The first thing that any entrepreneur will tell you, is that success doesn't come from staring at a

computer screen reading articles like these. It starts with an idea.

Entrepreneurship can mean many things, but ultimately, it's about paving your own path. So, you
have what it takes to be an entrepreneur? In this article, we're going to skip past the cheesy
inspirational quotes and the click-bait idioms. Instead, we're going to look at the rise of one of
New York's most successful entrepreneurs, Michael Bloomberg, analyze the choices he made on
the way to the top, and compare that with expert opinions on achieving entrepreneurial success.

Michael Bloomberg
On top of being mayor of New York City after 9/11, Michael Bloomberg first achieved success
as a stockbroker, and billionaire entrepreneur. Bloomberg's current net worth is around $47
billion. In 1981, he co-founded the NewYork-based financial information and media company,
Bloomberg LP.  After putting down the company's seed funding from his own severance package
from a job he was fired from, he has retained an 88% stake in the business which has a yearly
revenue of around $9 billion. He's also a major philanthropist and has donated more than $5
billion to climate change, gun control, and other causes. He owns at least six homes from
Bermuda to London. 

So where did Bloomberg get his start? He started on Wall Street in 1966 with an entry-level job
at the successful investment bank, Salomon Brothers. At Salomon Brothers, he excelled as a
trader and was made a partner. But, in 1978, he was demoted to run the information technology
division of the company until the company merged with the commodity trading firm Philbro. In
his own words, "In 1981, at the age of 39, I was fired from the only full-time job I’d ever had - a
job I loved." This was the company he'd worked for since graduating from Harvard Business
School. The company he said he would never have left. And it was letting him go. While getting
fired from a job you loved may sound like a failure, for Bloomberg, his termination was one of
the most important steps towards achieving success. This takes us to our first key to
entrepreneurial success:

Take Risks. Don't Waste Your Time Avoiding Failure.

Salomon Brother's gave Bloomberg a pat on the back and a severance check of $10 million and
sent him on his way. “But I never let myself look back," Bloomberg said of his firing, "the very
next day I took a big risk and began my own company based on an unproven idea that nearly
everyone thought would fail: making financial information available to people, right on their
desktops." Keep in mind, this was before people had desktops.

Bloomberg took a chunk of his $10 million and, wasting no time at all, created a business that
merged the two skills he had developed at Salomon Brothers — knowledge of the securities and
investment world, and of the technologies that made those deals happen. He thought that if he
could build a system that took information about a mass of different investment types — stocks,
bonds, and currencies — and organized it, traders could use it to see investment opportunities
previously hidden by too much data.
In his book A Dozen Lessons for Entrepreneurs, a collection of twelve pieces of advice collected
from various conversations with entrepreneurs and VCs, Tren Griffen makes an important point
—that entrepreneurs Don't 'Noodle'; They Do'. Most entrepreneurs will tell you that the hardest
part is starting. Griffing writes that “lots of people talk a good game about wanting to leave a big
company for a startup, but when the time comes, most don’t do it. So, Bloomberg gets fired, and
without a moment's rest, hires four people from his old company and began creating then selling
what would eventually become the well know Bloomberg Terminal. He identified a major
problem, that the inaccessibility of investment data was preventing traders from making smart
investments, and thought of a solution, but most important, he took a risk and went all in. 

This takes us to our next lesson:

Be Persistent. Make Your Own Luck.

So Bloomberg has this idea, and he thinks it can impact the entire financial world, but no one
thinks it'll catch. This is where luck comes in, but this is a different kind of luck. Bloomberg
once said that "luck plays a part in success, but the harder you work, the luckier you get...Hard
work creates opportunities where your resume cannot.” He worked tirelessly to get his name and
idea out there. 

