4 Key Elements to Separates Successful Entrepreneurs from Failed Ones

Many people hesitate to start their new business, wondering if they've got the right characteristic to succeed. Whereas no two business owners are exactly alike, those who succeed share common characteristics in the way they operate a business.
Entrepreneurs in a company event
Credit: Berkowitz Pollack Brant
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What separates successful entrepreneurs from failed ones? Originally appeared on Quora: the place to gain and share knowledge, empowering people to learn from others and better understand the world.

What is the difference between a successful and an unsuccessful entrepreneur?

This could not be any easier to answer. The answer lies within the characteristics, behavior, mindset of a successful entrepreneur and an unsuccessful.

It is not rocket science that upon analysis of the select few entrepreneurs that make it, they started off on the same level as the rest of us. So what really differentiates us from them? Thats easy.

Make your own path

Simply look at what everyone else is doing and do the opposite. Yes, they may be time where trending events represent opportunities that are working however look at this way. If the industry is flocked by too many people it may suggest opportunity as I said but it also means high competition. Half the time people follow the lead of others simply because it is what everyone else is doing so we are quick to assume that if we also follow suit we will make it.

So in a world where people choose mediocrity because it is the safest route simply go in the opposite direction. If you go where other people have never gone you will see what others have never seen, if you do what others have not, you will achieve what others cannot. Thats how Disruptor companies came to be. These are companies that changed the way we see things and do things and the way we live.

That is the difference between an average store owner, an unsuccessful entrepreneur and the biggest names in the world today.

Unsuccessful entrepreneurs give up too soon

We hear success stories every day and the crazy part is the difference between those successful people and the ones that fell off during the journey. Was because their dreams outweighed anything else. They remain determined, and are willing to accept failure as it comes. Adopt this mentality

“I have failed 1000 times so i have found 1000 ways that don’t work”.


“This is impossible”

Have you ever realized that what you say normally becomes what you are in the long run. If you tell yourself you can’t do something your mind and body receive it and your entire energy becomes so negative you sabotage your own success. So often we under estimate the importance of self belief but trust me it goes a long long long long way. Start by telling yourself you can, repeat this until you reach a point where the images of what you want become so strong you can almost touch them. Then you will realize eventually that slowly your attitude will change and you will start to see results.

Passion vs money

If you do something you love you are bound to grow more than someone who does it for money. Thats the difference between a successful entrepreneur and an unsuccessful one. If you do things for money then when the next paycheck comes in a dollar short or does not come at all your motivation will dwindle. As compared to someone who is passionate, that person will always seek growth even if they may not realize it. They will keep on pushing until they are a master in their art and so often the money just comes flowing all on its own.

However we should also be realistic and accept that at the end of the day even if you are passionate you will still need a paycheck to make ends meet. So it will most likely be of benefit to you if you grow your passion as much as possible to stay afloat.

What you do and why you do it has a great influence on what you get.

Time management

This is nothing new, time management greatly affects your progress. Time is a very precious commodity. So many people fail as entrepreneurs simply because they can’t manage their time. If you allocate your days adequate time for specific tasks you will realise that most of the things you do will feel less painful to be doing. It relieves you.

With time management you will also spend less time doing things that have little benefit to you and most of your time on things that level you up because really, wouldnt you rather give more time to your ventures than time at the club. A certain level of sacrifice and discipline will also have to be involved.

Everything takes time to do soits a smart idea to give “everything” a time to be done don’t you think.

Contributed by Dealan Ndhlovu, Entrepreneur

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