Four Key Indicators of Potential Entrepreneurial Success
Whether you plan to start a new brick and mortar business or want to make an impact through the development of an online non-profit brand, there are many responsibilities and characteristics necessary for success. Despite the desire for many to start their own business, only 1 in 3 people who express interest in doing so ever accomplish this feat. Not everybody is meant to be an entrepreneur; because it takes a lot of hard work and very specific skill-sets, some people are better off being directly employed by others. If you are considering the establishment of a new brand or business, then continue reading to learn about four key indicators that signify the potential for future entrepreneurial success.
A Self-Starting Attitude
Most entrepreneurs understand the need to focus on a given task and get the job done, but not everybody possesses these skills. A self-starting attitude is absolutely crucial when pinging users and shoppers with information about products and services, or just setting up the endeavour in the first place. The concept of self-starting also prepares people better for inevitable failures. The seemingly inherent connection between self-starting attitudes, patience and persistence is very crucial.
Entrepreneurial Family Members
Another inherent characteristic that is common among many entrepreneurs is the presence of a fellow entrepreneur within the family. Studies show that entrepreneurs are twice as likely to come from families with entrepreneurs than entrepreneurs who do not. The subtle and consistent background that children of entrepreneurs experience in life – that entrepreneurship is perfectly normal – helps prepare these children to take risks in starting brands and businesses.
A Desire to Improve Business Knowledge
Many entrepreneurs exhibit key indicators of success from an early age, but it is apparent in practically all entrepreneurs by their early 20s. One way in which these individuals show a desire and an ability to be successful in business relates to the amount of business knowledge and skill they are willing to acquire from an early age. For some, this may take the form of studying in business and finance classes. For others, it may present as a knack for starting small money-making endeavours as children. For those who engage in these elements of business prior to the commencement of opening a new brand or business, success is a much more likely outcome.
Last but not least, a drive to improve everyday processes and functions through creative spirit is an absolute indicator of future entrepreneurial success. For some entrepreneurs, their efforts will focus on how best to improve existing products and concepts through renovations and tweaks; for others, entirely new products and services that provide benefits and features not yet supplied by the market will be the goal. Inevitably, pinging users with products and services that incorporate creative improvements is a definite requirement of entrepreneurial success and a common indicator among those not yet successful that they one day will start their own endeavours. When combined with the self-starting attitude mentioned prior, these two characteristics in particular often provide the key formula for long-term entrepreneurial success.