When he started his company, Bloomberg would go downtown and buy cups of coffee and take
them up to Merrill Lynch, his target audience, and just walk the hallways. “Hi,” he would say.
“I’m Mike Bloomberg and I brought you a cup of coffee. Can I talk to you?” Bloomberg kept
coming back day after day, working to build relationships with potential customers. "I learned
about the audience for our product and what they could really use," explained Bloomberg.
"Three years after starting Bloomberg LP, Merrill Lynch purchased 20 terminals and became our
first customer."

If Bloomberg hadn't been persistent in talking to potential customers, and understanding the
market however he could, he may not have had such great success. His coffee cup trick
illustrated the importance of persistence and creating your own luck, but it also illustrates
another important lesson:

Whatever You Are Creating is Useless if it Doesn't Find an Audience

to Serve. 
Behind every good idea is a hypothesis, a belief that your idea will be valuable to a target
market. For Bloomberg, that hypothesis was that investors could make smarter investments if
they had better access to and an understanding of investment data. He believed that a technology
that simplified and organized that data would be immeasurably valuable to the investing
community. And he was right.

Bill Campbell, a well-respected businessman in Silicon Valley, explains: “At the core of any
great business is an entrepreneur who creates a value hypothesis in the first place so that core
product value (a real and significant solution to a valuable customer problem) can be tested and
discovered.” Entrepreneurs know their product inside and out. They also know the market. Most
become successful because they create something that didn't already exist, or they significantly
improve an existing product after experiencing frustration with the way it worked. Remaining
unaware of changing market needs, competitor moves and other external factors can cause even
great products to fail. 

The last two pieces of advice may seem unrelated to the entrepreneurial endeavor, but Michael
Bloomberg would beg to differ.

Never Stop Learning. Give Back.

According to Bloomberg, "the most powerful word in the English language is “Why.” There is
nothing so powerful as an open, inquiring mind. Whatever field you choose for starting a
business – be a lifelong student." Bloomberg argues that the world is full of people who have
stopped learning; people think they've got it all figured out. "You've no doubt met some of them
already..." says Bloomberg, "Their favorite word is 'No.' They will give you a million reasons
why something can't be done or shouldn't be done." Bloomberg's advice is to simply not listen to
them. And certainly, don't become one of them. 

Finally, Bloomberg offers some wisdom on the meaning of success. "You are ultimately
responsible for your success and failure, but you only succeed if you share the reward with
others." After serving as New York City's mayor, Bloomberg returned to Bloomberg LP but also
devoted more time to philanthropy which had become a top priority for him. Bloomberg
Philanthropies uses a data-driven approach that mirrors his approach on the Bloomberg
Terminal. The organization focuses on five areas — public health, arts and culture, the
environment, education, and government innovation. To date, Bloomberg has donated over $6
billion to a variety of causes and organizations. In his own words, "at the end of the day, ask
yourself: 'Am I making a difference in the lives of others?'" Only if the answer is yes can you
call yourself a successful entrepreneur. 

Read more: 5 Characteristics of Successful Entrepreneurs |

Investopedia https://www.investopedia.com/articles/personal-finance/101014/10-
characteristics-successful-entrepreneurs.asp#ixzz5Wh3VYCaJ 
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10 Must Have Traits of a
Successful Entrepreneur
Entrepreneurial spirit — this is something that you might have
seen in a lot of job post ads that you come across. Your track
record may not be like Richard Branson, Lori Greiner, or Mark
Zuckerberg, but this does not mean that you cannot become like
them or even adopt the right traits to emulate these successful
entrepreneurs.

What does it take to be a successful entrepreneur? Other than

some few traits that many successful entrepreneurs share, being a
self-starter can make you very desirable both in your business and
also in the industry. Moreover, having an abundance of optimism
and self-confidence is another key that can help you.
Image Credits: Unsplash

There isn’t any “ideal” entrepreneurial personality for an

entrepreneur who is successful. You should be thrill-seeking and
sociable, as well as analytical, intuitive and taciturn. And as per
Belinda Plutz, who is a career coach at New York City–based
Career Mentors Inc, “Regardless of who writes the paycheck, we
all need to work as if we work for ourselves.”

