Starting a company and surviving its first year is an achievement in itself. The economic climate is daunting, with raging inflation and a steep rise in owner costs. Creating a business that not only survives, but thrives is rare. So imagine what it would take to build a multi-million revenue generating company from scratch.

As a rule of thumb, according to the book Scaling Up, only about 6% of companies are lucky enough to have total sales over 1 million. Add to that, given the low survival rate of new businesses, you start to realize how much potential is stacked against the business you start. The question is, what makes some people thrive and others lose their way? Are there certain traits that successful entrepreneurs are likely to share?

Do you have any secrets to success?

Serial entrepreneur and investor Danny Kotenrade, who has founded five companies, three of which have generated millions of dollars in revenue, has often questioned whether there is such a thing as a “winning formula.” I’ve been thinking. Cortenraede is the co-founder of his Venturerock 75M Tech, a private equity firm focused on early stage investments, startups and scale-ups. He is also a co-star and judge on his reality television series Unicorn Hunters, a new business that seeks groundbreaking companies. Cortenraede appears alongside Apple co-founder Steve Wozniak, U.S. 43rd Treasury Secretary Rosie Rios, Joe Biden, who is a former adviser to Morvera, and more. Some say he is well positioned to observe what sets top performers apart.

successful people take risks

Cortenraede said: Jeff Bezos, the quintessential “top performer,” reportedly said that knowing that “you don’t regret failing, but you’ll regret not trying” helped. Ford famously said, “Whether you think you can or you think you can’t, you’re right.”

Successful people do things unsuccessful people don’t want to do

In his book The 4-Hour Workweek, Tim Ferriss says it’s easier to do the unrealistic than the realistic. Ferriss believed that half-hearted goals, such as getting a job at a popular company, would be subject to intense competition. Everyone wants it, so supplies are limited. He argues that aiming for huge, almost unattainable goals creates far less friction and competition. Life goals are often too low.

Successful people look beyond their goals

But even those who aim high and reach the pinnacle of success may find that achievement and wealth don’t bring them happiness. have been shown to be much more likely to be happy. There are many examples of leading business people who have shared their time, advice and resources to enrich their own lives and the lives of others. Mark Zuckerberg and Priscilla Chan famously donated hundreds of millions of dollars to charity.

Cortenraede believes that supporting fledgling businesses is a way to give back to the world and create happiness. “My mission is to help founders succeed. I want to create a better world through entrepreneurship. Success is not about money or material things. Children who are not the best students are entrepreneurs.” It’s a real success to help people become…my latest business, Venturerock Sports Tech, does just that.”

Supporting the next generation of business leaders

Mentoring, investing and supporting young pioneers is essential for the next generation of businesses to emerge. Cortenraede recalls: From the next business I built with investors, NanoFixit. “

“I co-founded Wannahaves in my hometown of Amsterdam and had three offices around the world. Wannahaves has partnered with sister companies 433, the world’s largest football community: Nike, Adidas, I’ve worked with brands like Heineken, athletes like Cristiano Ronaldo, Paul Pogba, Eden Hazard and it’s incredible what happens when you get off to the right start.”

With companies of all shapes and sizes and with all kinds of leaders, perhaps the biggest secret to success is no formula. As Cortenraede thinks, “Dream big, work hard, stay focused and surround yourself with good people.”