Last Updated on: 22nd November 2023, 07:16 pm
Steve G Papermaster, Nano chairman and business leader, knows what it takes to establish and grow a successful business. As CEO and chairman of Nano, he leads a company created with the mission of developing and distributing life-saving vaccines and therapeutics. This article will look at what it takes to be successful in business, identifying some of the key qualities shared by the world’s most successful entrepreneurs.
Building and growing a successful company is no small undertaking, with approximately one in three small businesses failing in their first two years. So, what sets successful entrepreneurs apart from their contemporaries? Decades of research reveals that some of the world’s greatest business leaders share an assortment of key qualities.
Travis Howell PhD is an assistant professor of strategy with the University of California, Irvine’s business school. In an interview with the US Chamber of Commerce, he explains that many entrepreneurs are aware of the risks in launching a business but believe that their idea is important enough to be worth trying anyway. As Mr Howell points out, even if there is minimal chance of success, they simply will not be happy doing anything else.
In April of 2021 alone, more than four million American workers quit their jobs. Commonly cited reasons included overwork, toxic workplace culture, and burnout. Meanwhile, US Business Formation Statistics data suggests that some 1.36 million new companies were launched in the first quarter of 2021.
To build a profitable business, entrepreneurs must not only learn how to avoid common roadblocks but also develop a selection of key characteristics. Important competencies for entrepreneurs include the ability to dream big, delegate effectively, set ambitious goals and deliver, create solid strategies, communicate effectively, and stay creative.
Tenacity, resilience, confidence, patience, and sheer grit are all integral to business success. Founders need to take calculated risks from time to time. Indeed, jumping into entrepreneurship is an enormous leap of faith in itself. Entrepreneurs must consistently focus on developing the right mindset, helping them to conquer obstacles and setbacks, develop resilience, and find ways of coping with snags and problems so they can keep pushing their business forward.
Rather than simply seeking a better future, great entrepreneurs set about creating one for themselves. With 90% of graduates searching for job opportunities in big enterprises after finishing their college degrees, it calls for a significant change of mindset for them to take control and start building a successful start-up for themselves.
