Ayden Adler Shares Traits of a Successful Entrepreneur

Starting your own company can be a risky endeavor. There’s a reason 75% of most entry-level business ventures fail. In order to be a success as a small-business owner, you’ll need to possess a particular set of characteristics that all profitable owners have in common.

One quality is the willingness to take risks. There is no way to predict the future, but there is definite truth to the expression: ‘you can’t win if you don’t play’. Sometimes taking the first leap can be the hardest part of a new business venture, but a successful entrepreneur takes that leap anyway.

The next thing you’ll need is a good idea. Most entrepreneurs who have conquered their respective markets have done so by either inventing something to fill a need or by improving upon an existing product or service. They know their product inside and out and have exhaustively researched their competition. They know that reaching the right demographic is crucial to success, so a good leader also has the ability to read people and rapidly adjust marketing tactics according to their customer base.

Simply having a great idea isn’t enough, however. Successful businesses also require the dedication of a good leader with a tireless work ethic who is capable of selecting a team to share in their vision. Having the ability to relinquish control and trust in your team is another skill that will benefit everyone in the long run. You will have more time for big-picture issues and your team will feel validated and motivated.

Persistence is key when it comes to nurturing a start-up. Successful entrepreneurs have a long game perspective on life. They know how to foster relationships through reliable and consistent networking and customer care because they see the big picture and have a sense of where their life direction is headed. Successful leaders are also passionate about their business. There is no such thing as an 8-5 day in the world of a productive entrepreneur. Lucrative start-ups have a leader at the helm who is excited about coming to work each day, oftentimes investing not only their own money but also many nights and weekends, in order to make their dream a reality.

Start-ups have the advantage of being small and flexible, thereby more adaptable than larger, more established companies. A successful leader must, therefore, be open-minded and flexible as well since a business can change so quickly and frequently in its infancy. With that in mind, confidence is another key characteristic of a successful leader. Having a hard shell is mandatory in the business world, especially in the case of start-ups. Rejection comes from all sides, from venture capitalists to potential consumers, and it’s important to not take anything personally and to have a strong resolve.

Ayden Adler is a Professor at DePauw University in Indiana. She has a Ph.D. in Musicology from the Eastman School of Music. She also has degrees from Princeton University and The Juilliard School in multiple different concentrations.