11 Key Signs You Can Make Good Money as an Entrepreneur
You might have good ideas to start a business or sell a product — but are you an entrepreneur?
Entrepreneurs not only have business acumen and a notion of what people want, they seem to be able to overcome obstacles and persist in the face of challenges to achieve lofty goals and even make a lot of money.
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Experts explain 11 key signs that you have what it takes — or can develop the skills — to make good money as an entrepreneur.
Relentless Self-Belief
“One of the key signs that you have what it takes to succeed as an entrepreneur and make good money is a relentless self-belief,” said Nick O’Brien, CEO of TeachMe.To.
He said that this deep-seated confidence in your abilities and vision allows you to pursue your ideas with conviction. “[R]efusing to take no for an answer when faced with obstacles or skepticism can take you a long way toward your goals,” O’Brien said.
However, this self-belief is not a guarantee of success. “This tenacious approach often leads to failure, as is common in the world of entrepreneurship — and yet, it is this same relentless drive to reshape the world to your vision that ultimately pays off for many successful entrepreneurs,” he said.
He called self belief “the fuel for the grit and perseverance often required to make it big in the business world.”
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You Have Vision
“Becoming an entrepreneur isn’t just about having and running with a killer idea,” said Erik Severinghaus, founder and CEO of Bloomfilter. “It’s about spotting those little signs that scream, ‘Hey, you’re onto something big here!'”
And, of course, following through on that vision, which takes communication.
“Learning to communicate your vision effectively is like finding the golden key to the city,” Severinghaus said. “Whether charming investors out of their socks or rallying your team when times are tough, how you talk about your dream can make all the difference, and it’s not just about what you say but how you say it. Be clear, be passionate and, above all, be you.”
You’re Resilient
On the path to success are inevitably setbacks and failures. How you respond can determine your success or failure.
Severinghaus has plenty of experience in hitting roadblocks on his journey. “If you’re anything like me, you roll up your sleeves and dive back in. Resilience isn’t just about bouncing back; it’s about seeing every failure as a plot twist in your success story. Remember, every big name, from Steve Jobs to Oprah, faced setbacks. It’s not the stumbling that defines us but how we get back up.”
Resilience and adaptability have also been crucial to Dominic Zijlstra, founder of Traverse, a research-based learning tool. “My initial attempts at learning Mandarin and creating a viable learning platform had their fair share of failures. However, each failure provided valuable insights that informed subsequent iterations of Traverse.”
He described this iterative process, driven by feedback and continuous improvement, as a cornerstone of entrepreneurial success. “Embracing failure as an opportunity for growth rather than a setback is what differentiates successful entrepreneurs from the rest.”
You Seek To Innovate
Entrepreneurs are often successful because they’re looking for “bold ideas that solve real problems,” Severinghaus said. “That aha moment when you spot a gap in the market? That’s gold. Keeping your eyes peeled for what’s missing — and having the guts to fill that gap — is what sets true entrepreneurs apart. I once had an idea so out there, my friends thought I’d lost my marbles. Spoiler alert: it didn’t just work; it soared.”
You Care About the Numbers
Of course, if you want to make money, you have to think about the numbers, too, Severinghaus said.
“If the thought of spreadsheets makes your eyes cross, it’s time to level up your financial game. Understanding the ins and outs of your finances can mean the difference between red and black ink. It’s not just about keeping the lights on; it’s about strategic growth and profitability.”
You Have Passion
No amount of business skills and innovation will keep you going, however, if you don’t love what you do, Severinghaus said. “Passion is the secret sauce that keeps you going when the going gets tough. It’s infectious, it’s motivating, and it’s what makes your venture authentically yours.”
You’re Curious
You can’t create something new, and thus make a lot of money, if you aren’t curious, Zijlstra said.
He’s found that “an unrelenting curiosity and the ability to learn efficiently are paramount” for entrepreneurs.
He shared how a journey to master Mandarin to communicate with his wife’s family and friends in China led to discovering a gap in how adults learn languages. “This challenge led me to delve into learning science, ultimately developing Traverse. The willingness to explore unknown territories and the persistence to solve complex problems are traits every successful entrepreneur needs.”
You Can Identify Gaps
Another critical aspect is the ability to identify gaps in the market and invent creative solutions, Zijlstra said.
For Traverse, the gap was in effective learning methodologies for complex subjects. “I recognized that while many tools focused on the accumulation of knowledge, few facilitated deep understanding and long-term retention. From learning science, I aimed to fill this void, creating a tool that not only aids in learning but does so in an engaging and efficient manner.”
Zijlstra said that entrepreneurs should be able to pinpoint these unmet needs and craft innovative solutions that stand out in crowded markets.
You Love To Learn
Another sign that you can be successful as an entrepreneur is your affinity for constant learning, according to Will Yang, head of growth and marketing at Instrumentl.
“The business environment is perpetually changing, and successful entrepreneurs must adapt and educate themselves non-stop,” he said. “Lifelong learners who are always curious and ready to immerse themselves in new topics will navigate the entrepreneurial seas with more resilience.”
You’re Comfortable With Risks
Being comfortable with taking risks is another key characteristic of entrepreneurs, Yang said.
“Entrepreneurship inherently involves stepping onto uncharted paths and making bold decisions. Though these decisions might induce uncertainty, they can lead to innovative solutions and breakthroughs, resulting in substantial monetary rewards in the long run.”
You Build and Manage Teams Well
Entrepreneurs who make good money usually exhibit a keen ability to build and manage teams effectively, as well, Yang said. “This doesn’t mean just hiring skilled people, it’s about rallying individuals around a shared vision and fostering an environment of collaboration and mutual respect.”
Whether you have some of these skills already or want to cultivate them, it’s possible to join the ranks of successful entrepreneurs.
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This article originally appeared on GOBankingRates.com: 11 Key Signs You Can Make Good Money as an Entrepreneur
