Every year, millions of entrepreneurs from all over the world decide to leap into starting a new business. Often, they start with an idea that they believe has strong potential in the marketplace that they intend to enter. A business plan is then constructed, outlining the scope and mission of the company and detailing expected earnings over the first five years, along with an analysis of their intended target market(s). However, it is important to recognize that no business is guaranteed to become a success in the marketplace. In an era where 20% of all small businesses fail in their first year, the specter of failure is ever-present in the early years of trading. However, it is the shared traits of successful entrepreneurs that can give their startup businesses the best chance of success. In this article, three key traits that most successful entrepreneurs possess will be explored in detail.
They Know How To Meet (And Exceed) Consumer Expectations
Entrepreneurs recognize the need to meet and exceed consumer expectations in all parts of the buyer journey and across all customer touchpoints of the business. They understand that a satisfied customer will return to make repeat purchases, thereby fuelling the continued success of the company. A prime example can be seen in the creation of effective and reliable delivery channels for startup firms.
Increasingly, customers want swift delivery of their goods and the assurance that delivery timescales will be adhered to. One of the first tasks for an entrepreneur when starting their business is to create professional working relationships with reliable delivery agents such as Shiply US. These firms will be able to offer businesses a range of delivery options and can be ideal when seeking to ship bulky or heavy items to the customer. Such shipping firms have built a reputation for reliability and swift delivery, allowing the entrepreneur to benefit from these same qualities when fulfilling orders by using their services.
Hard Work And Persistence
In any new startup firm, the first few years of trading are crucial to the long-term success of the venture. During this period, a successful entrepreneur will be fully prepared to work long hours and commit completely to the business. Often, this can be at the expense of having a busy social life, as the success of the business will be the main priority over personal concerns.
A successful entrepreneur will also need to be incredibly persistent. They must be assertive when it comes to negotiating and get the result that their business needs. Once the crucial first years have been surmounted and the business is becoming a success, hard work, persistence, and dedication are still required. The entrepreneur must constantly identify new trends and opportunities in the marketplace and be able to work effectively to cultivate growth in the business.
Adaptability
Finally, any successful entrepreneur will recognize that consumer tastes change over time, and new markets will emerge based on these developments. Entrepreneur must be able to take a critical look at all aspects of their firm, identifying where new opportunities can be taken advantage of and where change is needed to remain relevant in the marketplace. This ongoing trait of adaptability will allow businesses to react to new market traits and changes in consumer behavior. It is one of the key attributes of an entrepreneurial instinct that can foster long-term profitability in a vast range of businesses.
