There is no fixed formula for success. Each individual and every enterprise is different from the other. However, there are a few basics characteristics that all the accomplished entrepreneurs possess. What strikes us as their most tenacious feature is their firm belief that they have in themselves. Believing in yourself can make you do wonders. All the other characteristics can be easily acquired through motivation and hard work.
1. They Love What They Do
This is not coincidence. They invest their time, energy and money in only what they think they can and will love forever! As clichéd as it may sound, you should do what you love. Following your dreams may sound very dreamy but it does have many psychological, financial benefits. You can never get tired of something that has the ability to pique your interest every time you work with it. If you are a magician, work your magic. Don’t get into science because it sells more. The most successful people are those who stick to their natural tendencies. They don’t go against their true disposition which shows why they don’t get bored, fatigued, and never fail to deliver their best.
2. Focused and Persistent
They always stay focused. It doesn’t mean that they are unaware of what is happening in the market around them or they don’t know their competition. On the contrary, they are very well aware but they keep their focus right where it has to be. They are consistent in maintaining and upgrading their products and services.
It is easy to start an enterprise, attract customers, build a name, but to retain the customers and live up to your name is a whole different story. This is where persistence comes in and this is why the most influential businessmen are where they are today. Ages old companies that had very humble beginnings, like Mettal, Starbucks and many more, and are now multibillion businesses are very apt examples.
There has to be a balance between believing in yourself and knowing when you need to adapt and follow the trend. Success of your product depends on the demand for it. You are the master of your game and allowed to follow your own rules but it must be remembered that you are ultimately working for the market and the customer. The trends and changes, no matter how small or seemingly insignificant they are, have all the potential to make or break your game. A recent example comes to mind. Instagram just introduced live ‘stories’. Although it was a case of shameless imitation of Snapchat, it brought back millions of users who had switched to Snapchat for the live video stories.
4. Know the Market
It is extremely important that you keep a sharp eye on the market and its trends. Success will not follow if you don’t know your product’s value in relation to the current market. Every successful entrepreneur knows his playground inside and out. They have a keen understanding of the market dynamics and they know how to manipulate them and use it to their benefit.
5. Take Calculated Risks
What sets the most accomplished entrepreneurs apart from other people in the market is their ability to take risks. They recognize and take opportunities that other people fail to see or even if they do, they are too afraid to tread in an unfamiliar direction.
These risks are not limited to your finances either. When you start an enterprise, you must give it your best of everything including your personal life and emotional stability. There is a very thin line between taking a risk and being downright whimsical though. Be careful not to go overboard with it. Most of the success stories that inspire us feature very risky decisions and hard work that paid off in the end.
6. Know how to handle failure
Success depends on how you handle failure. As the long saying goes, a measure of man is not how he succeeds but how he fails. Imagine how Walt Disney must have felt when he got fired by a newspaper editor because “he lacked imagination”. Yes, instead of giving it up, he believed in himself. Disney’s insanely popular merchandise and parks are excellent examples. Men like Bill Gates, Walt Disney and Henry Ford are the ones you need to follow. They don’t let fear freeze them. They learn how to look beyond it and see the bigger picture instead.
7. Be the Master
Know your product and your trade with all its intricacies and details. Know each and every nitty gritty of every situation that might directly or indirectly effect your trade. Invest on yourself. The most successful entrepreneurs make it a priority to gain knowledge and experience related to their field. They provide their customers with the best they can produce. Use innovation and creativity to attain their goals instead of providing the customer with the average product. You must be a true and unmatched master of your field. Make people and trends depend on your opinion. For instance, our dependence on Mark Zuckerberg is evident even in our day to day lives.
All great success stories have a few basic elements in common, inspiration, dedication, hard work and persistence. These are the characteristics that the masters work with. These are not the traits that you always have at birth, but they are definitely essential to your success and can be acquired.