Starting a business is always risky, and success is never guaranteed. Yet, entrepreneurs thrive every day. Although there is no one-size-fits-all approach, successful entrepreneurs seem to share several traits that the rest of the pack lacks.
SCORE, a nonprofit organization aimed at helping small businesses, recently released their infographic on what makes today's entrepreneurs successful. To thrive, entrepreneurs need professional experience, a business plan, the right personality and mentors, SCORE found.
Professional experience gives entrepreneurs the edge they need to make wise business decisions. Entrepreneurs with a track record of success are two-and-a-half times more likely to raise more money, 3.6 times more likely to see better user growth, and 52 percent less likely to scale prematurely, the infographic revealed.
A business plan
Taking the time to write a business plan not only gives your business direction; it also improves your odds: companies with a business plan see nearly twice the success as those without a business plan, SCORE found. Those companies who create business plans also see higher business growth and are more likely to secure capital and loans.
Think you can succeed as an entrepreneur just by being you? If you're overly aggressive and unapproachable, think again. The most successful entrepreneurs are beaming with positive traits, such as openness and agreeableness. The least desirable traits include narcissism, making excuses and emotional instability. Also, while being aggressive can often work to your advantage, entrepreneurs need to kick the bad habit of predatory aggressiveness if they want to be successful, SCORE found.
New businesses shouldn't have to go at it alone. The most successful business owners have relied on some form of mentorship to provide guidance and keep them on the right track. Entrepreneurs who work with mentors are three times more likely to start a business, seven times more likely to raise investment money and three and a half times more likely to grow demand for their product, the infographic shows. They are also more likely to thrive; although many businesses fail within their first year, 84 percent of ventures that work with mentors are still in business after one to two years.