How To Become A Successful Entrepreneur

Executive Financial Enterprises

You may ask yourself what it takes to be a successful entrepreneur? Well, a recent article might have the answers you need. In a Business Insider article, written by Jim Price from the Ross School of business at the University of Michigan. Mr. Price states that this is the most frequently asked question he is asked and because of this, he has pinpointed a couple of key traits that he believes comprise not only an entrepreneur, but a successful one. These include simple traits like passion and resiliency.

The first trait that a entrepreneur needs is passion. Jim Price (from the business school at the University of Michigan) states that, “you need to be to be driven by a clear sense of purpose and passion.” Usually, this passion stems from a natural drive within the individual, the topic of the business or the “game” of building the business from its initial stages into a full-fledged business.

Entrepreneurs being passionate is very key when they begin their business endeavors. Startups or small companies require a lot of work and long hours in the beginning. In addition, the pay is usually not high and there is little no to guarantee that the business will perform well or even be running a year from then. In order for the company to have a chance there needs to be an intrinsic drive from within rather than a drive to simply make a profit.

The next trait that Jim Price (University of Michigan) pinpoints is having an ability to be resilient. If you are pursuing a goal of building a startup, you’ll need to have determination, spirit and a high pain tolerance. Building a company from the ground up is not easy task. People will be critical of your business and constantly tell you that your business won’t work. However, it is up to the entrepreneur to persevere and stay motivated until they meet their goal. The best entrepreneurs learn to feed off of other

people’s negativity and thrive from it.

Another trait that Jim Price (University of Michigan) believes every entrepreneur should have is the ability to be self-possessed. A strong entrepreneur will have the self-awareness and strength to be able to surround themselves with people who are not exactly like them. Not being afraid or intimidated to surround yourself with people that have different strengths is key to make a well rounded team of people. As Mr. Price states earlier, successful entrepreneurs possess these traits and are constantly working and adapting in order to maintain their success in their industry.