Beating the odds: What successful entrepreneurs do differently

Successful entrepreneurs often distinguish themselves through their approach to data and strategy. Research is a skill like any other — and for most entrepreneurs, some combination of research skill, information quality and ability to compile and utilize what they learned is at play.

Data-driven decision making

Entrepreneurs often have good intuition, which is hard to measure. However, as the business gets more complex and grows, it can be harder and harder to rely on intuition alone to propel the business forward. Successful entrepreneurs leverage data to gain insights into customer behaviour, market trends and business performance.

Strategic planning

Strategy at its simplest is deciding what to do and what not to do. Successful entrepreneurs set clear, achievable goals and develop comprehensive plans to reach them — starting with where the data is pointing them and how that marries up with their vision, passion and skills. They stay flexible, keep tabs on the data and adapt their strategies in response to changes in the business environment and their customers.

Effective leadership

Starting a business is difficult. It takes effort from the owner, but it also requires others to buy in and work hard. Successful entrepreneurs inspire their teams, foster a positive work environment and lead by example. They communicate their vision — drawn from a data-driven strategy — and motivate their teams to achieve it, while remaining empathetic and competent.

Entrepreneur success is not a formula, but it often includes getting the right data, using it to plan accordingly and being a strong leader to those around you.