While there is no magic formula for being a successful entrepreneur, those who do succeed tend to have mastered a certain set of skills. Read the article below to uncover the secret to being a great entrepreneur:

1. Strong leadership qualities

Leaders are born, not made. Do you find yourself being the go-to person most of the time? Do you find people asking your opinion or to help guide or make decisions for them? Have you been in management roles throughout your career? A leader is someone who values the goal over any unpleasantness the work it takes to get there may bring. A leader who nobody will follow is not a leader of anything at all.

2. Highly self-motivated

You probably know from knowing even a little bit about some of the most famous business entrepreneurs in history that leaders are typically pretty intense personalities. Nobody makes progress by sitting back and waiting for it to find them. Successful people go out into the world and invoke change through their actions.

3. Strong sense of basic ethics and integrity

You will find that successful, sustainable business people maintain the highest standards of integrity because, at the end of the day, if you cannot prove yourself a credible business person and nobody will do business with you, you are out of business. With importance in working with clients or leading a team, effective leaders admit to any error made and offer solutions to correct rather than lie about, blame others for, or dwell on the problem itself.

4. Willingness to fail

Successful entrepreneurs are risk takers who have all gotten over one very significant hurdle:  they are not afraid of failure.  That’s not to say that they rush in with reckless abandon.  In fact, entrepreneurs are often successful because they are calculating and able to make the best decisions in even the worst of cases.

5. Serial innovators

Successful people welcome change and often depend on it to improve their effectiveness as leaders and ultimately the success of their businesses as many business concepts rely on improving products, services and processes in order to win business.