What are the special traits and characteristics of a successful entrepreneur?
What do you require to possess the top characteristics of a successful entrepreneur?
What does it mean to be an entrepreneur?
How do you become an exceptionally successful entrepreneur?
What are the top qualities of good businessmen and businesswomen?
What do the most successful entrepreneurs possess and share in common?
Why is it important for potential entrepreneurs to identify the background, characteristics, skills, habits and qualities of successful people?
Let us find out without further ado.
The simple answer is to help you and I determine if we already possess these qualities or may need to work on them to become successful in our business ventures.
If you were to look up the word entrepreneur in the dictionary you would find that it means:
‘a person who organizes and manages any enterprise, a business usually with considerable initiative and risk in the hope of making a profit at the end of it’
These days the term entrepreneur is used so much that it seems like everybody from a stay at home mums and dads, college students, to the local floweriest, pensioners, are all claiming to be as such.
The truth is that as fancy as this word may be, anyone can be an entrepreneur including your self and me.
The chances are, you are already an entrepreneur or maybe thinking to become one.
All it takes is just a simple decision on your part and a willingness to do whatever it takes to achieve that status.
Entrepreneurs can be of any shape, size, age, race, colour or religion.
It really doesn’t matter at the end of the day.
What makes an entrepreneur an entrepreneur is a relentless commitment, the willingness to lead and the passion to succeed.
If you have these ingredients you already won half of the battle.
There are certain traits and characteristics many of the world’s most successful entrepreneurs we know of our time, share.
This article attempts to list the following qualities to help you determine if you already possess these 17 characteristics of a successful entrepreneur or may need to work on it to acquire them.
#1: Have Great Focus
True entrepreneurs have great focus.
These are individuals that once they have a goal set, no one or nothing can stop them from accomplishing that goal.
You simply have to learn to develop this characteristic.
It is very easy to get distracted, shifting from one thing to another with no real results to show for.
It takes discipline and perhaps I would say good habits to stick to, in order to accomplish a specific task at a given time.
You have to have a mental awareness that you are going to do this work at a particular time with a specific deadline in mind.
Most entrepreneurs have a seemingly effortless way of being creative.
You have to learn to think outside the box.
This special characteristic alone creates a greater earning potential for your business.
#3: Good With Money
Being able to keep track and manage money wisely is another well-known characteristic of an entrepreneur.
Knowing where every dollar and cent is and where they are going is very important to entrepreneurs.
I confess I have a problem with this one at times.
I am learning to keep an eye on the budget and track all the business expenses.
#4: Decision Maker
One who can make big decisions on their own without worrying about other’s opinions.
Being able to stand behind their decision without any doubt whatsoever.
You have to go with your gut feeling, weighing the pros and cons and go for the best decision.
#5: Ability To Lead
Most entrepreneurs put themselves in the position of being the boss.
This may mean that this person has employees under him/her.
In this instance, it means you must be able to lead and give direction to others in a clear, productive manner.
If your dream of becoming an entrepreneur is to be your own boss, then you will have to learn to lead and delegate tasks to the people who will work for you and help build your business.
Your job as a leader is not merely to tell people what to do by:
- micro-managing them or
- being too controlling, untrusting, unjust, a bully, rude, manipulative or
- not being supportive or becoming totally unreasonable
Primarily is to provide and cultivate a thriving healthy culture and work environment that is safe, trusting, harmonious and fairer for all employees.
Secondly is to inspire and support your teams to bring out their natural talents and capabilities.
So that they feel entrusted and empowered to deliver their best work to help grow your business or organisation and help it become a great success.
Thrive hard to take ‘good care’ of your teams/employees and they will, in turn, look after your clients/customers to make sure your business and/or organisation interests are met.
If you can achieve this, then it becomes a win-win for everyone.
#6: Always Learning
True entrepreneurs never stop learning.
They are always eager to discover new, more efficient ways to make their business more successful.
Learning is a desire, not a necessity for these people.
The day you stop learning is basically the day you stop growing.
You have to make it your business to learn and experiment with new or different ways of doing things.
Having no fear is definitely a characteristic of an entrepreneur.
Not fearing critics, competitors, consumers and most of all, not fearing failure.
Not fearing these things is automatic for any real entrepreneur.
You will have to believe in what you are doing and don’t be afraid not to please everyone.
Not everyone is going to like what you do or be your big fan.
But those who value your work and know what you stand for will appreciate you.
I think in business, we have to accept not everyone is going to be our friend, and that if we happen to fail with one thing we simply just move on to something else.
#8: Risk Taker
This is a very important characteristic of an entrepreneur.
If you’re not willing to take any risk, then you will not succeed as a business person.
In the everyday course of the business, you will encounter a lot of problems and challenges which you need to deal with.
Some risks are worth taking after careful evaluation especially if it’s for the good of the business.
If you’re not a risk-taker, then you’re not an effective entrepreneur and may risk delaying achieving success in your business.
Be cautious where you have to but also be willing to take some risks.
Being smart is another characteristic of an exceptional entrepreneur.
You have to be clever, keen, and witty in all your business dealings.
You have to show mental alertness and intelligence so that you can win the respect and trust of customers and clients.
#10: A Leader
Leadership is a characteristic that is hard to find among individuals.
Not many people will have the nerve to want to lead.
To become a good entrepreneur, you must strive to be a leader.
Some say that this is a born characteristic but if you don’t possess it, you can also learn to become a leader.
You’re quite lucky if you’re a born leader because you only have to develop your other qualities and use them when you choose to become an entrepreneur.
This way, you can handle all your business activities with ease and fewer worries.
