Building a business from the ground up is a daunting task that not all people have the ability to complete. The Rady School gives individuals the knowledge and connections they need to succeed as entrepreneurs, but successful entrepreneurs need to develop certain qualities and characteristics as well. Entrepreneurs come from all different backgrounds and places, but here are five important characteristics that all successful entrepreneurs share.
1) Strong networking abilities
A key part of being an entrepreneur is developing a network. While schools and events can provide an introduction, successful entrepreneurs must know how to maximize these opportunities to develop connections with experienced people in their field, investors, or advisors through strong networking skills.
2) A tolerance for risk
Entrepreneurial ventures are inherently risky. While researching your market and testing your product can reduce your risk, entrepreneurs still must be able to tolerate and take risks in order to become successful.
3) Adaptability and flexibility when faced with the unexpected
While being an entrepreneur requires a great deal of dedication to your ideas and belief in yourself, successful entrepreneurs also know when to be flexible and adapt their plans in order to maximize their product’s potential. There are many unknowns when starting a business, and being able and willing to adapt your plan when faced with an unexpected circumstance or outcome is necessary for success.
4) A thorough understanding of your market
In order to produce a popular and successful product, entrepreneurs must be actively engaged with their market and develop a deep understanding of who they are and what they want. This allows entrepreneurs to adjust their products to stay relevant to the market and update their products when necessary.
Extreme dedication to your product and perseverance
To be an entrepreneur you have to be completely sure that the world needs your product and that you have the ability to create and deliver it. Entrepreneurs face many failures and negative feedback in their journeys from idea to product, and overcoming that takes extreme confidence in yourself, your product, and your team.