It’s a sad fact that most new businesses fail within the first few years. One of the most common causes of failure is incorrect management, often from the entrepreneur who started the business. While no trait guarantees the success of a new business, there are several traits profitable entrepreneurs share. In fact, these show up very frequently among entrepreneurs who have started several successful companies.

Learn From Mistakes 

Every new business owner makes mistakes. The most successful ones learn from their mistakes and make changes to the structure of their business and their business plan to prevent them in the future. Entrepreneurs who can talk through their past failures are more likely to be successful. Investors look for the ability to make changes and continually improve, rather than someone who was lucky enough to avoid serious mistakes.

Play Well With Others 

Successful entrepreneurship is as much about managing and motivating employees as it is about understanding the business. Being able to motivate partners and employees means your company will have a stronger staff than its competitors. Entrepreneurs also have to schmooze investors, business partners and customers, so natural people skills are a bonus.

Understanding Weaknesses

Weaknesses are a fact of life. Understanding those weaknesses and taking steps to limit their impact is an important part of every start-up. Successful business owners surround themselves with personnel whose strengths align with the owner’s weaknesses. A balanced executive board with experience in all areas of the business is a strong indicator of a successful business.

Spot Patterns and Make Decisions

Business environments change quickly. Successful business owners must spot patterns in data and make decisions based on those patterns quickly. They must be comfortable establishing patterns based on incomplete data and guiding the company in the correct direction, without missing an opportunity.

Motivation and Versatility

Early in a company’s life, entrepreneurs spend a lot of time working alone. Those who make it through this stage successfully are motivated enough to work hard, even when they have to wear all sorts of hats and stay away from the element of the business they love most. Successful entrepreneurs find their motivation through a very optimistic view of the future, and through their confidence that they will be successful.

While the personality traits of entrepreneurs vary widely, successful entrepreneurs share many of these key traits. Start-up CEOs with these qualities are more likely to receive investment, generate sales and run a fast-growing, healthy company.