10 Important Attributes for Entrepreneurial Success

I listen to quite a few business podcasts, a number of which have interviews with successful entrepreneurs. What strikes me is how many of these high-earning business owners there are. What this tells me is that, no matter what the state of the economy might be, making a lot of money and building a successful venture is well within the realm of possibility.

Entrepreneurial SuccessThere are a few essential elements needed for success in any economy, and especially in this one. Along with business and financial skills, these include:

Resiliency. When you hear stories of business success, somewhere in the background is often at least one idea that didn’t work well. Successful entrepreneurs recover from so-called failures. People who succeed or fail more than people who fail.

Willingness to take risks. At some point, successful entrepreneurs take a chance and do something that is considered “outside of the box.” Following the pack and doing what others are doing rarely leads to success. Following your gut instincts often means taking a risk.

Faith in oneself. Deep down inside, do you hold the belief that you have the talent and ability to build a successful business. To succeed in business, you have to believe that you will, no matter what the odds that might be against you.

Determination and tenacity. Building a successful venture takes time and patience. If you expect quick results and give up easily, you probably won’t succeed.

A compelling “why.” What is it that inspires you about what you’re doing? Beyond making money, what are you hoping to achieve in your business or practice? You need a reason to get started every day and get beyond whatever resistance may show up.

Ambition. Stepping away from the average or normal requires a burning desire to succeed. To earn a lot of money requires that this desire be so strong that you willing to do whatever it takes to reach a point of great profitability. Money doesn’t just fly in the window, you have to generate the energy to try again. This takes a lot of effort.

Discipline and focus. Haphazard actions and lackadaisical work habits rarely lead to profitable outcomes. Discipline, especially with your finances, is essential in order to use resources wisely.

The ability to collaborate and delegate. Trying to build your business alone makes no sense. Networking, collaborating, and delegating tasks are all essential to building a venture that works. This is especially important if you deal with feelings of aloneness.

Understanding market trends. Does your business solve a problem or fill a need for a substantial number of people? If it doesn’t, then you will probably experience limited income.

Here are a few of the podcasts I listen to that have interviews with successful entrepreneurs: (The links are to the podcast websites.)

A word about these podcasts: They tend to be very male dominated. The guests are mostly male and the topics often linear.

Entrepreneur on Fire. John Lee Dumas does an interview every day.

Entrepreneurial Success Radio. A combination of interviews and observations with Wesley Chapman. (Link is to the show on Stitcher.com)

Read to Lead Podcast. Jeff Brown interviews non-fiction authors.

Starve the Doubts. Interviews with entrepreneurs who have overcome doubts and moved into self-confidence.