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No entrepreneur succeeds in every business venture. Every successful entrepreneur fails at least once, if not twice. How entrepreneurs learn from and utilize their failures, however, is what matters, because in entrepreneurship, attitude is everything.
Here are five key attitudes every entrepreneur must conquer in order to run a prosperous business venture.
Entrepreneurs should be passionate about their ideas, goals and, of course, their companies. This passion is what drives them to do what they do.
Some entrepreneurs love the adventure and excitement of creating something new, and once it is established they lose interest and move on to something else.
Other entrepreneurs feel passionately about the product they are constructing or the sense of accomplishment they feel because they know they are helping other people, helping animals or helping the planet.
Whatever drives an individual to try to succeed is where his/her passion lies, and that passion is integral to entrepreneurial life.
Entrepreneurs, like everyone else, feel fear. They are fearful that they won’t succeed or fearful a well-conceived idea cannot be executed.
They do not, however, let these fears of failure define them. They are brave. They learn from failure. They utilize their fear of failing to push themselves to work harder and to strive to correct the mistakes that may have caused them to fail.
Many entrepreneurs need multiple attempts to create a successful company. It is bravery that drives them to pursue success.
Entrepreneurs experience setbacks. There are hurdles to overcome on any journey.
Not everyone handles change or disappointment well. However, entrepreneurs must possess flexible mindsets so they can alter a course that seems to be headed toward failure.
Flexible entrepreneurs should be aware that they may have to modify the route toward their established goal, or even perhaps tweak that established goal, in order to reach it successfully.
STRONG WORK ETHIC
It is not easy to start from the ground up and become a successful business owner. Many hours of hard work, frustration, creativity and supervision are poured into a new venture.
If you are not willing to get up and work hard every day, probably seven days a week, then how can you expect success? No successful business is created quickly, easily or without strife.
Entrepreneurs do not work a standard 9-5 day, nor do they log 40-hour work weeks. They are always working—establishing new ideas, creating new products, designing new processes, hiring smart and talented people.
Entrepreneurs motivate themselves and continually look forward.
Entrepreneurs must be able to show others they are truthful and honest. Regardless of the type of business they hope to establish, colleagues, vendors, customers and investors must trust them. There is no way around this—entrepreneurs must be trusted, and trust must be earned.
The best business idea in the world will likely fail if an untrustworthy person is at the helm. Suppliers need to know that payments for goods they have shipped will arrive on time.
Customers need to know that whatever product or service they have ordered will be delivered as promised. Colleagues need to know that they are a valued part of the company’s success. Investors need to know that the company has to potential to grow.
Attitude is everything in entrepreneurial life.
THE AUTHOR OF THIS BLOG ARTICLE IS NOT A LAWYER AND HARVARD BUSINESS SERVICES, INC. IS NOT A LAW FIRM. THE ARTICLE ABOVE IS NOT INTENDED AS LEGAL ADVICE AND SHOULD NOT BE TAKEN AS LEGAL ADVICE. THIS SHORT ARTICLE IS STRICTLY TO MENTION SOME ASPECTS OF DELAWARE’S CORPORATION LAWS AND/OR LAWS RELATING TO OTHER FORMS OF ENTITIES WHICH YOU MAY NOT BE FAMILIAR WITH. WE RECOMMEND THAT YOU CONSULT WITH A LAWYER BEFORE FORMULATING A STRATEGY WHICH WILL BE SUITABLE FOR YOUR SPECIFIC CASE.