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Critical traits required for a successful business and life

Recent research has highlighted several critical traits of successful entrepreneurs and business owners.

A growth mindset is one such trait, which is the belief that personal qualities and abilities can be developed through effort and learning. Entrepreneurs with a growth mindset are more likely to persevere through challenges and take calculated risks in pursuit of their goals. Investing in their own growth, learning, reading, acquiring new skills is always a top priority.

Tip for 2023: Write down a list of areas for your own development. Develop a written plan and schedule blocks of time dedicated to your development and learning.

Grit, which is a combination of passion and perseverance, is also considered an essential trait of successful entrepreneurs. Individuals with grit can maintain focus and motivation towards long-term goals, even in the face of obstacles and setbacks. Success is not always a specific outcome but rather a process or progress of

building blocks specked with intermittent failures. From there the saying ‘overnight success’ took years and years ‘in the making’.

Tip for 2023: Failure is a given and essential element of all success. Best is to ask, “what is the lesson I need to be learning”, then buckle-up and get going again, asap. No time or energy wasted on the past, fail forward with courage and resilience.

Gratitude is another trait that has been linked to success in business. Entrepreneurs who practice gratitude tend to have a more positive outlook, which can help them to build stronger relationships with employees, customers, and partners. I strongly believe that all we are and all we have is a blessing and that everything can fall away or change in a blink of an eye. If we harness a spirit of gratitude, we become more mindful and appreciative of ‘this moment’. Nothing fails like success and especially in today’s challenging business environment, humility and grace goes a long way to keep us ‘sharp’ and mindful.

Question for 2023: If tomorrow, you will only have what you were grateful for today, what will you be left with?

‘Giving back’ or corporate social responsibility is also considered as an essential trait of successful entrepreneurs as it helps to build a positive reputation and create a sense of purpose for the business. No one company can survive outside of a strong network or ecosystem. Paying forward, making a real difference in the marketplace, has become a strong currency in business. It also adds to longevity and sustainability in the marketplace partnering with a supplier and customer base towards building a legacy.

Tip for 2023: Giving back or paying forward should be an integral part of any business’s long-term vision and purpose. People before profit.

Overall, these traits are not only beneficial for the entrepreneur but also for the employees, customers, and the community which the business operates in.

I will leave you with wonderful quote by Tim Ferris, author of The 4-Hour Work Week:

“The stars will never align, and the traffic lights of life will never all be green at the same time. The universe doesn’t conspire against you, but it doesn’t go out of its way to line up the pins either. Conditions are never perfect. ‘Someday’ is a disease that will take your dreams to the grave with you. Pro and con lists are just as bad. If it’s important to you and you want to do it ‘eventually,’ just do it and correct course along the way.”

My wish for you for 2023: May you hit some green lights and enjoy your ride. See you, God willing, on the other side.

ActionCOACH is a proud Partner of the NSBC

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