However, there are some experts in the industry that say that new
entrepreneurs who have become successful have some common
traits, as shared below:

1. Passion
This is the most significant characteristic that every entrepreneur
has, and for obvious reasons. They are successful because they
love what they do. These entrepreneurs put all the extra hours they
have into the business to make it successful and flourish. It is a
pleasure for them to see the results of their labor, which goes well
beyond the money received.

People like this are always researching and reading things to find
strategies in how they can make their business better.

2. Strong work ethic
Entrepreneurs who are successful make sure that they are always
the one who is first to the office and the last one to leave.
These people are those who ensure that they come to the office
during their off days, if needed, just to ensure that the outcomes
meet their expectations. The successful entrepreneurs are those
who always have their mind in their work, even if they are not in
their workplace.

3. Strong people skills
A successful entrepreneur is someone who has excellent
communication skills for selling the products to customers and
motivating the employees. Yes, most entrepreneurs who have the
power to motivate their employees can see their business grow
within no time. These entrepreneurs are also great at instructing
others to be successful and highlighting the advantages of any
situation.

4. Determination
The successful entrepreneurs are never greatly impacted by the
defeats they encounter. For them, failure is like an opening for a
success story, and hence, they try again and again just till they get
the success they are expecting. Moreover, these entrepreneurs are
not wired to believe that some things are not possible and cannot
be done.

5. Creativity
One of the main aspects of creativity is the ability to find a
relationship between two unrelated situations or events. They
usually come up with the solutions of these problems that are a
combination of other things. These people normally re-purpose
the items for marketing them to new industries.

6. Competitiveness
The number of companies formed are increasing every month and
every year, as every entrepreneur feels that they can do a much
better job than others. They run with the aim that they need to win
at the sport they play and win the business that they are creating
or have created. It is an entrepreneur that highlights the track
record of success of their company.

7. Self Starter
Every successful entrepreneur knows that if something has to be
done, it needs to be done by themselves. Parameters are set by
them, and they ensure that the projects are following that path.
They do not wait for someone to permit them and are highly
proactive.

8. Open Minded
For those entrepreneurs that are successful or are following others
who have been successful, understand that each situation and
event is a business opportunity. There are new ideas that
continually come out regarding new potential businesses, people
skills, efficiency, and workflows. These people have the capability
to see all that is around them and direct the focus towards their
objectives and goals.

9. Confidence
A successful entrepreneur never asks the question or keeps doubts
in their mind about if they can succeed or if they are even worthy
of success. They are normally confident enough that their
knowledge and their know-how will help them make their
business idea a success. And they radiate this confidence in
everything that they do for the business.

10. Disciplined
Successful entrepreneurs always focus their energy on making the
business work, and for eliminating the distractions or obstacles to
their goals. Their overarching strategies help them to reach the
goals they have while they outline the plan to achieve the final
outcome. Moreover, entrepreneurs become successful as they are
disciplined to always make new steps every day towards
the accomplishment of their goals.

Other than these traits, every successful entrepreneur just wants

to see what is at the top of the business mountain and they will
pick up everything they get on the path while on their way up. But
that is not where their determination ends.

As soon as they see it, they want to move ahead and see more. One
of the most important things about successful entrepreneurs is
that they know exactly how to talk to their employees. These are all
the reasons why their business soars.

So, if you are about to embark on the journey to be an

entrepreneur, have just entered the journey or have been in the
journey but have not seen success, you need to adopt these traits
and make them a part of you for gaining success.

What are successful entrepreneurship characteristics?

Being an entrepreneur requires much more than just big ideas. A true entrepreneur
is a rare breed; it’s someone who possesses a unique cocktail of traits, skills and
characteristics that enable them to beat the odds and go after their dreams full
throttle. But what are those attributes? What does an entrepreneur need to
succeed? While we’d all love an entrepreneur's handbook that tells us whether we
have the ‘E Factor’ or not, the truth is that there is no right or wrong answer—
there is no discernible formula. But that doesn’t mean to say there aren't a handful
of traits we can pinpoint that are specific to entrepreneurs. Here are some of the
attributes that, in our experience, successful entrepreneurs tend to possess in
abundance.

