Attributes Crucial to Success

by | Dec 17, 2014 | Social Firm

Already on its sixth season, Shark Tank continues to be a wildly popular TV show, and for good reason. Not only does it provide the element of drama, it also offers aspiring entrepreneurs some excellent tips on how to get their businesses off the ground. The embedded infographic will provide you with some advice on building a successful startup, but there’s more to building a startup than having a good plan and money.

The Shark Tank Formula for Startup Success

Research suggests that all entrepreneurs share a collection of attributes crucial to the success of their business.

  • Tenacity
    You can’t expect to start a business if you don’t have the perseverance to see it through the numerous obstacles and uncertainties that face you in the future. If the thought of failure keeps you up at night, entrepreneurship might not be right for you. Entrepreneurs run into failures often and they bounce back from it wiser and stronger.

  • Passion
    This should go without saying, but without a passion for your business venture, you won’t make it very far and will eventually burn out. This passion will be the driving force of your business and will sustain you even during the lean times.
  • Risk-Taking
    Humans in general intrinsically avoid risks for fear of pain and/or death. While startups might not necessarily lead to death (hopefully), there is a stake when you decide to take your idea public. In order to truly be successful, you need to control your fear and realize that you do have the power to affect the outcome.
  • Vision
    Like passion, a business without a vision won’t last very long. Entrepreneurs have the uncanny ability to spot an opportunity and imagine ways to improve upon it or create something that no one has thought of before. Some of the best businesses aren’t necessarily ground-breaking, but they provide a service or product to a specific niche that others have not tapped.
  • Self-confidence
    You have to be sure that your business will be a success, otherwise you will be easily swayed by naysayers and begin to doubt yourself. This can be harder than it seems because you’ll ultimately face numerous rough patches throughout the life of your business. If you truly believe in it though, you’ll see it through despite the adversity.

There’s no singular path to becoming an entrepreneur, but those that learn from their mistakes and listen to advice are more likely to succeed.

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