Studies have shown that successful entrepreneurs possess these characteristics:

1. Self-confidence

This is that magical power of having confidence in oneself and in one's powers and abilities.

2. Achievement Oriented

Results are gained by focused and sustained effort. They concentrate on achieving a specific goal, not just accomplishing a string of unrelated tasks.

3. Risk Taker

They realize that there is a chance of loss inherent in achieving their goals, yet they have the confidence necessary to take calculated risks to achieve their goals.

Entrepreneurs are people who will make decisions, take action, and think that they can control their own destinies. They are often motivated by a spirit of independence which leads them to believe that their success depends on raw effort and hard work, not luck.

So which of these three main characteristics is the most important?
Believe it or not, it has to be self-confidence. Without self-confidence, nothing else is possible. If you don't believe in your abilities, then the first challenge that arises may knock you off the path to achieving your goals. Here are a few things to keep in mind for maintaining a higher level of self-confidence.

Positive Thinking

Well, it all starts with a positive attitude, doesn't it? Believing that something good will happen is the first step. Negative thinking simply is not allowed. You must truly believe that there are no circumstances strong enough to deter you from reaching your goals. Remember too, that positive thinking can be contagious. When positive thinking spreads, it can open doors to new ideas, customers, friends, etc.

Goal setting

Success is the progressive realisation of your goals.
Goal setting is determining and qualifying one’s worthy ideals or objectives

Action planning is the method by which we achieve the progressive realisation of those objectives

Goal setting and action planning must be inseparable for success to be achieved.

To fix a worthy goal without the necessary planned activity is no more than daydreaming.

In order to accomplish your goals you need a track to run on, namely a plan of action - the two are inextricably linked. First everything starts as a dream or a wish in the mind, and remains a dream or a wish unless we turn it into a goal.

Only when you establish worthy goals and progress them with a plan of action do you move yourself towards success.

This brings into play “The Law of Cause and Effect.”

The Law of Cause and Effect.
There’s a story I once heard which illustrates how this Law works. A man lived in America by the side of the road and sold hotdogs. He had some trouble with his eyes so he didn’t read newspapers but he did sell hotdogs.

He put up signs on the highway saying how good they were, and he stood by the side of the road and shouted, “Buy a hotdog Mister,” and people bought his hotdogs. He increased his meat and bun orders.

He bought a bigger store to take care of his growing trade and he sold lots of hotdogs.

When his son left college he brought him into the business to help.

Then some time later his son asked: “Father haven’t you been listening to the radio? There is a depression going on, the European situation is terrible and our domestic situation is worse."

Thereupon the father thought... “Well my son has been to college, he reads the papers and he listens to the radio, so he should know."

So the father cut down on his meat and bun orders, he took down his advertising signs and he no longer bothered to stand by the highway asking people to buy his hotdogs. His hotdogs sales fell, almost overnight.

“You were right son” he said, “We certainly are in the middle of a Great Depression”

The moral of the story is clear....

We make it happen, either way!

Persistent Action

Now all of the positive thinking and believing in the world is useless if it is not applied towards a goal. You have to take action, no excuses are allowed. This action must also be persistent. Trying once and then giving up is not going to be enough. Keep at it one step at a time. If you can't get by a certain step, then find a creative way to try again or just go around it.

At the beginning of this article we identified a few traits that are common among successful entrepreneurs. You should be able to look ahead and see yourself where you want to be. Now just maintain a strong belief in yourself and your skills, stick with it, and don't give up. If you can do that, you're already half way there!