1. Entrepreneurs are goal-oriented

Entrepreneurs are all about setting goals and putting their all into achieving them;
they’re determined to make their business succeed and will remove any
encumbrances that may stand in their way. They also tend to be strategic in their
game plans and always have a clear idea in mind of exactly what they want to
achieve and how they plan to achieve it.

2. Entrepreneurs are committed to their business

Entrepreneurs are not easily defeated; they view failure as an opportunity for future
success, and if they don’t succeed the first time, they’ll stay committed to their
business and will continue to try and try again until it does succeed. A true
entrepreneur doesn’t take ‘no’ for an answer.
3. Entrepreneurs are hands-on
Entrepreneurs are inherently proactive, and know that if something really needs to
get done, they should do it themselves. They’re ‘doers’, not thinkers, and tend to
have very exacting standards. They view their business as an extension of
themselves and like to be integral in its day-to-day operations—even when they
don’t have to be.

4. Entrepreneurs thrive on uncertainty
Not only do they thrive on it—they also remain calm throughout it. Sometimes things
go wrong in business, but when you’re at the helm of a company and making all the
decisions, it’s essential to keep your cool in any given situation. True entrepreneurs
know this and secretly flourish and grow in the wake of any challenges.

5. Entrepreneurs continuously look for opportunities to

improve
Entrepreneurs realize that every event or situation is a business opportunity, and
they’re constantly generating new and innovative ideas.  They have the ability to
look at everything around them and focus it toward their goals in an effort to
improve their business.

6. Entrepreneurs are willing to take risks

A true entrepreneur doesn’t ask questions about whether or not they’ll succeed—
they truly believe they will. They exude this confidence in all aspects of life, and as
a bi-product, they’re never afraid to take risks due to their unblinding faith that
ultimately they will  triumph.

7. Entrepreneurs are willing to listen and learn

The most important part of learning is listening—and a good entrepreneur will do
this in abundance.

8. Entrepreneurs have great people skills

Entrepreneurs have strong communication skills, and it’s this strength that enables
them to effectively sell their product or service to clients and customers. They’re
also natural leaders with the ability to motivate, inspire and influence those around
them.
9. Entrepreneurs are inherently creative
This is one trait that, due to their very nature, entrepreneurial business people have
by the bucket load. They’re able to not only come up with ingenious ideas, but also
turn those ideas into profits.

10. Entrepreneurs are passionate and always full of

positivity
Passion is perhaps the most important trait of the successful entrepreneur. They
genuinely love their job and are willing to put in those extra hours to make their
business grow; they get a genuine sense of pleasure from their work that goes way
beyond just cash.

"My idea is so great, I'm guaranteed success!"

We see too many entrepreneurs falling in love with their products and kidding
themselves into believing that their idea itself is all they need to make them a
screaming success.

Warehouses are filled with great commercial products that never got to store
shelves. Founders of promising start-ups wind up working for their investors,
or worse, close their doors. All hopes are dashed and they are back living with
mom. Why? Because they failed to master the three core competencies of any
successful business.

1. Cash flow management

You’ve got to pay your bills. And when you can’t? You have two obvious
choices. Go out of business, or raise more capital.

But that comes with a price; diluted stock or loss of control. So many
companies try to get financing to pay for staff without sales. They may be
financed and even refinanced before they make enough sales to support their
overhead. In other words, they are top-heavy and reliant on multiple rounds of
new investment to stay afloat.

One different solution is to make sales a priority, sell in a small territory,

service the heck out of it, and use the proceeds to finance growth. Another
solution is to identify and forge strategic alliances with your vendors and your
buyers. Vendors who trust you will extend your credit and terms to help you
make ends meet, especially when they believe their business will grow if you
succeed. Buyers will pay in cash for volume discounts, which also help you pay
the bills.

