Failure is a fact of life for entrepreneurs. In fact, about half of small businesses fail by their fifth year.
Even heavyweights like Steve Jobs and James Dyson suffered failures before finding success. What differentiates them — and every great entrepreneur — from the rest is their ability to better themselves and bounce back after failure.
Having the correct mindset is an underestimated but crucial factor in achieving business success. Here are six key character traits you’ll ned to cultivate if you want to conquer the business world:
1. A Hunger for Knowledge
One of the most commonly shared qualities among successful business owners is the love of learning — though that doesn’t mean everyone has to get a degree. According to research we conducted at Hiscox, 70 percent of the world’s most successful businesspeople earned at least undergraduate degrees — which means 30 percent did not.
The point is that there is no one road to knowledge. Whether it be through reading, studying, hands-on experience, or professional practice, the best entrepreneurs simply love to learn.
Sixty-five percent of startup founders are “driven by heart,” according to Tony Tjan, Richard Harrington, and Tsun-Yan Hsieh, the authors of Heart, Smarts, Guts & Luck.
This isn’t surprising. Passion is crucial to an entrepreneur’s success. Building a business is not a 100-meter sprint — it’s an endurance test full of peaks and troughs alike. If you love what you do, you’ll be more likely to keep going, even during the toughest times.
In addition to helping you persevere, passion will give every aspect of your business purpose and meaning. This can have a profound effect not only on you, but also on the people around you. Your passion can make yourself, your team, and your customers believe in what you’re trying to achieve. Read more here…