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If you asked me about a magic formula for business success, I would say that all you need is a set of skills, several key personality traits and a bit of luck.

Unfortunately, no ultimate step-by-step guide on how to be big on business exists.

However, we have some quick tips on what characteristics and skills you should focus and work on to be a successful entrepreneur.

Business success: 8 characteristics of a successful entrepreneur

1. Believe in yourself

A person lacking in self-confidence will never be a great leader. As one of the most important characteristics of an entrepreneur, self-confidence links with other crucial traits: motivation, negotiation, focus, risk-taking, decision-making etc.

If you don’t believe in your vision, no one will.

2. Be a visionary

You don’t have to be a fortune teller to predict the changes coming to the industry.

All you need is to have knowledge about the game and be up-to-date so you would be able to recognise opportunities and spot new trends before everyone else does.

3. Never stop learning

Watch, listen, and learn. You can’t know it all yourself. Anyone who thinks they do is destined for mediocrity. – Donald Trump, CEO of of The Trump Organization

It’s simple. To reach business success you have to understand it. Without knowledge of the market, sales, managing money, finance, marketing, operations you will fail to build an empire.

4. Deal with failures

Not every entrepreneurial venture has a successful ending. A lot of entrepreneurs just give up after few failures. There are ups and downs at every stage of a bumpy career path. You have to simply learn how to start perceiving a failure as a life lesson and make the most of it.

I’ve missed more than 9,000 shots in my career. I’ve lost almost 300 games. 26 times I’ve been trusted to take the game’s winning shot and missed. I’ve failed over and over and over again in my life and that’s why I succeed. – Michael Jordan, the greatest basketball player of all time

5. Manage your time

Mark Zuckerberg, Elon Musk, Warren Buffet and you. What do all these people have in common?

Their day has 24 hours, so they have the same time to achieve business success. The knowledge how to manage the time and be productive is crucial for an entrepreneur. Use it or lose it.

6. Have a long-term goal

Every entrepreneur has an ultimate goal to achieve. A long-term strategy is useful to achieve milestones and not get lost on the career path.

7. Form a great team

The secret to successful hiring is this: look for the people who want to change the world. – Marc Benioff, CEO of Salesforce.

Being a good leader is not giving orders to subordinates and watch them fulfilling the tasks. The basis of a thriving business is a great team. If your employees are counting the time until their shift is over, replace them. The key is to hire an integrated team and build a positive relationship with the employees.

8. Make contacts in the industry

Interpersonal skills are not only helpful in managing people. Having friends in the business world is a great advantage for every aspiring entrepreneur. The ability to make contacts in your industry is essential. The faster you learn networking the better. And don’t forget to follow up on social media!

Is it possible to be a successful entrepreneur lacking these skills? Share your opinion in the comment section below!

For more business tips, check our entrepreneurship section and subscribe to our weekly newsletters.