There’s one trait common among entrepreneurs, successful or otherwise: there’s a willingness to accept risks. The prospects in business either turn out great or sour, and outcomes depend on numerous variables. Most of these variables are difficult, even impossible to control. However, in face of uncertainties, the only constant you can control is how you respond to situations. Can you recall the last time your business was at crucial point?
It’s no surprise your response to uncertainties and outcomes is an indicator of success (or failure). It takes at least a month to start or break a habit, and kudos to those who have the resolve of a US Navy Seal. If you’ve yet to develop the traits of a hardened businessman, adopt the following traits as your priorities:
1. Focus on solutions, not problems
It’s easy to be overwhelmed by roadblocks along your path to success. You probably know by now being entrepreneur isn’t a cakewalk, far from it. The same tenacity that got you this far should tide you in for long haul, right? It’s healthy to anticipate problems on the horizon, but you can only deal with these when within reach. Cross the bridge when you get there.
What to do when the problem is up ahead, then? Consider these as challenges paired with rewards. Remember, the biggest companies started small; it’s often an uphill climb when you start from the very bottom. Regardless of the terrain and the steepness of your ascent, treat every obstacle as opportunity for growth. Your most rewarding solutions are gleaned from the most hard-fought battles; find that silver lining.
2. Keep investing in feasible ventures
You’ll be tempted to stay in your comfort zone when you’ve achieved moderate success. After all, when you have more than enough, it’s as good as any reason to lie back and reap the rewards of efforts. If this is where you are now, that dreaded success plateau, then you should set your sights higher, look to Bill Gates, Elon Musk, and Richard Branson. Their approach on progress should knock you back to your senses.
The most successful barely even live within their means. Most spend for only the best in basic necessities, investing the bulk of money in a new venture. This seems so counter-intuitive for non-entrepreneurs, splurging on rewards as soon as there’s surplus to spend. A successful businessman shouldn’t have an end game; there’s always a new venture to invest or expand. Instead of spending your money on stuff and experience, put the bulk of it to work.
3. Never stop learning
The day you think there’s nothing left to learn is the day you never will. Often, it’s a serious drawback that knocks the senses, makes you realize you really haven’t figured it all out. If there’s one thing you should splurge on, it has to be on your personal development. If you’re taking a vacation, learn something from the getaway you can apply in business.
Having an open mind goes a long way; there’s always something to learn from every situation, every person you meet. Learning is also sacrifice, choosing to spend leisure time on personal improvement. Progress is appreciated on a day-to-day basis, but is undeniable years in retrospect. Like they say, you can fill a bucket with water in one go, or drop by drop. Fill yours at your own best pace.
Running a business is like running a marathon; those who have what it takes to endure, eventually succeed. Mind the setbacks enough to resolve these; remember, nothing is permanent in business. The law of averages confirm that you try often enough and you’re bound to succeed. The odds are eventually in your favor.