3 Must-Have Traits Every Entrepreneur Needs To Build Business Resilience

In the last five months, we’ve heard from small business leaders surviving and thriving — they’ve transformed their business to digital-first models, reimagined their customers’ experiences, and prioritized employee health and safety.

But what makes these entrepreneurs high achievers for the long run? How can they prepare their business for whatever comes next?

In the latest Stories of Resilience episode, Character Lab CEO Angela Duckworth, and Valence Co-Founder and General Partner at Upstart Ventures Kobie Fuller, Co-Founder, share characteristics, qualities, and mindsets of entrepreneurs who master success despite adversity.

Use their insights to help strengthen your small business now and into the future. Watch the full webinar for more.

1. Optimize your stress

Duckworth kicked off the conversation with insight into high achieving leaders, stating they have a combination of passion for what they do and perseverance over time. But that doesn’t mean they don’t get stressed. In fact, she mentions how highly successful leaders are not “invincible,” after all. They just manage their stress differently.

“Really gritty leaders acknowledge their stress or failure and then figure out what they can control and do something about,” Duckworth said.

What’s her advice for entrepreneurs experiencing stress right now? When life gets you stressed, find a way to use it for fuel.

2. Preserve capital and be agile

Aside from being an all-star athlete and founder of Valence — an organization that connects Black professionals — Fuller is also an investor who works closely with entrepreneurs and startups.

As small business leaders navigate the pandemic, he notes the most successful businesses know how to pivot and move fast, but they’re also able to preserve their money.

“Capital is the lifeblood of any business,” he said. “It’s important to look at every dollar you have in the bank as precious, and leverage that as much as possible to get to the next phase that we’re going to have to get to as a species.”

3. Be socially aware, and take action on it

How can leaders continue to motivate their teams during a time of constant change? Duckworth cites research from David Deming, noting the best team players are also very socially intelligent.

But empathic leaders do more than reading a room; they also ask their teammates how they’re feeling regularly.

“My practical advice for those who are building and leading teams is that you start meetings with a quick ‘how are you feeling?’”

Want to learn more about the characteristics of high-achieving entrepreneurs and leaders? Watch the full episode with Angela Duckworth and Kobie Fuller.

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For more business and leadership inspiration, check out our entire Leading Through Change series.