Which qualities of a successful entrepreneur are most important?
There is not one quality that makes them successful. It’s the combination of a bunch of qualities that make them successful.
After observing and reading hundreds of entrepreneurs, I have shortlisted these 20 qualities that all successful entrepreneurs possess.
If you are an entrepreneur or aspiring to be one, then keep on reading because you are going to know a lot about the qualities you have and the one you have to improve.
So, let’s not wait and dive right in.
20 Qualities of a Successful Entrepreneur
The first quality of a successful entrepreneur is that they are highly self-aware.
They know who they are, what they stand for, what they want to achieve; they have a very strong sense of self.
As an entrepreneur, you must know who you are and what your core values are. It will help you make every business decision around that.
Once you know who you are and what you stand for, it’s become very easy to make the decisions from hiring to raising capital to making the right strategy to grow, everything becomes a lot simpler.
All the qualities of a successful entrepreneur would not work until this one is on spot.
Entrepreneurs are very good at making quick as well as correct decisions. As you are an entrepreneur or aspired to be one, it’s a courageous decision in itself.
Decision making is the most critical part of building a business. The fate of your business will be decided by the quality of the decision you make today.
You as an entrepreneur have to decide everything and it must be quick and accurate.
Speed matters a lot in business. The faster you can decide what’s good for your business health and act on it, the successful you become.
So the things to remember here is, make quick and accurate decisions and the speed of action to follow-through that decision.
3. Know how to Handle Failure
Every entrepreneur has a great relationship with failure. They see failure as an option, a part of the process.
People who are afraid of failure and see failure as permanent can never be successful in business.
Successful entrepreneurs are those who understand that you will fail your way to success. You see, every successful entrepreneur went through several failures.
But they don’t let that be the end of everything.
The key here is that they learn from their failure. If you see failure as an experience to learn from, then soon or later you will be successful.
4. Model Success
Success leaves clues.
Successful entrepreneurs understand that the problem they are going through right now, someone had already solved it in past.
The entrepreneurs who try to solve every problem by themselves and come out with a new idea every time often struggle to get any success.
Smart entrepreneurs understand that they can model the success of others and leave their mark in the world.
So, if you want to be a successful entrepreneur then learn from other successful entrepreneurs and build upon it.
The common set of advice you will get from every successful entrepreneur is, follow your passion.
Look, building a business is hard, it’s extremely hard and if are not passionate about what you do, you will give up.
When people will criticize you for your failure and advice you to give up which might sound logical, the only thing that will keep you going is your passion for your work.
You must be crazy about what you do and the change your product or service is going to bring.
Among all qualities of a successful entrepreneur, this is one of the most important.
In simple words, discipline is doing something you must do whether you feel like it or not.
As Dwayne Johnson says, “All success begins with self-discipline. It starts with you.”
Self-Discipline is the biggest difference between successful entrepreneurs who keeps doing what must be done and unsuccessful entrepreneurs who wait for the next burst of motivation.
As an entrepreneur, you have to know what you want to do, when you want to do it, and then do it anyway.
The bottom line is, keep your words.
If you have promised something to yourself, keep that promise. That’s how you build self-discipline.
You must have a sense of respect for yourself.
7. Good at Asking for Help
Successful entrepreneurs are very good at asking for help. They don’t put their ego in between.
I know you might be super genius and intelligent but admit it, you don’t know all the things in the world.
As Steve Jobs said, “I’ve never found anyone who’s said no or hung up the phone when I called-I just asked. And when people ask me, I try to be as responsive, to pay that debt of gratitude back. Most people never pick up the phone and call, most people never ask. And that’s what separates, sometimes, the people that do things from the people that just dream about them. You gotta act.”
That’s the thing that differs a successful entrepreneur from an unsuccessful entrepreneur. Successful entrepreneurs don’t hesitate to ask. They don’t fear rejection.
Having integrity is one of the most important quality of great entrepreneurs. It is a big part of their characteristics.
Integrity simply means doing the right thing, because it is the right thing to do.
Great entrepreneurs never compromise their honesty and integrity at any cost. They give promises carefully and keep it without being failed. Entrepreneurs with integrity build their businesses on truth.
Many entrepreneurs fail because they build their business on lies for short term success.
On the other hand, successful entrepreneurs believe in being truthful. For them, the character is way more important than success.
And this is the concept that makes them successful.
Self-Confidence is how a person feels about himself.
Confidence comes from knowing your worth. Successful entrepreneurs know what they are capable of and what they deserve.
Many entrepreneurs are very conscious of the opinions of others.
But successful entrepreneurs don’t care what others have to say about them. They focus on their work and get things done.
They know what they want to accomplish and it can be seen in their decision making.
Persistence and success go hand in hand.
Most entrepreneurs never achieve their desired success is because they don’t persist in the face of adversity. The truth is they are not mentally prepared enough.
Successful entrepreneurs show up every day and give their best shot consistently which sets them for greater success.
All kinds of success demand a certain amount of price and you must be willing to pay the price. To be successful, you need a never, never, never, never give up attitude.
The harsh reality is most people give up too fast because it seemed too hard.