As a leader, you should be able to guide, influence, and direct people.
You should also be able to inspire others to see through your vision.
See other people’s visions through your eyes until they are able to see and create it for themselves.
#11: Have Passion & Enthusiasm for Business
Another important characteristic is having the right passion for business.
You have to maintain your enthusiasm and interest in the business.
As long as you have the right drive and passion, you can run the business for a long time.
The last thing you want is not to be motivated by what you are doing.
Your business may be very successful and generate the kind of revenue that most people are envious of.
However, if you don’t enjoy what you are doing then I don’t think this is good for you in the long run.
Having a strong passion and drive is key to acquire success and achieve the best outcome for your life and business.
#12: Honest And Trustworthy
Some say that eighty percent of an entrepreneur’s time is dedicated to pooling and attracting customers.
This may be true because, without the customers, the business will not exist.
Potential customers are the people who are going to build and sustain your business.
You have to be honest and trustworthy so that you can develop goodwill.
Being trustworthy, open, honest and transparent will serve you well in the long run.
You will gain the respect of your customers and your peers.
#13: Have Motivation
One of the traits of every business owner is that they are highly motivated to succeed.
They exude confidence and are willing to put forth the extra effort even when it seems the task ahead seems all but impossible.
#14: Eager To Learn
Small business owners and solopreneurs will not know everything there is to know about their business, but they will have the will and strong desire to learn all they can such as:
- The business they are operating with
- The product or service they are promoting to the public at large
- The customers or clients they are serving
- The tools of the trades and tactics they should be using
- Business concepts to apply and adopt
They will also seek to learn as much as they can about business practices and marketing techniques.
In the case of online business, as business owners, we constantly have to learn the latest strategies and tactics to implement in our businesses, especially those of us who are new to our business ventures.
You have to be adaptable to changes and around the needs of your business.
If one tactic doesn’t work, you try another one with a different strategy or get the help of someone who is more proficient than you.
In my example, I find that I am having to constantly keep learning and trying relevant strategies in all aspects of my business.
These include things such as:
Digital marketing, advertising, driving traffic, products creation, how to build and grow an email list/customer base, blogging, SEO, entrepreneurship, branding, content creation, time management, hiring freelancers or virtual assistants, copywriting, sales funnels building, persuasion skills, communication skills, negotiation skills, selling skills, managing finances to personal development.
This doesn’t mean you have to apply or use all these business-building concepts all at once or even having to learn them in the first place, but they are never the less good to have them under your belt based on you what you are trying to achieve for your business.
Purely because not all digital business models are the same or created equal.
The skills/concepts you apply to one model may be completely different from another one.
It is basically a learning process and as you grow and progress you tend to pick up/learn these skills along the way in your business’s journey.
What I found for my self is that by being exposed to these different concepts and skill-set, you get a chance to grow and develop as a person and as an effective business owner…
As well as getting a rounded view of how these different business models work.
#15: Have Vision & Goals
To become a successful entrepreneur, you must have your main vision and goals defined.
You need to have clarity as to what is it exactly you expect to achieve for your business and life.
You have to follow a roadmap that will get you moving from point A to point B.
This is so that you can reach your full potential and achieve the kind of success you hope your business will bring to your life.
Setting your vision and goals will also allow you to measure and track your ‘progress’ to confirm whether or not you have achieved your main objectives in a timely manner.
#16: Committed & Never Give Up
As a successful business owner, you will need to demonstrate your motivation and passion by being committed to doing the best you can do for your growing business.
There are times when you will be tested and will have to find the inner strength and a strong will to persevere through the difficult challenges.
If you have difficulty sticking with something and just want to give up when things go wrong, you are likely not to succeed in the long run.
Learn to be patient and take things in your stride.
Don’t get overwhelmed when things are not working out in your business.
The smart and successful entrepreneur realizes that there will be good days and bad days.
Being a successful entrepreneur requires you, to accept the challenges and difficulties as part of the process of developing yourself so that you become that awesome exceptional successful person you are meant to be.
#17: Learn From Their Mistakes
Without a shadow of a doubt, you will at some point make mistakes in your business.
When this happens, know that it is not the end of the world.
After all, you will find mistakes to be your best teacher both in life and business.
You simply learn from your entrepreneurial mistakes and use the failures as a tool to help improve you and your business.
Click below to learn how you too can totally avoid the 21 common fatal startup mistakes on starting a digital business that helped both my students and I move forward with an unwavering focus and clarity on how to achieve our top business objectives and life aspirations much faster.
Take Home Message
The list of characteristics mentioned above will help you determine if you are indeed an exceptional entrepreneur or not.
If you are not yet an entrepreneur but aspire to be one or are lacking these traits.
Don’t worry, you may need to develop some if not most of these characteristics.
Now, I don’t confess to saying that I possess all of these traits.
I will, however, say that I am determined and aspire to develop these qualities, improve where I am lacking and committed to becoming the best entrepreneur I can possibly be.
If you take the time to embrace and practice these traits and qualities, you will be well on your way to becoming a successful entrepreneur in the near future.
Continue to learn, take in new ideas, live a little bit dangerous and commit to growing your business wholeheartedly.
It is a worthwhile journey to undertake and certainly an exciting adventure not to be missed.
Give it your best shot.
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- 21 Most Common Fatal Startup Mistakes: And How To Avoid Them – I Wish The Online Gurus Told Me When I Started My Entrepreneurial Journey
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What other qualities and characteristics of a successful entrepreneur do you know or possess?
I would love it if you can share them with us. Leave us a comment below.
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