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We all know an entrepreneur’s goal is to be successful. There is no one clear path to reach that success, but there are multiple things that can be done to achieve that goal.

The 11 Must-Have factors

When people study the success of entrepreneurs, the mistake that they make is they focus on their personality instead of the skills. With research, there are eleven main factors that can help entrepreneurs be successful.

It all depends on if they are able to:

  1. Seek rewarding business opportunities.
  2. Share their vision and influence others to believe in them.
  3. Being comfortable with facing uncertainty.
  4. Make good business decisions.
  5. Create and employ a passionate business team.
  6. Build their networks with other businesses.
  7. Are able to collaborate and work well with teams.
  8. Efficiently manage the operations of their business.
  9. Be able to financially manage their business.
  10. Have an effective sales organization.
  11. Prefer to work in established business environments.

 

Men vs. Women

Research shows that women are more comfortable in efficiently managing operations and sharing their vision and influence, whereas men are more comfortable with facing uncertainty and financially managing their business. Women are more capable of getting more done with little resources but are less confident when sharing financial goals. Women start up more companies than men, but companies that are owned by men grow larger than the companies owned by women.

Serial Founders vs. First-Time Founders

The big difference between serial founders and first-time founders are that serial founders are more confident with facing risks and uncertainty in their business. They are able to adapt and make the right moves that allow the uncertainty to disappear. Moreover, they find a thrill in introducing businesses with high risks because they know how to handle situations with uncertainty and they have fun in turning a situation from uncertainty to certain. Plus, they are comfortable is building networks, managing finances effectively, and have creative marketing strategies.

Into the Future

They key to being an effective entrepreneur is to be more self-aware of your skills in order to understand what you lack and to improve those certain skills. Implementing the eleven skills to the fullest into your business is a great way to reach success as an entrepreneur.

 

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