In this article, we have the pleasure of interviewing Derik Fay, an American business mogul, philanthropist, and CEO of a billion-dollar Business Empire. He has taken his expertise and passion for building companies and brands to comment on what he believes are the trends in being a successful entrepreneur.
Today, Derik is consistently in front of young entrepreneurs, educating them on the single most significant determining factor to succeed in a digital economy, which is essential for startups and small businesses. He outlines what methods of running a company he has found to work.
In his words, “Find a problem, solve a problem”
If you are eager to learn more from the guru himself, read below to understand his thoughts in more detail.
Top skills/characteristics you will need to be a successful entrepreneur—Derik Fay
- It takes a vision to start a company, but vision must be paired with creativity to ensure success. Entrepreneurs are known to innovate. They can take old problems and find solutions or find new and efficient ways of doing things.
- To stay relevant in their industry, business leaders must keep current with the trends by looking at what is popular and what consumers would like to see in the future. However, it is wise to listen closely to consumers who are likely to buy a specific product or service. Their opinions are valuable and insightful.
- Entrepreneurs need ambition because they have the will and drive to succeed in their given industry. They often want to be the best at what they do, so they are aware of their competition.
- Entrepreneurs need to be natural-born leaders. They can build teams and motivate others.
- To lead a team, face competition, gain the attention of consumers and forge new business relationships, an entrepreneur must be assertive.
- Entrepreneurs need to exude confidence when talking to their teams, telling their business story and offering advice to aspiring entrepreneurs.
- Whenever someone starts a business, they are taking a risk, especially a personal financial risk. So the ability to self regulate emotions and take risks that others find paralyzing.
- Not all businesses succeed, and it may take a long time for some businesses to become profitable. Entrepreneurs must have enough passion to desire to fight through the risk and disapointment until the find success.
- Entrepreneurs are lifelong learners, and as their industry changes, they adapt and learn new skills. They also do their best to hone the skills they already have and improve constantly.
The take away here is that success is not a final destination, rather a lifelong journey that is constantly changing direction, changing requirements, and filled with adversity and challenges. While the result of success is certainly bright and shiny, what it takes to achieve, and then maintain, is a lifetime of fortitude.