Entrepreneurs aren’t what they used to be. In the past, being an entrepreneur meant that you went into business to be your own boss. The millennial generation is less likely to state this as a reason why they decided to become entrepreneurs. When a statistician polled entrepreneurs in their 50s and those in their 20s, he found that 64 percent of entrepreneurs in their 50s had being their own bosses as motivation for the move. In contrast, only 49 percent of the millennials had this reasoning.
The two groups differ in several other significant ways. For example, only 43 percent of people in their 50s wanted to do better for themselves, but 47 percent of the millennials became entrepreneurs for that reason. Only 17 percent of those in their 50s wanted to benefit their communities positively while 29 percent of millennials had this desire. Lastly, 19 percent of people in their 50s longed to have their names known to the public, but 32 percent of millennials were motivated by this reason.
These two groups do business differently from each other as well. People in their 50s value autonomy in the business world. They are also much more interested in their finances. Millennials, on the other hand, would rather work together and help each other get from one place to the next than worry about how much money they are making.
Personality Traits of Successful Entrepreneurs
The trends enumerated above are one way to describe both sets of entrepreneurs, but professional investors believe that there are very specific personality types of the best entrepreneurs. The personality traits are as follows:
Persistence is the single most important trait for an entrepreneur to have. When someone has started a new venture, it is inevitable that there will be roadblocks along the way. The ones who do not give up at the first sign of trouble will have the resourcefulness to keep going. They will patiently find the solution to a problem and move on to the next challenge.
People know that inventors and entrepreneurs find solutions to issues that affect them personally. These entrepreneurs are dedicated to finding the solution because living without it is causing them personal pain.
Entrepreneurs need to be strong in their convictions on why their new way of doing things is optimal. At the same time, they also need to be able to change their courses when it is needed and listen to the people who surround them. This means that sometimes, entrepreneurs need to leave their pride outside so that they can ask the necessary questions that will move their businesses forward.
Entrepreneurs must be knowledgeable about their subjects, but they must also know how to impart their visions to the world. This means that entrepreneurs know everything about their subject matters in intimate detail.
The entrepreneur must have the answers to questions that haven’t been asked yet. The best thing is to blend this talent with a capacity to react to issues that present themselves in the moment. For this, you must have an inquisitive personality.
What Successful Entrepreneurs Do
They fail. That’s right, they fail. Entrepreneurs must fail because they are putting themselves out to bring something new to the planet. If they never have a chance to fail, they will never have a chance to learn anything, so successful entrepreneurs are not afraid of failure.
Failure is not just something that entrepreneurs do not want to avoid. It is something that they should seek because you don’t learn that your idea isn’t a good one from failure. If you have failed, you learned that you presented your ideas, and you didn’t die in the process. You also learn what would make your idea better.
“FAIL” is actually a very useful acronym. It stands for “Frequent…Adaptation…Inspires…Learning.” Entrepreneurs must be brave enough to try out their ideas because it is the only way to know if they are viable. These new ideas may not work, but you may be able to come up with a way to make it work.
Successful entrepreneurs aren’t afraid of rejection. They embrace it. They know that they are going to get something very valuable from rejection, and it is the following:
They Persevere through the Fear
Presenting new ideas to the world is a very daunting prospect, but you will be advised to do it anyway. Feel the fear, and go through with sharing your plans. The first person may not share your vision, but you will find out after the experience is over that you survived it! Then, you will have to do it again, but the second time should be a little easier than the first.
Introducing Entrepreneur Todd Lubar
Todd Lubar appears to be following the path to success that has been laid out in this article. He graduated from Syracuse University with a Bachelor of Arts in Speech Communication. He began his career in the mortgage industry in 1995 at Crestar Mortgage Corporation and remained there until 1999.
Currently, Todd is the president of TDL Global Ventures where he has helped the company increase its ability to rehabilitate, purchase, sell and profit from all types of family homes. He has been able to cultivate relationships with people in all facets of the building industry that made it possible for his company to produce the best homes in the least amount of time.
When asked what has made him successful, Todd Lubar says that hard work is the key, but he agrees with the millennials because he takes every person in his organization into consideration at all times. Most importantly, he likes to know what is going on in all aspects of his business, and this has served him well. As for the future, he believes that there will always be people who have big dreams, and they will always need someone like him to help them attain their goals.