The signs of future success in young entrepreneurs

Making a success out of your idea is never guaranteed. Although, there are some ways to determine whether young people just starting out will have a better chance of succeeding. These traits and mindsets are often found in successful entrepreneurs.

A strong work ethic

The saying ‘the harder I work, the luckier I get’ can be applied to succeeding as an entrepreneur. Often, you don’t appear on the public’s radar until achieving something noteworthy, but the work leading up to that is rarely discussed. So, while success stories can be inspiring, they can also fool people into thinking things are easier than they really are. A strong work ethic is a must if you’re going to keep persevering day after day, until all your hard work finally pays off.

Success for entrepreneurs such as Jeffrey Previte, who has led several businesses to success over the last 30 years, would never have happened without hard work. Often, this makes all the difference between an idea or business reaching its full potential or falling at the first hurdle.

Self-discipline

Similarly to a strong work ethic, self-discipline means that you set aside time for the important things in your professional and personal life. The two are more closely linked than you might think. It’s not just about turning down a night out with friends, although that is part of being self-disciplined.

If you want to achieve something, then turning up every day and putting in the time is crucial, but so is taking time for exercise and to maintain your health, as well as taking care of your mental health, which may involve socializing sometimes. Having the discipline to balance these parts of your life, without your personal life getting in the way of your professional goals, is a mindset which will boost your chances of success. Self-discipline will help you cut out all the unnecessary things which take up your time. These may only take up a few minutes at a time throughout the day, but they quickly add up.

Flexibility

Being flexible is another sign of future success. The more flexible you can be, the more likely you will go on to succeed. This includes being prepared to cancel non-essential plans, and occasionally postponing them, as well as changing the way you do things. You may have preferred methods and routines but being open to trying different ways could produce better results. If you rely on a team, you may need to work around unforeseen problems, or listen to their ideas and evaluate them instead of instantly dismissing anything you haven’t thought of yourself.

Resilience

Because overnight successes rarely happen overnight, you will encounter rejections, failures and obstacles before (and sometimes after) becoming a prosperous entrepreneur. The way you respond to these is a sign of how well you will do. Nobody likes rejection, but it often provides a chance to reflect on what you could have done differently and adapt for next time.

If you’re a quick thinker, then even when things don’t go to plan, you may prevent your plans from completely failing, or salvage something from your failures. The key is to not take things personally if an idea or something you do is rejected or faces unforeseen problems. Often, it’s not a personal attack on you. Business ideas only succeed if someone sees the potential in them. A setback or rejection just means having a rethink and coming up with something that addresses the previous problems.

Knowing when to be humble

There’s a fine line between confidence and being humble. If you need to sell yourself or your ideas to the public, investors, shareholders, etc., you must be confident. They won’t believe in you or your ideas if you seem unsure of yourself. However, don’t make outrageous and unfounded claims or compare yourself or your ideas to entrepreneurs who have decades of experience. Instead, say you’re inspired by them and aim to be as successful as them someday. Talk about your achievements and mention what you hope to achieve in the future, and always mention anyone who has been a big help to you, instead of trying to take all the credit for yourself.

The desire to learn

As well as being humble, having the desire to learn means you will never get complacent. Whichever industry you excel at as an entrepreneur, there is always more to learn. Technology is constantly changing, as are market trends and people’s preferences. So, it’s impossible to know everything. By constantly learning, you can keep up to date with changes and be open to a new way of thinking or doing things.

Learning can also inspire new ideas, which may lead to further success. If you only stick to the same idea, you risk becoming irrelevant. If you want to gain more knowledge in starting a business as a young entrepreneur, you can read An Essential Guide for Young Entrepreneurs Starting a Business.

With the right mindset and personality traits, you can overcome obstacles, even with little money to get started. Although money will give you a better start, it’s not always the best sign of how far you will go as an entrepreneur.