Becoming an entrepreneur can be both terrifying and exhilarating at the same time. You become your own boss, you set your own hours, you call all the shots. You also bear the weight of generating your own income, selling a product or convincing other people that you have something they want and need.

According to statistics, about 20% of small businesses fail in the first year, and 50% fail after five years in business. So what makes the difference between someone who succeeds and someone who fails?

Many women mistakenly believe that they need business, programming, accounting or marketing skills or even a degree if they want to run their own business. But I’ve found this isn’t necessarily the case.

I’ve found that most powerful entrepreneurial women possess the following:

#1 Resilience

Many women go through several different ideas and business ventures before finally creating something profitable. Others have to work for months or even years before they start earning the income they want. Resilience to stress, failure and discouragement is paramount if you want to be a successful entrepreneur. Do you consider yourself resilient? Can you “bounce back” from tough experiences? Then you just might have what it takes.

#2 Self-Confidence

When you run your own business, you become the boss! Entrepreneurs need a healthy amount of self-confidence to navigate the ins and outs of running a company. Do you believe in yourself and what you have to offer? If you are not confident in yourself and your business, your clients, customers and employees are going to feel it. People are naturally drawn to confidence and passion.

#3 The Ability To Take Risks

Women who like to think outside the box, get excited at the thought of adventure, and who aren’t afraid of imperfection tend to do much better as business owners than those who like to live by the rules. Those who get easily stressed when things go awry have a hard time seeing the opportunities that may be present when things don’t go as planned. Are you willing to take risks and embrace the beauty of imperfection?

#4 Vision

Good entrepreneurs know how to create a powerful vision that gives them motivation and strength to overcome challenges. They see things in the world that could be better and are able to spin ideas and solutions that address problems. Instead of accepting life as it is or being satisfied with “normal” they want to push boundaries and make things better. They see opportunity everywhere they go!  

#5 Strong Sense Of Responsibility

Successful women entrepreneurs have a strong sense of responsibility for their lives. They know they are the authors of their own story. They don’t make excuses for their failures instead, they accept and learn from their failures. They take ownership of their thoughts, emotions, reactions, mistakes and successes.

If any of these traits resonated with you, it’s likely you would make a good entrepreneur. If you feel you are lacking in any of these areas, don’t be discouraged! We are ever changing beings and can learn and evolve as much as we choose. While some people may be naturally gifted in these areas, anyone can acquire these powerful traits with commitment and action.

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