Guest Post: The Five Pillars of Success in the Foundation of Every New Business #1

Today’s post is part one of a five-part series by guest blogger Alex Papa, a publisher, social entrepreneur and investor based in the U.K.

Every day, new businesses open their doors with the hope of turning over a profit. People of all backgrounds invest into their dreams of running a successful business and acquiring wealth. But the stark reality is that some of these businesses will close before turning a profit.

The success of an entrepreneur or their business start-up can never be guaranteed. But certain underlying pillars can distinguish a successful business from the one destined to collapse.

Pillar One: Entrepreneurial Prowess

There are certain distinct traits that are characteristic to almost every entrepreneur;

• Achievement Motivation: This type of person works single-mindedly toward accomplishing what they have set out to do.
• Strong Internal Locus of Control: These are individuals who believe the end-result of any task is dependent on their own actions. They are in charge of their own destiny.
• Innovative and Creative: Many entrepreneurs possess an innovative flair that is above the norm. Their creativity enables them to uncover dynamic solutions to problems and it also allows them the ability to see opportunities that others cannot.
• Risk-Takers: An entrepreneur is not afraid of taking a risk, but every risk that is taken is carefully evaluated.

These aren’t the only characteristics found in entrepreneurs, but they are quite common. If you are considering launching a new business, you may want to take a look at yourself to see whether you possess the traits of an entrepreneur.

Alex Papa is a publisher, social entrepreneur and investor. He often mentors new business owners and speaks in seminars around the world showing people how to find ideas for small businesses. He also writes about Internet Security solutions at the blog.