List and describe the three traits needed to become a successful entrepreneur.

There are three qualities inherent in all successful entrepreneurs

1) Adaptable

Being adaptable is critical. If you are going to be an entrepreneur, the only thing that will be constant is change. You will have to adapt or see your enterprise swallowed up by a rising tide of change. A close second to adaptability is persistence.

2. Persistence

To succeed, you will have to be willing to persist through difficult times. Nothing can take the place of persistence and you can’t succeed without it.

In addition to the willingness to persist, you will need the financial wherewithal to persist. You’ll need a cash reserve that will see you through the lean times. When considering the launch of a business assume that everything will take twice as long and cost twice as much as you expect. If you can’t afford this, delay the launch of your enterprise. Conservatism in the planning stage is often a lifesaver down the road.

3. Work ethic

The third necessary skill is the ability and the willingness to work very, very hard. Running a small business is difficult. Your days will be much longer than eight hours. If your week starts on Monday, you’ll pass 40 hours on Thursday, but you won’t slow down. You’ll be on call 24/7. Success as an entrepreneur requires hard, hard work.

Running a small business is filled with challenges, but if you are adaptable, have the willingness and the wherewithal to persist, and are willing to work very hard, you will greatly improve your odds of success. Adaptability, persistence and hard work, these are the keys to success in small business, but they are three important attributes no matter what your endeavor.