What makes entrepreneurs successful? Is it inborn talent or hard work and determination? Are entrepreneurs born to win? Are you doomed to fail if you don’t have the entrepreneurial DNA imprinted in your genes?
As an avid figure skating fan, these questions remind me of the rivalry between Olympic figure skating gold winner medal Evan Lysacek and Johnny Weir before the 2010 Olympics. In a New York Times article, the world-famous coach Frank Carroll was interviewed on Lysacek’s chances of winning the Olympics:
“I looked at Johnny and said, ‘My God, this is the most talented man I’ve ever seen’ … Then I looked at Evan and said, ‘My God, this is the most determined man I’ve ever seen.’ I looked at the two of them and thought, who will be the best? Will the one with the natural ease and talent win? Will it beat the one with determination, intensity and work ethic?’”
Like skating, a person naturally talented in business has distinct advantages. In fact, a Gallup poll of 2,500 U.S. entrepreneurs found that having higher levels of “entrepreneurial talent” increases the chance for business success. Entrepreneurial talent “… seem to make some people better at noticing new business opportunities and more likely to be risk-takers, natural salespeople and adept at cultivating social networks — all traits that support entrepreneurial success.”
The Gallup study found that innately talented entrepreneurs are:
- three times more likely to build large businesses and to grow them significantly
- four times more likely to create jobs
- four times more likely to exceed profit goals
- five times more likely to exceed sales goals
But as the 2010 Olympics showed, the determined Lysachek won gold over the naturally talented Weir. Lysachek’s hard work, persistence and determination helped him win the Olympic gold. As Lysacek admits:
When I first started skating I had no talent at all. I had no feel for the ice. It takes your body a while to adjust. I wasn’t like a natural, which you hear a lot of skaters say. It was something that I learned.
More important than talent or anything is your heart. You’re either born with the heart of an athlete or not, because in sports you go through so much adversity. You want to quit. In any sport — in soccer or baseball — you have a bad day and you want to quit. But the most important thing is to be persistent.
Natural business talents can definitely help you succeed. But even if you don’t have the innate entrepreneurial gift, you can compensate for it with rigorous practice, hard work, self-motivation and support from others, as Lysacek has shown. In addition, you need to work hard to learn the things that don’t come naturally to you. You need to adopt compensating strategies that will plug your weaknesses. You will need to work harder and smarter than someone who has the natural talent for entrepreneurship.
How to Become a Better Entrepreneur and Succeed
Becoming a successful entrepreneur requires continuous growth, self-improvement, and adaptability. There are a number of ways you can become a better entrepreneur and increase your business acumen, such as:
1. Engage in Deep Self-Reflection
Start with personal introspection to identify your strengths and weaknesses as an entrepreneur. Understanding your core competencies and areas for improvement can provide clarity on where to focus your efforts.
2. Pursue Training and Education
Enroll in courses, workshops, and programs that can help you improve entrepreneurial traits that don’t come naturally to you. Online platforms, local universities, and business incubators often offer courses on leadership, marketing, and finance.
3. Find Mentors
Seek out mentors who can provide guidance and share their business expertise. Mentors can be individuals you know personally or professionals you’ve connected with through networking events. Building trust is key—mentors are more likely to share their knowledge when they see your commitment and passion.
- Tip: Be patient and nurture relationships. Don’t ask for mentorship immediately; instead, focus on learning and demonstrating your potential.
4. Organize Events to Build Organizational Skills
Plan a party, community gathering, or big event to practice project management, vendor negotiations, budgeting, and coordination. Managing logistics and executing a successful event from start to finish is an unconventional but effective way to develop entrepreneurial skills.
5. Read Business and Entrepreneurship Books
Expand your knowledge by reading business guides, biographies, and autobiographies of successful entrepreneurs. These books offer insights into the thought processes, strategies, and philosophies of top entrepreneurs.
- Recommendations: Explore books on leadership, innovation, and resilience in our Small Business Bookstore for inspiration.
6. Become a Volunteer
Volunteering allows you to build your network and acquire valuable skills such as team collaboration and problem-solving. Consider joining organizations like your local chamber of commerce to connect with other business professionals and participate in community initiatives. (Read the article How to Get the Most of Your Local Chamber of Commerce Membership).
7. Improve Your Communication Skills
Effective communication is crucial for pitching ideas, managing teams, and building partnerships. Practice by observing your body language, eliminating unnecessary fillers in your speech, and refining your storytelling ability.
- Tip: Consider joining groups like Toastmasters to develop public speaking and communication skills in a supportive environment.
8. Build a Strong Network
Attend industry events, webinars, and networking mixers to meet other entrepreneurs, investors, and professionals. Strong professional relationships can lead to collaborations, partnerships, and new opportunities.
9. Develop a Growth Mindset
Adopt a mindset that embraces challenges and sees failures as opportunities to learn. Being resilient in the face of setbacks allows you to innovate and adapt more effectively.
10. Learn Financial Management
Understanding your financial statements, budgeting, and cash flow management is essential for making informed decisions. Consider taking courses on small business finance or consulting with a financial advisor to strengthen this skill.
11. Prioritize Time Management
Entrepreneurs often juggle multiple responsibilities. Use time-blocking techniques, digital tools, and prioritization strategies to stay organized and focused.
- Tools: Applications like Asana, Trello, and Google Calendar can help you plan your day and track progress.
12. Develop Problem-Solving Skills
Entrepreneurship is full of uncertainties and challenges. Cultivate the ability to analyze situations, identify solutions, and make decisions confidently.
13. Stay Informed About Industry Trends
Stay updated with market trends, competitor strategies, and technological advancements. Subscribing to industry newsletters, joining professional forums, and attending conferences can keep you ahead.
14. Take Calculated Risks
Success in entrepreneurship often requires taking strategic risks. Evaluate potential rewards and drawbacks before making bold decisions.
15. Maintain Work-Life Balance
Avoid burnout by setting boundaries and dedicating time to personal well-being. A balanced lifestyle enhances productivity and creativity.
16. Gather Feedback and Adapt
Regularly seek feedback from customers, team members, and mentors to improve your products, services, and processes. Act on constructive criticism to refine your approach.
17. Join Entrepreneurial Communities
Surround yourself with like-minded individuals by joining entrepreneurial groups online or in-person. Being part of a supportive community can provide motivation, accountability, and valuable advice.
By following these strategies and continuously working on self-improvement, you can become a more effective entrepreneur. Remember that success is not achieved overnight but is the result of persistence, adaptability, and a commitment to lifelong learning.
The article was originally published on November 2, 2015 and updated on March 17, 2025.
