We can say that there are six commonalities of successful entrepreneurs. They are as follows:

  1. Planning: Planning is very important for any business; it leads the way to profits and the company’s future. Successful entrepreneurs show proper plan being laid out before they start off with investing and so on.
  2. Level the playing field with technology: Successful entrepreneurs utilise technology available to them. Leveraging available technology to one’s advantage can make them stand out amongst their competitors. 
  3. Resourcefulness: The ability to be resourceful is a mindset that helps entrepreneurs reach lofty goals without a clear way to achieve them. When an entrepreneur can work resourceful, they can effectively solve problems and grow and scale their business.
  4. Resilience: Entrepreneurs are prone to fail but they must have an uncanny ability to get up and dust themselves off. It is how one thrives off the negativity which reflects on the success of their company.
  5. Structured experimentation: To decide whether a venture is worthwhile, entrepreneurs must conduct a test. Validating the concept and evaluating its potential requires conducting appropriate market research and significant tests.
  6. Risk tolerance: Entrepreneurs who are successful are not afraid to take certain chances in order to benefit from their labour. Their efforts to reduce risk are, nevertheless, closely correlated with their risk tolerance.

Done By:

Sruthi Saravanan, Law student – University of Birmingham.


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