In the wake of the coronavirus pandemic, American entrepreneurs are soldiering through the worst business environment the world has ever seen.
By the end of the year, an untold number of small businesses will fold… forced to yield their position on the playing field for any number of mitigating factors.
The determination of who will be left standing will hinge on four attributes shared by the most successful business owners. They include:
The field of business is a continually evolving. Because it is always in a state of change, entrepreneurs must possess the ability to make decisions about adjustments on short notice. What was true today, could be proven false tomorrow.
It takes self-direction to make the difficult choices from which others shy away. It additionally requires a commitment to developing and maintaining a healthy sense of worth and more specifically the ability to honestly look inward (accessing personal strengths and weaknesses) to adjust operations and capitalize on or conform to the current market situation
Success or lack thereof, hinges on each business owners understanding of the quality of experience they are responsible for creating and maintaining regardless of the circumstances in the market.
Synonymous with self-direction, includes initiative, goal setting, confidence, and time management. It is the entrepreneurial factor that consistently delivers predictable output which ultimately leads to successful outcomes.
Gone are the days when business ownership only required decision-making solely based on hard facts. Although analytics are important, creative thinking gives entrepreneurs a distinct competitive edge.
Today, entrepreneurship and creative thinking are inseparable companions. The entire process is rooted in the creation of new ideas for competitive advantage. The most successful entrepreneurs realize that creative thinking is a major part of good business acumen, without which the business risks sliding into a mode of stagnation.
It is a measurement of risk tolerance and a subset of mental toughness in the face of failure. Grit is defined as the perseverance and passion to push forward in the achievement of long-term goals. Gritty entrepreneurs maintain motivation despite failures and disappointment. Their ability to stay focused and perform under pressure directly correlates to their level of success. In tandem, motivation, behavior, and beliefs propel high performing business owners to the top of their game. Add to that persistence and personality and you have the perfect cocktail for success.