Remember that an entrepreneur only fails when he or she has stopped trying. Persistence is the key to success, says Satanik Roy.
Many entrepreneurs believe that the most important factor that will determine their level of success with a start-up relates to their overall experience and skills in the niche area.
What really sets successful entrepreneurs apart is a unique set of skills and knowledge.
While one definitely needs nerve and patience to launch and run a new venture, the best of entrepreneurs focus on nurturing the following skills to help their business and careers grow.
It is easy to give up when the going gets tough. But successful entrepreneurs persist because of their ambitious nature.
They want to succeed and always thrive on reaching small milestones treating them as stepping stones to their major goal.
When you are highly ambitious, you will have an internal drive to work hard and be committed to doing what it takes to make the venture a success.
A good founder will not look for shortcuts and will put in the time and effort necessary to get the job done right.
2. Willingness to learn
Some people think that learning stops with completion of graduation in college or earning a special certification.
For entrepreneurs, education is a life-long process.
S/he must stay updated with changes in technology, the evolution of the industry, sales processes and more.
You should always be open to seek new knowledge.
You should look up to other successful people in the industry and not be afraid to ask for their opinions or advice.
3. Ability to listen
A founder simply cannot manage a great team or provide a great customer service if s/he is not an effective communicator.
Communication is a two-way street.
In order to communicate outwardly in an effective manner, a founder must pay attention to others' motivations, hot buttons, interests and more.
S/he must be aware of non-verbal cues, such as body language.
S/he must avoiding coming off as being self-promotional or vain and strive to help by showing interest in others.
This can foster collaboration, get others excited about the goals.
If one always does the same thing, it is very likely the person will not enjoy the results.
An entrepreneur must try new things to find what works best.
S/he also needs to enrich life with new experiences regularly.
This may be something as simple as talking to new people or taking a personal interest class.
Each experience that an entrepreneur has can lead to new opportunities, learnings and problem solving.
5. Assertiveness and confidence
While listening is important for effective communication, an entrepreneur must know when it is needed to take control of the conversation and assert opinions and beliefs.
A founder should listen to others who are making reasonable claims and requests, but also needs to know when to say NO.
It is important to be consistent yet open-minded to earn respect and trust from those around.
A founder needs to remind himself/herself what the venture stands for and constantly stand up for those beliefs.
The best of entrepreneurs have suffered devastating defeats and failures at some point in their lives.
Rather than looking at these events as an end to a situation, they have looked at these events as important learning moments.
They maintained their optimism and perseverance, but at the same time also made calculated changes to future efforts.
An entrepreneur only fails when s/he has stopped trying. Persistence is the key to success.
7. Courage and risk taking
In order to harness the power of creativity, an entrepreneur must have the courage to act on great ideas and plans.
While one needs to research the ideas thoroughly, an entrepreneur must also have the courage to take an unknown step and try things that are unfamiliar.
In the words of John Burroughs, 'Leap and the net will appear.'
Finding a successful path in life is rarely a straight and narrow process.
You will be required to take numerous steps to develop the right combination of skills, traits and knowledge to be successful with your efforts.
While there is always a 50 per cent chance that you will fail, there is a 50 per cent chance that you will succeed too.
Lead image -- a still from Guru -- published for representational purposes only.
Satanik Roy is co-founder, HyperXchange, a marketplace for refurbished gadgets.