It may not be something that immediately comes to mind, but humility is a core component of entrepreneurial thinking - that’s according to a study undertaken by the University of Washington Foster School of Business. It drives even the boldest business builders to challenge their existing thought processes and ways of doing things and recognize their potential for continual improvement. The study identifies three essential aspects to humility that can enhance your effectiveness as a leader and an entrepreneur. Firstly, humility means having the ability to listen, to actively solicit feedback from customers, colleagues, and community. As a result this boosts employee morale, improves your product offerings and develops customer loyalty. Secondly, humility means never assuming you’re right and being open to test your assumptions to gain genuine insight into what’s working -- and what’s not. Thirdly, humility means admitting mistakes and not seeing them as a sign of weakness but instead a sign of being human. Humility may not obviously be the most glamorous signifier of success, but it’s an essential part of being an entrepreneur.