Do you ever feel, what are the most important characteristics of a successful entrepreneur?
Well, you are not alone.
It’s a never-ending debate and there is a very tiny chance of getting a conclusion.
What if I told you that there are not many but a few common characteristics which make an entrepreneur successful?
And more interestingly, by developing these characteristics of an entrepreneur, could become one of them too.
You’d probably be pumped to read about them.
Good news for you, that’s exactly what I’m going to discuss with you in this post.
15 characteristics that make an entrepreneur successful. (Don’t worry if you don’t have these traits. These are well learnable and could be developed over time).
Entrepreneurship is a lonely path.
No one is ever going to push you to achieve your dreams and goals. You have to do it for yourself.
Self-motivation is said to be the ability to motivate yourself to keep going even in the face of setbacks to take up opportunities and show commitment to achieving what you want.
As an entrepreneur, you need to have a lot of self-motivation to run and grow your business to make it a successful venture.
Author Richelle E. Goodrich describes the importance of self-motivation this way:You may be the only person left who believes in you, but it's enough. It takes just one star to pierce a universe of darkness. Never give up. ― Richelle E. Goodrich Click To Tweet
Self-motivation could be characterized in two parts; Internal Motivation and External Motivation.
While most of the people depend on external motivation (like a motivational speaker, appreciation of their family and friends, etc.); entrepreneurs are self-motivated (internal motivation).
Most importantly, entrepreneurs don’t expect others’ support. They know what they are doing and why they are doing.
They are very clear about the purpose of their work and understand the importance of it.
It’s their purpose which does the work for them, it pushes them through the tough challenges.
Thus, if you want to be an entrepreneur, you have to have extreme motivation within yourself.
Successful Entrepreneurship involves some amount of risk.
As an entrepreneur, you have to be ready to take the needed risk before you decide to go into business.
Risk is a common ingredient in entrepreneurship. To be successful as an entrepreneur, you have to take the risk to initiate a business and bring out the uniqueness in it to gain a competitive advantage.“The biggest risk is not taking any risk... In a world that is changing quickly, the only strategy that is guaranteed to fail is not taking risks."- Mark Zuckerberg Click To Tweet
For example, Elon Musk could have retired after selling Zip2 for US$307 million and PayPal for US$1.5 billion. But he takes the risk to invest all his money in a new venture, SpaceX, a space agency. It was fine till then but become worse when 3 launches in a row failed.
Everyone thought SpaceX is finished. Investors hesitate to invest more money as they don’t think that it could be possible anymore.He is at the edge of bankruptcy when he announced to launch the 4th vehicle in a very short time.
Musk borrows money from here and there to give it a final try. And in the fourth attempt, it was succeeded and NASA awarded SpaceX a $1.6 billion contract to service the space stations.
Consequently, If you look at his story you will find out it’s he believes in his vision and the capability to take the risk to bring him such great success. Now SpaceX is a well-established company and he has a net worth of $19.4 billion.
The only way to achieve great success in business is by taking the well-calculated risk. The bigger the risk, the bigger the success.
Network is known as the social currency in business.
It is the process of building a reciprocally beneficial relationship with other business people and potential customers.
The most explicit benefit of networking is to build a strong relationship with the potential customer which will eventually generate more revenue for your business.
Networking with other business people and investors can help you identify opportunities for partnerships, joint venture or new areas of expansion of your business.
As an entrepreneur, it also helps you in gaining knowledge and experience new things by building a network with influential and experienced people in the business.
Knowing how to build a network is an essential part of an entrepreneur’s characteristics which every entrepreneur must master.
Change is the only certain thing in business.
Flexibility is a very important trait of every entrepreneur to win the game of entrepreneurship.
It’s very crucial in an ever-changing business environment where things and situations change daily. If one strategy fails you have to be ready to try another.
You also need to be very flexible in handling the changing behavior of your customers and the market.
As Tony Robbins saysStay committed to your decisions but flexible in your approach. - Tony Robbins Click To Tweet
Thus, entrepreneurs are willing to fulfil every necessity of their business and take things with an open-minded approach which helps them solve problems in a more effective way.
A flexible entrepreneur never gets uncomfortable with the uncomfortable.
Entrepreneurs know how to work as a team, as it’s one of the most significant factors of a successful business.
In business, effective teamwork is the secret of a successful venture.
As an entrepreneur, you have to know how to work effectively as an individual as well as a team member with your colleagues and employees.
As Jack Ma says,
Effective teamwork is very essential in the course of achieving organizational goals and objectives.
Entrepreneurship is a job of taking responsibility.
As it all starts from taking the responsibility to solve problems others are stucking with and continue through taking charge of their failure and so on.
Responsibility is what stands entrepreneurs apart from others.
However, Responsibility of entrepreneurs could be of many types, like, building a sustainable and scalable business, developing the best products or services to solve the targeted problem and continuous improvement of it.
Ability to Work Hard
Working hard on your dreams and goals to achieve them is very important as that’s what we are striving for.
Successful entrepreneurs from all over the world credit their work ethic for their mighty achievement.
