Are you planning to start and run your own business? Do you know the right qualifications and characteristics an entrepreneur must have to succeed? Does your profile match that of a successful entrepreneur? In this article, we will explore and discuss the essential characteristics that every entrepreneur must have. There are several important traits and values that are common among successful entrepreneurs.
Before you go and start your enterprise, it will be very helpful to think and reflect whether you have what it takes to be a successful entrepreneur. If not, you can also start developing these character traits.
Successful Entrepreneurs are Self-Confident – to succeed in the highly competitive business world, confidence and trust in oneself is an indispensable trait. Self-confidence means trusting your own powers and capabilities. The world of entrepreneurship is not without failure and disappointment. To survive in such a cutthroat world, an entrepreneur must have the ability to look within himself and find the drive and persistence to pursue his dreams. An entrepreneur must have the gumption to face any adversity and tackle any problems that may be encountered in the world of business.
It may take time for your idea to take root. You will encounter plenty of people who will discourage you. They may even challenge your character for even “thinking such a thing” (as your idea). Having self-confidence can protect you from much of the negative energy that may come your way.
Successful Entrepreneurs are Risk-takers – being an entrepreneur means having the ability to trust your hunches and acting on them. Great business ideas sometimes start as a hunch which enterprising individuals act upon. There is always the risk of loss in any endeavor, and entrepreneurs have just the right confidence to take calculated risks to achieve their objective. However, an entrepreneur’s risk-taking does not depend on luck, but on sheer effort and hard work.
Risk must be measured against reward. There is no need to be a dare-devil. But there is a good reason to accept some amount of risk in order to achieve your goals.
Successful Entrepreneurs know the value of money and are careful about their finances – to succeed in any business; an entrepreneur must understand the value of money and the cost of things. Typically, successful entrepreneurs learned how to earn and value money at a young age. Most of them started out by earning loose change as teenagers mowing lawns, doing groceries, babysitting for neighbors, etc.
Successful entrepreneurs have the so-called head for business – many entrepreneurs are gifted with intuition: they know what product or service is going to ‘click’ next. However, this ability does not involve clairvoyance or extrasensory powers of some sort, but rather, keen observation and understanding of what is going on around him. A good entrepreneur is always on the lookout for new ideas and new ways to make money.
Sometimes though, the entrepreneurial idea is not enough to win success. You need counsel for things you may not know about running a business. It is often said many start-up founders don’t know what they don’t know. Seeking out a reliable mentor is a good practice for helping to shorten the learning curve. Making early mistakes can be costly, if not fatal to your business. Surrounding yourself with trusted advisers can create a safety net.
Successful Entrepreneurs are competitive – the world of business is a very competitive environment. An entrepreneur must be aggressive enough to pursue his goal despite having many rivals and competitors. An entrepreneur must know how to stay ahead of his competitors, either by introducing new ideas and exploring new ventures, all in the spirit of expanding his business.
There is a big difference between being competitive and arrogant. A strong will to win is fine, but should not bleed over into an egotistical arrogance. Ego will block the ability to take feedback and input from those who want you to win. Be competitive, but be sensitive to the temptation to get carried away with the attitude.
Successful Entrepreneurs are honorable and have a good work ethic – although it is a fact that the business world is ruthless, the successful entrepreneur will strive to make every business deal honorable. The mark of a successful entrepreneur lies in a good personal work ethic that ultimately leads to good business practices, excellent reputation and good association with industry peers and business partners.
Becoming a business owner people can trust carries a great long-term value. The reputation you build is as important as the earnings you gather along the way. Your reputation will allow you to build other businesses at a later stage.
Successful Entrepreneurs know the importance of leisure time – hard work and determination are very important values every entrepreneur must have. However, a good entrepreneur knows when it’s time to take a step back from all the rigors of business and enjoy some downtime with their family. Besides, we all do need a little relaxation to refresh the body and mind before plunging back into the challenging (and stressful) world of business.
I like to call this time “re-calibration”. The stress and pressure of the daily grind demand periods of rest and recovery. Miss this and your endurance will suffer, if not your health.
These are just seven of the most important characteristics of an entrepreneur. Of course, the characteristics every entrepreneur must have are not limited to the ones mentioned here. Having these characteristics is not a guarantee that an entrepreneur will be successful. Yet with these characteristics, an entrepreneur has just the right ingredients for success. All one needs to do is to find the right mix of these values, excellent timing, perhaps a bit of luck and, of course, faith in oneself.
So, do you have what it takes to be a successful entrepreneur? Go over these characteristics and values again. Ask yourself if you are ready to take the entrepreneurial plunge.[reminder]Do you think you have what it takes to become a successful entrepreneur?[/reminder]
Hi, I am Doug Thorpe. Author, speaker, entrepreneur, and business coach.