CuriositySuccessful entrepreneurs have a sense of curiosity that allows them to continuously seek new opportunities. Rather than settling for what they think they know, curious entrepreneurs ask challenging questions and explore different avenues.In Entrepreneurship Essentials, entrepreneurship is described as a “process of discovery.”Without the drive to continuously ask questions and challenge the status quo, valuable discoveries can easily be overlooked.Structured ExperimentationAlong with curiosity comes the need for structured experimentation. With each new opportunity that arises, an entrepreneur must run tests to determine if it’s worthwhile to pursue.For example, if you have an idea for a new product or service that fulfills an underserved demand, you’ll have to ensure customers are willing to pay for it. To do so, you’ll need to conduct thorough market research and run meaningful tests to validate your idea and determine whether it has potential.Risk ToleranceEntrepreneurship is often associated with risk. While it’s true that launching a venture requires an entrepreneur to take risks, they also need to take steps to minimize it.While many things can go wrong when launching a new venture, many things can go right. The key, according to Entrepreneurship Essentials, is for entrepreneurs to actively manage the relationship between risk and reward, and position their companies to “benefit from the upside.”Successful entrepreneurs are comfortable with encountering some level of risk to reap the rewards of their efforts; however, their risk tolerance is tightly related to their efforts to mitigate it.Comfortable with FailureIn addition to managing risk and making calculated decisions, entrepreneurship requires a certain level of comfort with failure.It’s estimated that nearly 75 percent of new startups fail. The reasons for failure are vast and encompass everything from a flawed business model to a lack of focus or motivation. While many of these risks can be avoided, some are inevitable.Successful entrepreneurs prepare themselves for, and are comfortable with, failure. Rather than let fear hold them back, the possibility of success propels them forward.InnovationMany ascribe to the idea that innovation goes hand-in-hand with entrepreneurship. This is often true—some of the most successful startups have taken existing products or services and drastically improved them to meet the changing needs of the market.Innovation is a characteristic some, but not all, entrepreneurs possess. Fortunately, it’s a type of strategic mindset that can be cultivated. By developing your strategic thinking skills, you can be well-equipped to spot innovative opportunities and position your venture for success. see hubwealthy.com/wealthy
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