Like many people, you may wonder whether there is any special formula or secret that can help you create, maintain, and grow a successful company.
You want to learn the secret of how to succeed in business.
While there may not be any magic to entrepreneurial success, it seems there is some science behind it.
Gallup recently conducted a study of entrepreneurs to investigate the actions and decisions that lead to business success. They concluded that those people with higher levels of entrepreneurial talent had significantly higher odds of success.
It seems to follow, then, that entrepreneurial talent influences behavior. Specifically, highly talented entrepreneurs were more likely to build large businesses and significantly grow them, to create jobs, and to exceed profit and sales goals.
10 shared talents of successful business owners
Let’s take a closer look at the talents that seem to have the greatest impact on business success:
1. You have a business focus
You can base your decisions on observations or expectations of future growth.
2. You have confidence
You truly know yourself and also have an understanding of other people.
3. You are a creative thinker
You have the skills to take an existing idea or project and make it something different and better.
4. You know how to delegate
You recognize the need to shift control and responsibility to other people because you alone cannot do everything necessary for the success of your business.
5. You have determination
You can overcome obstacles that are difficult and overwhelming.
6. You are independent
You are willing to take any means necessary to build a successful business.
7. You seek knowledge
You are always seeking new information and ideas that you can use to grow your business.
8. You are a promoter
You speak for and about your business in an effective and powerful way.
9. You build relationships
You are socially adept and use that ability to build relationships with people who can benefit your business.
10. You take risks
You are willing to engage in risky behaviors, but you also know how to manage the resulting situations.
How to use your talent
The research seems to indicate that entrepreneurial talent is an innate ability. What does this mean for you? First, you should take stock of what your dominant natural talents are. Once identified, you can work on fostering them. Consider investing in some training or education to make the most of your abilities.
Additionally, if you understand those talents you may be lacking, you can either learn how to develop them or find ways to manage them. Let’s say, for example, that you are not a natural risk-taker. This talent is not really one that can be learned. Rather, it seems more related to personality. If you acknowledge that you do not feel comfortable taking risks, you can seek business associates who do have that trait. Presumably, your joint venture will benefit from your combined talents.
In summary, there is no easy answer for how to succeed in business. One useful tool is to evaluate your own innate entrepreneurial talents and take steps to make the most of them.
Want more help with your business?
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See the many ways we can help your business on our “Hire us” page.