13 Vital Traits of Successful Entrepreneurs

By Jim Rudman, CEO, Ashton Tweed

There is a group of traits that successful businesses have in common, and it’s no coincidence. In today’s world of entrepreneurship, the competition is fierce, especially within the realm of the life sciences. Do you have what it takes?

1. Passion:

Successful business owners and leaders love what they do. They have followed their dreams into their business, they have a positive attitude, and they set the standard for a passionate business culture.

2. Plan Ahead:

These leaders are always focused on the future and are curious to try out new things. In order to plan ahead, they have an effective business strategy and process that is tweaked often.

3. Risky and Flexible:

The business takes calculated risks when needed and is flexible when things don’t go as planned, as often is the case, with the natural ups and downs of business. Industry knowledge is important to calculate risks efficiently and to know which steps to take in a critical situation.

4. Get Up Close and Personal with Your Customers:

These companies know their customers, what they need, and how to take care of them. They are enthusiastic about customer service and ensuring that customers are happy with each experience.

5. Know Why They Want Your Product:

In order to market their products effectively and boost sales, these businesses know and research their target audience. They are certain you need their product, and they truly believe in what they’re selling.

6. Hire the right people:

These businesses have recruited the perfect team in order to keep the business running. A good leader keeps their employees up-to-date on the latest trends and trained on the latest technologies.

7. Focus on Skills:

There are a certain set of skills necessary to run a business successfully, and successful companies ensure that each of these are developed and maintained.

8. Collaborate:

Successful business value and communicate with their employees. They respect the concept that two heads are better than one. They listen to and are open to new ideas.

9. Make Sacrifices:

These business leaders know when it’s time to make sacrifices and be disciplined. Running a business is no easy task and it is often necessary to make sacrifices in high-risk industries. However, it’s also important to maintain a healthy work/life balance. Overworking oneself is a step in the wrong direction.

10. Have a mentor:

Many business leaders and entrepreneurs have mentors or advisors to consult or use as inspiration when building their business. Tips and advice from other successful leaders are invaluable when establishing all aspects of a business.

11. Be Techy:

Utilizing today’s fad technologies and keeping updated is an extraordinarily important factor and cannot be ignored. A knowledgeable IT team is necessary to survive when dealing with computers, websites, and mobile applications.

12. Action-Oriented:

It is impossible to be successful if you are stagnant or waiting for an opportunity. Successful businesses are persistent and take action to complete the goals they desire to achieve.

13. Get Lucky:

Unfortunately, new companies often require a little bit of luck in today’s market to succeed. However, these companies do not count on “getting lucky.” They do their research in order to time things effectively, and leave as little as possible up to chance.

Looking for the right team for your business? Get in touch with a talent expert today.

Share your insights! Contact jamesrudman@ashtontweed.com to contribute your life sciences article as a guest writer.