What determines the successes and failures of businesses? Maybe it’s the entrepreneurs working and guiding it on the path to prosperity.

Have we thought about what are the main cornerstones of a successful entrepreneur? Perhaps you share the same qualities with some of the most successful business moguls out there.

Of course, we can say that most successful entrepreneurs are people that aren’t afraid to work hard. Aside from hard work, what are other qualities that are a must to increase the chances of success?

Confident, successful young entrepreneur

I have listed the top 5 qualities that I think are the pieces that complete the successful entrepreneur puzzle.

Confidence

Confidence is something that allows you to pursue and make your business dreams a reality. Have the courage to take the steps you need in the right direction no matter how scary it may be.

Individuals who are confident in themselves exude inspiration and are aware of the next move that he or she will take.

When coming up with a business idea, you don’t want to have any doubts in yourself or your ability to succeed. You have to be sure that this idea will work and go in with confidence that everything pan out the way you want it to.

If you lack confidence and are not sure about how you are going to approach your business idea, then you may as well stop there. Doubt will not only create difficulties in business operations but may even lead to your untimely business demise.

Time Management

You only have so much time in a day to get the required things done. WIthout the right time management skills, people can begin getting overwhelmed and start falling behind on tasks. Any successful entrepreneur knows that using time wisely will go a long way in guaranteeing a successful business.

For those of you struggling with time management, I suggest you start off with creating schedule for yourself if you haven’t already. Prioritize essential tasks and focus on those. Overtime you will fall into a productive routine that will allow you to quickly analyze and schedule your weekly tasks.

Maybe even consider implementing online invoicing. A quick and simple solution to increase available time you have for more worthy duties.

Listening and Communication

Effective communication and listening skills are vital for any individuals out there, regardless of their career choices. Miscommunication is a fickle mistress that can really put a damper on your business growth.

If we look back at time management, good communication can go hand-in-hand with it. Quality communication ensures the job gets done right the first time. Don’t waste time trying to fix mistakes due to lack of proper communication between parties.

Avoid a broken telephone scenarios. Always strive for effective communication with your suppliers, employees and customers.

Creative co-founders

Adaptation

Changes to the business environment can come at a moment’s notice. It’s up to you to adapt to them. There may not always be something you can do to avoid unforeseen events. You need to learn to take it all in stride and adjust yourself accordingly.

Let’s look at the basic principles of evolution. The strongest learned to adapt to their environment and their lineage carried on. Same thing applies to business. If the entrepreneur can think on his or her feet and thrive under any circumstances, their business will prosper.

Risk-taker

Risk-taker. No i don’t mean bungee jumping or skydiving here. I am talking about not always choosing to walk a beaten path. Going and doing things not many may be willing to.

Starting a business in and of itself is a risky endeavour. I am sure you have encountered some intense statistics about business failure – and in fact it is a bit unsettling. Roughly 70% of business in the US don’t make it past year ten.

To launch your very own business is risky as you can already see. If you have come this far, well you are quite the risk taker indeed.

This doesn’t mean you can just jump in face first without weighing out the consequences. You must understand and analyze the decisions you make now and going forth with your business development.