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 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 entrepreneurs?
Good questions….
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.”
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 maybe, 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, color 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 15 qualities of an entrepreneur, to help you determine if you already possess these 15 characteristics of an 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.
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#2: Creative
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.
#3: 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.
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#4: 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, the individual must be able to lead and give direction to others in a clear and 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.
#5: 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.
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#6: Fearless
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.
#7: 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.
#8: Smart
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.
#8: 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 create and see it for themselves.
#9: 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.
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#10: 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.
#11: Have Motivation
One of the traits of every home-based 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.
They are hungry for success and are motivated to achieve their goals and visions, however impossible or challenging a task may appear to be.
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#12: Eager To Learn
Home-based business owners 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 they are serving
- The tools of the trades and tactics they should be using
- Business concepts to apply and adopt
- Etc
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 the one with a different strategy.
In my example, I find that I am having to constantly keep learning and trying relevant strategies in all aspects of my business.
This includes various modes of digital marketing, advertising, driving traffic, product creation, customer acquisition, making sales, blogging, SEO, entrepreneurship, branding, finances to personal development.
If you don’t learn, you simply don’t grow as a person and as a business owner.
#13: 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.
How To Set Your Vision For a Brighter Fulfilling Future
#14: 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.
#15: 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.
You simply learn from your mistakes and use the failures as a tool to help improve you and your business.
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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.
Don’t be afraid to think outside the box, go with your gut feeling, try new things and expand on your vision and dreams.
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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- Essential Business Tools & Resources
What other characteristics and qualities of a successful entrepreneur do you know or possess? I would love it if you can share them with us. Please leave us a comment below.
Please do not forget to share the article with your friends.
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very detailed! and well explained in simple words. This blog helped me to clear my doubts and create a framework for my venture. Would surely come back to this article for future references! I am currently working on starting my own adventure tourism company, and the blog is very motivating as it helped me to be more confident and systemize my research.
So Pleased to hear this Abhishek Saxena.
Congrats on starting your new adventure. I can relate to your doubts and worries. We have all been there.
Entrepreneurship is wonderful and fun, yet at the same can be scary and doubtful due to a lot of unknowns.
The key is to accept in advance that you are entering into a journey of discovery with many bumpy rides along the way.
It’s totally OK to have all these mixed emotions and worries, if we didn’t have them we will not be normal.
One side of your brain will produce negative thoughts and tell you not to take risks, don’t do this, what if doesn’t work out and so on. Yes, your business may work straight away or it may fail the first time or second time. If it does, don’t you give up. You simply learn from your setbacks, come up with a better Strategy and try again.
Do not be afraid to fail, be cautious where you have to but press ahead. Your Vision and determination of achieving your dreams and goals are more important than anything else.
Live and breath your Vision and share it with those who believe in you that you are more than capable of achieving anything you want.
I often tell my readers and students that they have all that they need in them to accomplish whatever they believe is possible.
All of us have it. We just have to find the inner strength and a strong will power to do what seems to be impossible.
You will have bad days and good days. That’s normal in the life of an entrepreneur, just know eventually, you will get to your destination. Stick to your game plan.
I wish you all the best in your new venture and have full faith in you that you will succeed in all that you desire to achieve for your tourism company and much more.
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Rabia – hello!
I love this post, it’s really important to have these qualities if you’re looking to become an entrepreneur.
When I started as an entrepreneur I underestimated how much it was going to mess with my mind mentally. Luckily I was able to overcome that and those limiting thoughts, and push past it.
One of my favorite books, The Success Principles by Jack Canfield, always says, “Feel the fear and do it anyway”. Taking that advice, I’ve pushed through all of those obstacles and am now a successful business owner!
For those of you who are looking to be entrepreneurs reading this post, I highly recommend that book, and anything that Rabia has quoted by James Altucher in this post, he’s really good too!
Hi Tiffany
Thank you for your great contribution to this post.
It’s really nice to hear success stories such as yours, people who have been through the trials of starting a business and know what it takes to become a successful entrepreneur.
Yes, I can totally relate to you with the way your mind gets messed up. I have many days when I am 100% confident of what I am doing and I have days when I am doubtful, petrified and scared of the uncertainty. You never quite know what is around the corner. Like you, from early on I learned not to allow these negative thoughts to dwell around for too long. You just have to learn to manage them and persist through until you achieve the success your desire. Thank you also, for mentioning the success principles by Jack Canfield, I personally have not read his book yet. This is the first time I hear of his mention. I will definitely get a copy of his book and hope my readers will be inspired to purchase it as well. I get a lot of inspiration from people like Tony Robbins, Les Brown, Jack Ma, Zig Ziglar, Oprah Winfrey and my favorite the legendary Jim Rohn.
Great and inspirational post. Gives me a lift and makes me feel more determined than ever to succeed.
Hey Les, thank you for stopping by. Glad to hear you found the article inspiring and has made you more determined to succeed. I am very confident you will achieve all the success you desire for your business venture. If you are willing to learn and be adaptable to new concepts and strategies, you will make it. There is no reason why any of us should fail, and even if we do, we pick our selves up and try again. Best wishes.
Yes Rabia I agree with all your points — well thought out! You present in clean short easy to read sentences which I like because it make it seem like a quick read! Yes it is hard to possess all those traits and, like you, I do believe you can learn to have all of them. I think with entrepreneurs they solve problems but they also have to understand “scaling up” and building a business. Just because you have a business does not mean you will continue to be successful. Before setting up my candle manufacturing business I made sure that I had a sales channel and a market demand. You really need to educate yourself about the business or industry you are in and know what your competitors are doing or not doing. Most of learning entrepreneurship is also “on-the-job” each and every business is unique.
Hey Dwyan, Thank you so much for taking time to read my article. I am with you on what you said. Most of us don’t possess all if not most of these characteristics, but I very much believe we can all learn to develop them at some point in our journey. I am discovering that the field of entrepreneurship and business is so huge, there are so many moving parts to be acquainted with. Not all business models are the same or will yield to success at the same rate as others. Yes, scaling up is another important factor to add into the equation. If you really want to take your biz to the next level, it is something you cannot afford to ignore, just like marketing and sales channels as you rightly pointed out. Identifying and correctly implementing our marketing strategies and tactics is what will help the business move to the next level. This means discovering and trying out new efficient ways to do things that will deliver results for us. I am also very pleased to hear of your perspective on both sides of the online and offline business. This will serve you well as you know exactly what works and what to avoid