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10 Entrepreneurial Traits You Must Have To Succeed As A Young Entrepreneur

Being a successful young entrepreneur today requires a different set of personality traits than it did a hundred years ago. So why are Henry Ford and Andrew Carnegie still held up as models for young entrepreneurs to emulate?

In a rapidly changing world, being agile is all about your responsiveness to change. Taking control of your career and not being at the mercy of a corporation is the ultimate hedge against a changing marketplace.

Successful business owners have many traits in common with one another. They are confident and optimistic, while also being disciplined self-starters. They are open to new ideas that cross their paths and successful entrepreneurs are disciplined enough to take steps every day toward the achievement of their objectives.

Entrepreneurs whether young or old share a set of characteristics that help with their successes in the business world. Here are 10 entrepreneurial traits you must have to succeed as a young entrepreneur:

1. Confidence

The entrepreneur does not ask questions about whether they can succeed or whether they are worthy of success. They are confident with the knowledge that they will make their businesses succeed. They exude that confidence in everything they do.

Self-confidence is a key entrepreneurial trait. You have to be crazy sure your product is something that the world needs and that you can deliver it. The naysayers will constantly doubt your ability to execute, but having that self belief is extremely important.

2. Passion

It’s commonly assumed that successful entrepreneurs are driven by money. However, most will tell you they are fueled by a passion for their product or service. Not only that, but their main interests lie in getting the opportunity to solve a problem and make life easier, better,cheaper. Most entrepreneurs believe they will change the world and that’s the right attitude to have.

You need to be driven by a clear sense of purpose and passion. Typically, that passion comes from one of two sources: the topic of the business or the game of building a business itself. Why do you need passion? If you’re going to be an entrepreneur, be ready for a lifestyle change. With any lifestyle, you must love it if you want it to be your 24/7.

3. Tolerance Of Ambiguity

This classic trait is the definition of having the ability to take risks and to be able to withstand the fear of potential failure and uncertainty. It all boils down to being able to manage fear successfully. Capacity to control fear is the most important trait of all to become successful.

Smart entrepreneurs develop an intuitive ability to sniff out and mitigate start up business risk. You know that failure is an option, but you have to feel comfortable with the fact that you’re going to learn from your failures and adjust as you go.

4. Self-Starter

Entrepreneurs know that if something needs to be done, they should start it themselves. They set the parameters and make sure that projects follow that path. They are proactive, not waiting for someone to give them permission.

Not only that, but they don’t need to get motivated from outside sources. Instead, they are self-motivators who give themselves the push necessary to be successful. That is extremely crucial if you want to be the best at anything!

5. Determination

Entrepreneurs are not thwarted by their defeats. They look at failure as an opportunity for calculated success. They are determined to make all of their endeavors successful, so will try and try again until they achieve their goals. Successful entrepreneurs do not believe that something cannot be done.

If you are persistent and stay determined regardless of the challenges and obstacles that you are met with, success is inevitable. If you want to achieve great things in the world of business, you have to move forward with unwavering determination.

6. Resiliency 

If you’re going to build a startup, you’ll need a spirit of determination coupled with a high pain tolerance. You’ll need to be willing and able to learn from your mistakes – to get knocked down repeatedly, get up, dust yourself off and move forward with renewed motivation.

People will constantly tell you that you won’t be successful or that starting a business is impossible. You should listen carefully and be open to constructive criticism, but don’t let people kill your dreams. The best entrepreneurs can take their failures and surround negativity to do their best work.

7. Decisiveness

You’ll need to develop a level of comfort with uncertainty and ambiguity. Entrepreneurs gather as much information as they can in a short period, and then MOVE, MOVE, MOVE! The attitude is that it’s not going to be perfect.

In business, you’ll be met with numerous challenging decisions. However, the most successful leaders aren’t the ones who are always right but rather the ones who can make decisions on the spot and live with the consequences. As long as you are decisive and can make decisions based on logic and ration, you’ll be successful in the long run.

8. Creativity

If you’re going to change the world, you’re going to have to do something that nobody else has done. That requires quite a bit of creativity and vision to make it happen. You don’t necessarily have to be a great artist to be creative. Creativity is about seeing things in ways that others may not see it.

Entrepreneurs often come up with solutions, which are the synthesis of other items. They will repurpose products to market them to new industries. In order to do something like this successfully, it requires quite a bit of creativity on your part.

9. Competitiveness

Many companies are formed because an entrepreneur knows that they can do a job better than someone else. They need to win and be better at some point. Any entrepreneur who wants to be successful has to have the hunger and thirst to be the best. To do that, you must be a competitor at heart.

While some people are born competitive, others need to develop it. Often times, it’ll require the right kick in the butt to bring out someone’s competitiveness. Nonetheless, you have to be a competitor to make it in the world of business.

10. Balance

To survive as an entrepreneur, you’ll need a strong sense of perspective. The best entrepreneurs are able to balance emotions and their business throughout everything. Entrepreneurship is a roller coaster ride and it takes quite a bit of balance to make it through the ups and downs.

Not only that, but as an entrepreneur you have to balance your personal life with your business life. If you get overwhelmed too easily or cannot handle things under pressure, it’s going to be tough to succeed as an entrepreneur. You have to develop a sense of calming balance within you to be successful long-term.

Conclusion

Achieving success in the world of entrepreneurship is never easy regardless of your age. However, with the right approach and mindset anything is possible. In this post, I shared with you 10 entrepreneurial traits you must have to succeed as a young entrepreneur.

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About Jeet Banerjee

Jeet Banerjee is a 24 year old serial entrepreneur, author, digital marketing consultant, and public speaker. In his young career, Jeet has launched several different companies, written two books, and has helped many businesses make more money from the internet. He strives to create the next big tech company and give back to the world in the best way possible.

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