If you are committed to fulfilling your dream, be ready to go through hell.
Determination is the ability to keep doing something, although it’s very difficult.
As an entrepreneur, you have to go through a lot of adversities in the process. So, you have to be mentally ready right from the beginning that you are not going to stop until you accomplish your goals.
Successful entrepreneurs are clear about what they want and they continuously do something that can move them towards their most ambitious goal.
For a determined entrepreneur, there is nothing impossible.
As great Napoleon Hill said, “Victory is always possible for the person who refuses to stop fighting.”
12. Great Motivator
Internal motivation is the fuel that keeps you going in the hard times.
In entrepreneurship, you have to go through a lot of ups and downs. So, it’s very obvious that your team or sometime even you will lose motivation.
As a leader, you have to keep on motivating yourself and your team to take one more step and then one and one more.
Now, there are various ways to motivate your team, like, by appreciating, giving a reward, making them a part of the decision-making process or continuously reminding them why we are here, etc.
13. A Clear Sense of Direction
It’s not a new thing that a lot of entrepreneurs start with a certain goal and dreams and lost their vision in the day to day operation.
The biggest quality every successful entrepreneur posses is that they know what they want to accomplish and how to get there. It’s their responsibility to set the tone for the team.
The first step for you is to know where you are going, what is it that you want to accomplish. Vague goals lead to vague results.
You must have a clear sense of direction and a system to track if you are moving on the right path or not.
Everything takes longer than the assumption for an entrepreneur.
Admit it, all good things take time. I am very much sure of one thing, nothing of value comes easily.
We are living in a fast-paced world where everything is changing so quickly including business. So, the world we live in value quick thinking and dynamic action but entrepreneurs must remember that patience, especially in business, truly is a virtue.
Too many people in business give up too early by thinking that they are doing something wrong but the truth is; they are impatient.
Gary Vaynerchuk put it greatly, “Your lack of patience is killing you.”
Patience is the game.
15. Strong Work Ethic
Work ethic is the most common ingredient of an entrepreneur. It’s nearly impossible to find a successful entrepreneur with a low level of work ethic.
Most people misunderstand what work-ethic is. So, let’s first find out what it is.
Work means any activity involving mental or physical effort done to achieve a purpose or result.
Now, ethics means the science of morals. Here moral is a person’s standard of behavior or beliefs concerning what is and is not acceptable for them to do.
As an entrepreneur, you have to know your standard, what you stand for, your beliefs, and your vision, mission, who you want to be.
To achieve your desired result, you never compromised with your vision and beliefs and you don’t allow your standard to fall.
That’s what successful entrepreneurs do. They never compromise with their work ethic. It’s their identity.
Among all the qualities of a successful entrepreneur, this one is the most common.
16. Good People skill
What is a business without people?
Entrepreneurs are good with people.
You as an entrepreneur have to work with people; with employees, shareholders, customers, investors, and many more.
So you must be able to build a good relationship with them.
Now, some people are naturally very good with people and get along with them very easily. If you are among them, then great.
But if you are not, you have to be better at it. Although it is a skill as well and it’s learnable.
Steve Jobs said, “Creativity is just connecting things.”
Creative thinking is a must-have quality for an entrepreneur to bring in innovative ideas and make their enterprise a big success.
Besides innovation, creativity also helps an entrepreneur to find out possible improvements in current products or services which gives an edge to their organization.
A creative entrepreneur solves problems that seem unsolvable and make this world a better place to live.
In other words, creativity makes an entrepreneur limitless.
18. Risk Taker
The biggest risk entrepreneurs take in their life is starting a business. Look, business is unpredictable. The world is changing rapidly so is business.
But the truth is, there is no business without a certain amount of risk.
It all starts with saying bye to the paycheck to sacrificing personal capital to donating personal time, energy, and health.
But if you ask any entrepreneur, you will understand there is no risk for them. It seems very obvious to them.
They will tell you, it is something that must be done. And on that occasion you can’t think about risk; you only think about the possibility.
To be a successful entrepreneur, you must work on the business, not in the business.
Let’s face it, you may want to but you can’t do everything in your business. You just can’t indulge yourself in day-to-day tasks; instead, you should focus your all energy on growing your business.
That’s where effective delegation comes in.
By hiring staff to handle your not so important tasks, you can focus all your attention on the things that are most important for your business’s success.
But you must choose those people very carefully because every little thing matters a lot in business.
20. Good Listener
In a world that can’t stop talking, listening is a quality that every entrepreneur must possess.
Entrepreneur’s priority is to listen to their customers to understand what they want and figure out how to provide that.
It’s also very important that you listen to your employees and understand deeply what they have to say about different things about your business.
Your employees may know more than you about your business in some context.
As Nelson Mandela said, “Be the last to speak.”
If you follow this simple rule, it will certainly make you a great listener.
Which Qualities of a Successful Entrepreneur do you have?
Hope you enjoy and learn from this article.
Now it’s your turn.
Which of these qualities of a successful entrepreneur you have and which one is needed to be improved?
Did I miss something? Let me know by leaving a quick comment.