Personally Responsible - There's nobody to blame but yourself. When we are feeling down, it is easy to assign blame unto those who are above us. If you are an employee of a restaurant and your boss cuts your hours to reduce labor costs because of a recent hike in the minimum wage, it is easy and sometimes justified to blame your employer or the government for your loss of income. But when you are an entrepreneur, there is nobody above you to blame. The government may technically be above you but as long as we live in a capitalist society, it is generally easy and affordable to start a business. Once you are a legally registered business, you now assume full responsibility and complete control over the destiny of your business endeavors. The fate of your company depends solely on your efforts and in order to continue moving forward you must accept personal responsibility for your successes or failures. You will never recognize the reason behind your failures if you assign the blame to others.
Determined - Your success is not dependent on your IQ score. You don't have to be an Ivy League genius in order to make lots of money. In fact, the average person has an IQ score between the range of 85 and 115. The average IQ score of a potential self-made millionaire is 108. This means you don't even have to be the smartest average person to strike success in business. With that being said, the true determining factor of success is grit. GRIT is the power of combining passion with perseverance. Lack of passion for you product or service will make it extremely difficult to persevere through the hard times. Look at life as a marathon, not a sprint. And never lose sight of the future you desire.
Confident - In order to be successful in any walk of life, you must be confident. Confidence is the key to building relationships whether they be personal or professional. Nobody wants to do business with you if you are not confident in your ability to perform just as nobody wants to share a romantic connection with someone if they don't feel confident their partner is capable of loving and caring for one-another. Confidence gives us the courage to accept our mistakes and keep moving forward.
Open To Feedback - Running a business is challenging. It is inevitable that entrepreneurs will make mistakes. Some of us like to think that we can do no wrong. This is when confidence becomes arrogance. Drop the ego and learn to accept feedback from customers, employees, or even competitors.
Calculated Risk Taker - The definition of an entrepreneur is one who faces risk and uncertainty creating a business for profit. Facing risk and uncertainty IS NOT the same as gambling or playing the lottery. Unless you are counting cards, which is illegal and unethical, you are not basing your decisions on calculated steps to minimize risk. Entrepreneurs are not risk takers by nature, they are risk eliminators. Having a clearly defined business plan and using carefully developed strategies (which are ethical) to carry-out your plan are essential to reducing risk.
Self-reliant - When beginning your business, you will typically assume an owner/employee position. You take on completely different responsibilities as an owner than you do an employee. As an owner, it all comes down to the bottom line. You must make more money than you spend. As an employee, it is your duty to effectively delivery your products and/or services to your customers. Sometimes you will have to make tough decisions when facing conflicting interests but at the end of the day, keeping customers happy should be your number one priority.
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