2. Personnel management

You’ve got to get some help! And it isn’t easy.

Probably the most important skill successful entrepreneurs have learned in

their years of experience is how to hire the right people. But even if you hire
well, you still have to train, incentivize, and encourage your people to do their
best. It’s a tall order, but absolutely necessary.

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 Just discovering and implementing a productive compensation system can
take years of trial and error. We suggest you start with bonuses for sales,
growth and profitability. Get everybody to agree on exactly what the metrics
are and how their jobs can contribute. Then offer a quarterly bonus to
everyone, regardless of their job, to put them all on the same team. This builds
a positive company culture.

3. Distribution management

You’ve got to get your product to market. This requires satisfying several levels
of distribution before it gets to your ultimate customer.

This is perhaps the most important skill set new product producers overlook.
They tend to focus on production and think if their product is good enough
and priced right, it will sell.

But you will run into distributors who want to know what the strategic
advantage is of carrying your product. Their sales managers want to know how
you will help them make their numbers. Their salespeople want to know what
the incentive is. The retailer wants to know how fast it turns, and his clerk
wants to know why he should stock it on the shelf.

Nobody but your end-user customer cares about quality or price. Everyone has
their own requirements, and you’d better satisfy them or you simply won’t
make it to market. Distribution is more important that your product because
nobody can buy it if it isn’t there.

These three core competencies may vary from business to business, but they
generally fall into these basic proficiencies. Master them and your great idea
will be much more likely to succeed.
We see too many entrepreneurs falling in love with their products and kidding themselves into
believing that their idea itself is all they need to make them a screaming success. Warehouses are
filled with great commercial products that never got to store shelves. Founders of promising start-ups
wind up working for their investors, or worse, close their doors. All hopes are dashed and they are
back living with mom. Why? Because they failed to master the three core competencies of any
successful business.
1. Cash Flow Management. You’ve got to pay your bills! And when you can’t? You have
obvious two choices. Go out of business, or raise more capital. But that comes with a price; diluted
stock or loss of control. So many companies try to get financing to pay for staff without sales. They
may be financed and even refinanced before they make enough sales to support their overhead. In
 other words, they are top heavy and reliant on multiple rounds of new investment to stay afloat. One
different solution is to make sales a priority, sell in a small territory, service the heck out of it, and
use the proceeds to finance growth. Another solution is to identify and forge strategic alliances with
your vendors and your buyers. Vendors who trust you will extend your credit and terms to help you
make ends meet, especially when they believe their business will grow if you succeed. Buyers will
pay in cash for volume discounts which also help you pay the bills.
2. Personnel Management. You’ve got to get some help! And it ain’t easy! Probably the most
important skill successful entrepreneurs have learned in their years of experience is how to hire the
right people. But even if you hire well, you still have to train, incentivize, and encourage your people
to do their best. It’s a tall order, but absolutely necessary. Just discovering and implementing a
productive compensation system can take years of trial and error. We suggest you start with
bonuses for sales, growth, and profitability. Get everybody to agree on exactly what the metrics are
and how their jobs can contribute. Then offer a quarterly bonus to everyone, regardless of their job,
to put them all on the same team. This builds a positive company culture.
3. Distribution Management. You’ve got to get your product to market! This requires satisfying
several levels of distribution before it gets to your ultimate customer. This is perhaps the most
important skill set new product producers overlook. They tend to focus on production and think, if
their product is good enough and priced right, it will sell. But you will run into distributers who want to
know what the strategic advantage is of carrying your product. Their sales managers want to know
how you will help them make their numbers. Their salespeople want to know what the incentive is.
The retailer wants to know how fast it turns, and his clerk wants to know why he should stock it on
the shelf. Nobody but your end-user customer cares about quality or price. Everyone has their own
requirements and you’d better satisfy them or you simply won’t make it to market. Distribution is
more important that your product because nobody can buy it if it isn’t there!