Scrappy and Talented: 5 traits of the Successful Small Business Entrepreneur

In today’s economy, the world is awash with entrepreneurs and start-ups. The White House reported that the Covid-19 pandemic created a “small business boom,” fueled by government programs aimed at stimulating the economy; many entrepreneurs have been able to pursue their lifelong dreams and start their own businesses. Additionally, pandemic-related layoffs led to the emergence of a large number of entrepreneurs who were compelled to start their own businesses out of necessity or the desire to control their own destinies.

Who is cut out for entrepreneurial life? With as many as 20% of businesses failing in the first year, here are 5 skills that are essential for the success of a business owner.?

1. Vision: Every business owner must have a clear direction, purpose, and motivation. To be successful an entrepreneur must know how to differentiate their product and/or services to stand out above the competition.?
2. Time management: Starting a business demands a significant amount of time, which is why successful entrepreneurs excel at time management. They prioritize their tasks, eliminate distractions, and focus on the most important activities that move them closer to their goals.
3. Adaptability: Running a business is unpredictable. Successful entrepreneurs are adaptable and open to change around a variety of challenges. They are not afraid to pivot when necessary and adjust their strategies to stay ahead of the curve.
4. Creativity: Creativity is the foundation of innovation. Entrepreneurs must think outside the box and be creative problem-solvers. A successful business differentiates itself from competitors by offering new products and solutions that stand out.?
5. Resilience: Entrepreneurs face many challenges, setbacks, and failures, but they persevere. Resilient entrepreneurs roll with the punches that come with starting and running a business. They have a strong sense of determination and are able to manage their emotions, maintain a positive attitude, and seek support when needed.?

There is no magic formula for beating the odds to build a successful business, but by cultivating these habits, small business entrepreneurs position themselves to pull ahead of the pack.?

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