arise. An entrepreneur with a proactive personality believes they have complete control over their company’s fate. Other elements like the economy, competition, and so on may have an impact, but they are ultimately responsible for its success or failure.
According to studies, serial entrepreneurs consider persuasion to be the most crucial talent for their business success. Leadership, personal accountability, goal orientation, and interpersonal skills were all scored lower than persuasiveness. What is the reason for this? Because being a good entrepreneur is being able to persuade an investor that you have a fantastic concept, convincing partners that your strategy is sound, and persuade potential customers that the solution is appropriate for them according to Jesse Jhaj. Entrepreneurs should be people smart since their entire business relies on their ability to understand people and persuade them to believe in their ideas. Taking risks and growing a business go hand in hand for entrepreneurs. Successful entrepreneurs don’t just take risks; they take calculated risks, knowing which ones will benefit them and which would harm them. That is why, without taking chances, entrepreneurship is incomplete, because you never know unless you try, and without risk, there is no innovation. It is an opportunity to learn. So having a high level of risk tolerance and resilience is another frequent quality of an entrepreneur.