Elon Musk is a real master of it. As he says,
“Work like hell. I mean you have to just put in 80-100 hour weeks every week. This improves the odds of success. If other people are putting in 40-hour workweeks and you are putting in 100-hour workweeks, then even if you are doing the same thing, you know that you will achieve in four months what it takes them a year to achieve”.
Most people never succeed because they can’t pay the price of success. It takes a lot of effort, hard work and determination to achieve something great in business as well as in life.
Hold on, just working hard is not going to take you anywhere. You need to be smart as well.
Smartness is not what school tells us about it. Being smart means to know what you are doing and why you are even doing it. There are a few ways in every field that leads us to success. Smart people are those who crack it.
Work smartly hard.
That’s the key to success.
Passion is the most essential element of successful entrepreneurship.
It’s the fuel that every entrepreneur needs to keep moving in their journey.
There is a great saying on it,Do what you love or love what you do Click To Tweet
As an entrepreneur, you have to have a lot of passion for what you are doing. Because it’s very hard to keep going when time is tough in business. If you are not passionate about what you are doing, you will give up.
Therefore, passion for entrepreneurs is the firepower which motivates them to be courageous in their decision, take the risk to overcome challenges and be focused on their vision.
Among all, self-confidence is one of the most important characteristics of an entrepreneur.
An entrepreneur without self-confidence is like fish without water. You can’t even survive without it. That’s how important it is.
Self-confidence is what gives you the ability to stand strong in the hardness of the business environment.
It is nothing but a firm belief in your ability.
Besides, it describes what we think and feels about ourselves internally. Entrepreneurs believe they can fulfill their dreams.
Self-confidence is something which built over time, not born.
As an entrepreneur, when we are starting, it’s normal to be not confident and worried about what may go wrong. You might be hesitating to even discuss your idea or business.
However, building self-confidence is crucial for your overall success as an entrepreneur.
CreativityCreativity is just connecting things. - Steve Jobs Click To Tweet
As an entrepreneur, creativity is to solve an existing problem in a different way that no one can think about or creating new industry/niches which solve a problem that most people can’t see at all.
It is a very essential skill for entrepreneurs for the creation of new ideas which leads to competitive advantage.
However, creativity allows entrepreneurs to think beyond traditional solutions and come up with something new, interesting, versatile, and yet have success potential.
Leadership is an essential skill as well as an important characteristic of an entrepreneur.
It involves organizing and motivating a group of people to achieve a common objective through innovation, risk optimization and taking advantage of opportunities.
An entrepreneurial leader knows who they are and what they want. They live by their purpose which is the center point of their life and business.
A true leader is someone who provides the same opportunity to everyone around him/her to grow their talent and skills.
An entrepreneurial leader is no different from that.
He knows how the growth of their employees can flourish their business.
Most importantly, Entrepreneurs are visionary. They have ideas for the future and they know to implement it for further betterment.
This is what makes an entrepreneur, a leader.
An entrepreneurial leader is rated based on the result he produces.
Any success in business and your life starts with a vision. Entrepreneurs are futuristic.
It is the ability to see what most people can’t see.
Visionary entrepreneurs can see what exactly going to happen or how their business will look like when the objective will be achieved.
We often see, entrepreneurs, doing crazy or stupid things and think, why they are even doing this? Is it necessary at all?
There is nothing wrong with that thinking because we can’t see the picture they have in their minds.
Visionary entrepreneurs are those people who control their future by envisioning it.
They are always thinking about the possibilities to make a better version of today for the future.
However, having a vision is an important characteristics of an entrepreneur.
Optimism is a must-have characteristic that could be found in every good entrepreneur.
It is a mental attitude reflecting a belief or hope that the outcome of some specific endeavor will be positive, favorable, and desirable.
Being optimistic helps an entrepreneur to keep doing the things that are important for the organization and should be done without much focusing on the result.
For instance, what do you see the glass half empty or half full?
For entrepreneurs, it’s always half full.
They always positively look at things and try to find the best possible outcome in everything.
Entrepreneurs see problems as an opportunity to make the world a better place to live.
One of the most usual reasons for business failure is the lack in the determination of entrepreneurs.
Those who are not determined enough to keep going until they succeed tend to leap from one idea to another when facing difficulties.“Failure will never overtake me if my determination to succeed is strong enough.” - Og Mandino Click To Tweet
If you want to know you will be successful or not, answer this question:
How bad do you want it (your dreams)?
Just answer to yourself and be honest with it.
You have to be very ruthless on yourself because that’s what it takes to be successful in entrepreneurship.
Honesty is an underrated but very special trait of an entrepreneur. It is the best service you can provide to your customers.
As an entrepreneur, you have to be honest with yourself and your customers to achieve any long-term success.
Being honest in your business helps you in building a meaningful relationship with your customers and employees.
According to some successful entrepreneurs, providing an honest appreciation to your employees can boost their intent and productivity which ultimately flourish your business growth.
I hope you understand the significance of different characteristics of an entrepreneur.
Now I want to hear from you:
Which characteristics from this post do you have and which you don’t?
How do you going to develop those characteristics?
Let me know by leaving a quick comment.