A successful entrepreneur realizes that business is not about providing an opportunity to indulge in personal interests. Instead, she will set goals and modify or add to them as needed, but she will be realistic about her limitations as she does this. The successful entrepreneur will also be humble enough to take worthy advice from others and will understand the difference between growth and greed.
Many aspiring entrepreneurs fail because they have egotistical attitudes that lead them to believe that their personal interests can be turned into lucrative opportunities. To be a successful entrepreneur, a person must understand that businesses exist for a reason. When attempting to provide a service, a person bound for success will realize that the service must appeal to a desire or a need. When selling goods, he will know that he must sell something that people want. An individual who is successful will understand that some personal interests can be mingled with business, but there needs to either be an existing market or a solid plan to develop a market.
Goal setting is important for successful entrepreneurs because it provides a person with a standard by which to measure her success. The lack of goals results in open-ended plans, which can be compared to traveling down an endless tunnel. A person who recognizes the importance of goal setting will understand that this is not a singular event. The successful entrepreneur knows that current goals need to be modified sometimes and there will come times when new goals need to be established.
A successful entrepreneur is also realistic about his limitations. This can refer to what he is able to do considering his physical ability, finances, or skills. Although a person may develop a reputation as tireless, all-around talented, or being a miracle worker, that individual must know better, and he must make decisions within his means. Otherwise, attempting to exceed his limitations can lead to massive failure and can destroy successful efforts that are already underway.
As everyone has limitations and no one knows everything, a person who aims to be a successful entrepreneur will understand that sometimes it is best to listen and to take advice. This means that she should associate with individuals who have something worthy of saying or who can offer guidance. She will also need the ability to recognize when individuals do not meet this description.
Being a successful business owner requires the ability to determine the difference between growth and greed. Growth is healthy, and it can motivate progress. An entrepreneur without the desire to grow will eventually plateau, and this poses serious risks to a person's business existence. Greed, however, is a negative trait that often results in destructive decision making and must be avoided.