The 21st century has brought us an abundance of entrepreneurs. New ideas, new products and new companies are created by them every day.

These business-savvy moguls have the ability to turn a dream into reality, but not all do it successfully. Many will crash and burn, despite what might have been a grand success.

Oftentimes, they’re lacking in just one or two of these key character traits that define a true entrepreneur.

1. They have a vision. They are somehow able to see where they are heading, and then take the necessary action to get there. The passion they have for their idea is so strong that it pulls them forward.

2. They have perspective. They have the ability to look at a situation from different angles. Their own personal view is always subjective, but when they put themselves in the place of the manufacturer or buyer or someone else in the chain they will recognize problems or opportunities not visible before.

3. They diversify. Entrepreneurs understand that they need to focus sharply on their latest project, but that they also have to develop other revenue streams if they hope to survive. They constantly surround themselves with risk, so multiple sources of income can soften the blow of an unfortunate failure.

4. They take risks. Any new endeavor always includes some level of risk, which entrepreneurs seem to relish. They’re not afraid of failure, and will tell you that the bigger the risk, the bigger the reward. This is what gets their adrenaline pumping.

5. They have courage. Overcoming fear and boldly pressing forward are both necessary qualities in the life of an entrepreneur. They realize that the odds are stacked against them, but they move beyond fear and push towards the mark anyways.

6. They are leaders. They recognize that they are incapable of doing everything themselves, so they build a team of experts to attack every task, and then lead the group to greatness by sharing their vision. They lead by example. They set high standards for themselves and then empower others to follow their lead.

7. They have empathy. When you understand and can relate to the emotional mindset of someone else, you are empathetic. People are essential for success, as either an employee or a customer. A strong entrepreneur recognizes this and will work hard to develop relationships.

8. They accept failure. Entrepreneurs know that you win some, you lose some. Sooner or later, failure makes an appearance. They don’t have to like it, but they recognize that every defeat provides experience and knowledge for the next opportunity.

Being a successful entrepreneur is no easy task. It usually involves sleepless nights, fear of failure, physical exhaustion and a strong desire to quit. It means wandering deep into the unknown, never knowing for sure what is around the next corner.

But for those who are brave enough to exercise their entrepreneurial spirit, for those who are willing to give everything they’ve got, the reward can be magnificent!

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