According to Bloomberg, 8 out of 10 entrepreneurs who start businesses fail within the first 18 months. A staggering 80% crash rate.
So what is the secret of those small businesses that thrive? One reason might be the personality of the founder. Here are five traits that might indicate you have what it takes to be an entrepreneur.
You Don’t Fear Failure
Michael Jordan is one of the greatest basketball players of all-time but he embraces failure along with success.
“I’ve missed more than 9,000 shots in my career, I’ve lost almost 300 games,” Jordan says. “26 times I’ve been trusted to take the game’s winning shot and missed. I’ve failed over and over and over again in my life and that’s why I succeed.”
If a small business owner is terrified of failing, opportunities for business growth could fly by.
You Welcome Challenges
Entrepreneurs are used to hearing “no”. An entrepreneur won’t let that word discourage them. The next great opportunity to start a business might be right around the corner.
Many wanna-be entrepreneurs site “freedom” as a reason to start a business. However, hard work is required to run a successful venture. If you tend to let important tasks slide or procrastinate frequently, your business will suffer.
You Ask For Help
It’s a cliché but it’s true:
“Small business owners wear a lot of hats.”
From hiring decisions to legal issues to marketing strategy, entrepreneurs handle a litany of tasks. Smart entrepreneurs will reach out and take advantage of resources that assist business owners. In addition to getting help from programs like SCORE or the SBA’s small business resource center, entrepreneurs aren’t averse to hiring professionals. A great accountant, social media director or remote assistant can help take your business to the next level.
You Believe in Yourself
If you don’t believe you’re awesome, how can you expect others to believe it? Successful entrepreneurs have the self-confidence required to promote themselves and their business.
You Empower Others
Are you a “boss” or a “leader”? A leader will inspire and encourage others. Empowering your workers can fuel growth and establish a positive company culture.
You’re Constantly Learning
From technology to new laws and regulations, entrepreneurs need to be researching and learning about issues that could affect their business. With technology advancing at lightening speed, it’s important for to keep up on all digital tools that could help them launch and run a business.
Do you need extra funds for your small business? An SBA loan is the best bet for small businesses with low rates, long terms and low monthly payments. Visit SmartBiz today and discover in about five minutes if you’re qualified for an SBA loan.