Entrepreneurs come in many different shapes and sizes, but there are common traits that most successful entrepreneurs have. CEO of Everest Business Funding, Scott Crockett, says it’s important for all people who want to become successful entrepreneurs to foster an entrepreneurial mindset.
No matter what industry you’re in and what approach you’re planning to take, it’s important to cultivate some of the key traits for success. Below is a description of some of those traits and how you can harness them to drive innovation and growth.
Curiosity
At their core, entrepreneurs are curious about how things work. They ask many questions and like to explore different ways of finding information.
Ongoing and constant curiosity is what allows entrepreneurs to identify and seize opportunities as they present themselves. You should be driven to ask plenty of questions and challenge what is known and what is generally acceptable.
Adaptability
Entrepreneurs are constantly being presented with new opportunities and new challenges. They usually pop up at the most unexpected times in the most unexpected places.
Because of this, entrepreneurs need to be extremely adaptable. They can’t be set in their ways and only have one approach to everything.
If you want to keep your business moving forward at all times, you’ll need to remain flexible so that you can properly evaluate situations and respond on the fly.
Tolerance for Risk
All business ventures require some level of risk. While people usually associate entrepreneurship with extreme levels of risk, that’s not always the case.
If you want to be a successful entrepreneur, you need to have a certain tolerance for risk. You can’t be completely risk-averse; otherwise, you’ll never be able to “stick your neck out” and try something new.
All entrepreneurs should know that there are going to be failures and stumbling blocks along the way. Even the most successful business ventures will fail at times.
Successful entrepreneurs must be comfortable taking risks in exchange for the opportunity to capitalize on potentially huge rewards. It’s also important to understand your particular risk tolerance level. This will help guide you as you decide which chances to take and how to take them.
Resilience
Along the same lines, entrepreneurs need to be resilient. First, they must be comfortable with the fact that failures are going to happen. Then, they need to be able to put failures in perspective, accept them for what they are, and learn from them to grow and improve the business.
Scott Crockett says that a big part of entrepreneurial resilience is putting failures in perspective and helping any employees and/or other team members approach failure in that same way.
Focus
Entrepreneurs need to be hyper-focused on the job at hand and have the ability to juggle both short- and long-term goals and processes. Using the failure example from above, entrepreneurs have the ability to not get too caught up in the weeds and keep their eyes trained on the ultimate goal at hand.
About Scott Crockett
Scott Crockett is the founder and CEO of Everest Business Funding. He is a seasoned professional with 20 years of experience in the finance industry. Mr. Crockett’s track record includes raising more than $250 million in capital and creating thousands of jobs. Scott has founded, built, and managed several finance companies in the consumer and commercial finance sectors.
