If you’re interested in running your own business, you’ve likely heard about the high failure rate for small-time entrepreneurs. It’s true that 70% of businesses fail within their first decade of operation. About 30% fail by the end of their second year. With stats like that, it can be really difficult to work up the courage to start your own business. After all, that’s a pretty big risk.
But what separates successful entrepreneurs from unsuccessful entrepreneurs? While there is no straightforward scientific formula for success, successful people share several characteristics. For the most part, it comes down to attitude.
What do we mean by “attitude?” Well, it comprises a set of beliefs and personality traits that help people meet their goals and grow their businesses.
Let’s explore some of these attitudes, shall we?
Successful Entrepreneurs Don’t Have Time For Drama.
This seems obvious, but it’s true. Successful entrepreneurs don’t have time for office politics. That includes gossip, backstabbing, playing the blame game, or any other unproductive behavior. They’re focused on making things better and optimizing processes, not slowing them down.
Petty behavior hurts productivity. That’s why most successful entrepreneurs have introspective and conscientious personality types. They want to fix themselves first and be part of the solution, not the problem.
Successful Entrepreneurs Know When To Take A Step Back.
A pervasive mentality among many new entrepreneurs is you have to keep tabs on everything all the time. This can often lead to micromanaging, which can actually slow down business growth. You should hire your staff because they are experts in their respective fields and can bring their unique insights to the table, not because you want them to do things exactly the same way you would do them. For example, 42% of successful entrepreneurs said they had an excellent relationship with their accountant compared to only 27% of failed entrepreneurs. This is because successful entrepreneurs are willing to take a step back to allow their employees to do their jobs. This creates better workplace relationships and more efficient workflows.
Successful Entrepreneurs Care About Data.
How are you supposed to improve processes within your business if you don’t know the real on-the-ground facts about what’s working and what isn’t? The short answer is that you can’t. Successful entrepreneurs are meticulous when it comes to tracking their business metrics. Whether it’s ROI, conversion rates, lead sources, or web traffic, a successful entrepreneur has it tracked, organized, and at the ready. They know when and how to use this data and how to adjust their systems to accommodate what they learned.
Successful Entrepreneurs Know When To Ask For Help.
Nobody can be an expert in everything. Successful entrepreneurs know when to ask for help and from whom to get it. One survey found that 1 out of every 3 successful entrepreneurs has turned to a mentor or support group for advice about their company. By comparison, only 14% of unsuccessful entrepreneurs had done the same. Reaching out to experts and being open to advice is essential for keeping a business agile and ready to adapt to challenges.
Successful Entrepreneurs Focus On The Long Game.
If you want to build a business from the ground up, you have to be persistent. Successful entrepreneurs don’t give up after one or two bad quarters. They focus on practical solutions and how to improve things in real time. They’re not quick to throw in the hat.
If you’re looking to start your own business, we hope learning about these winning attitudes helps. By adjusting your work strategy and adopting practices conducive to success, you too can succeed as an entrepreneur.