“Entrepreneurship is about being able to face failure, manage failure, and succeed after failure.”
Entrepreneurship is more than just a word, it is a motivation, passion, and continuous struggle to achieve something. It is a desire that keeps your drive to stay focus to be successful.
Often passion and entrepreneurship are intricately linked.
After all, it is the urge for progress that keeps you awake into cold nights, and during hot summers.
Often successful entrepreneurship is associated with daring to take risks, ascertainment, and an unlimited reserve of energy, motivation, and creativity.
Most successful entrepreneurs benefit from the right combination of luck and skills.
Luck in a sense when your idea catches fire at the perfect timing while skills in the sense that successful entrepreneurs are adept of capitalising on lucky timing.
But this is about skills and luck, do you think there may be some traits which make a successful entrepreneur successful?
Well, before answering it, you need to make it very clear that anyone can be an entrepreneur.
Even if you have a self-starting factor, you can call yourself as an entrepreneur. Success is not a by-birth thing. These are the traits that have enabled moguls like Steve Jobs, Jack Ma, to make impossible, possible. So why not you? You too can follow and develop those traits.
So if you wish to upturn your personal and professional success, then developing certain personality traits that can skyrocket your success chances.
Let’s have a look at 25 well-known entrepreneur traits that can help you to be a success in the business industry.
Passion is the first and foremost trait that every entrepreneur possesses, and for an apparent reason. A person is successful because he loves what he does, and he has a passion for it. He puts all his efforts and spends extra hours in the business to make it successful and burgeoning.
Passion is not an erstwhile feeling; it is a holistic state which keeps you motivated all the time.
Without passion, you cannot even think of achieving or dreaming about something. Remember, nothing makes one unique, but it is a passion which does magic. No person can master a skill or succeed in any field of life if he or she has no passion for work.
So on your way to be a successful entrepreneur, you should develop a passion for what you want, only this way you can achieve something. Passion is fuel and success is a vehicle; without fuel, you cannot accelerate your vehicle.
- Strong Work Ethic
There is no way to build a successful career without a strong work ethic. It is impossible to find a successful entrepreneur who got at that level where he is today by merely working 8 hours daily from Monday to Friday, and by watching movies at weekends.
It is impossible!
Instead, determined people work hard for long hours, and they use their passion for results to drive them to continue their hard work toward their goal. But you must be curious what is meant by a strong work ethic?
Well, it includes a willingness to get up early and work hard into the night. Most probably, it means to spend your spare time searching for strategies that can help you grow your business. Successful entrepreneurs are always inspired to keep going, whether that means spending time on a new idea or try some activity; they know how to spend their time well to increase their productivity.
A great trait of successful entrepreneurs is— determination.
They never let the failure be an obstruction in their way to achieving something big. They never get affected by the defeats they encounter.
Instead, they use their failure like an opening for a new opportunity to create a successful story. They believe in trying again and again until they get to succeed. They expect less and do more. Word ‘impossible’ is abuse near them.
Determination is something that never let us fall apart. No matters how much time a thing takes determination. You can achieve it. Remember, win and lose is a part of life; you can never fail; you only win or learn. There is no such word ‘failure’ that can stop you from achieving your stated goals.
When it comes to successful entrepreneurship, there is a lot of talk about ‘P’ words like Passion, Persistence, and Perseverance. But for me, there is should always a fourth ‘P’ and that is Planning. I have seen a lot of unsuccessful entrepreneurs having all the above mentioned ‘P’ as traits, but never have become able to achieve anything.
We can find many people who never made it— and never even stop trying, either. But the best ‘P’ is planning that can help you in the long run. A healthy business plan is a vital strategic tool for entrepreneurs.
With a good business plan, entrepreneurs can focus on specific necessary steps to make their business ideas succeed. It also helps them in both long and short-term objectives, so yes, Planning is crucial; only passion is not helpful.
- Strong Communication Skills
Effective communication can make or break your deal. If you are good at communication, then congratulation you are on your way to conquering your field. Most successful entrepreneurs are known for their strong communication skills.
With the help of clear and smart communication, you can sell even the worst product, and that is a reality. It is all communication that connects businesses. Excellent communication skills motivate your employees, this guarantees you can 2X your product sales and productivity at the office level.
The successful entrepreneurs who have the power to drive the employee can see their business grow at high speed.
Creativity is not a trait; it is a skill, and only a few can master it. Thinking of innovative ways to develop your services and improve your business. Creativity helps entrepreneurs to create new ways of improving the strategies for an existing product and optimise business growth.
Often situations cannot be in our favour, so only creative minds can find the solution between two unrelated cases. Above that, creativity lets the entrepreneur get a room of improvement in the deliveries if he learns how to do it uniquely.
Creative people know how to re-purpose a product or service and sell it in a market. So if you want to be like successful entrepreneurs, then you need to be creative enough.
No entrepreneur can truly be a successful entrepreneur without being organised. Being an entrepreneur, you would have to wear many hats. This means you need to learn to balance many tasks effectively and efficiently.
Being an organised individual intends you’re able to get the job done on time. You may have fewer resources, but if you succeed to get them organised, you can optimise the growth. Poor organisational ability can lead to failure or even can hinder your business growth.
Lack of organisation in business can lead to, tasks piling up, paperwork getting lost, you can waste valuable time, and that’s scratching the surface. So excellent organisation skills can help you save time, efforts, and most importantly, to scale up your business.
You cannot be successful in any field if you don’t have an eagle-eye on your competitors. A good entrepreneur is the one who not only works hard, but keep an eye on the competitors’ activities to learn what new they are doing, and how effective the results are.
The primary purpose of a competitive analysis is to help to determine entrepreneurs the strengths and weaknesses of the competitors within the current market. This way, you can develop clear strategies that can give you an edge over the competitors.
You can overcome the barriers in your way, and form a protective shield to enter the market. The other one’s weakness can be your strength. Always remember you are living to win and to be the first in your race, you need to be competitive enough. So, competitiveness is another trait you need to evolve.
Like I mentioned above, to be a successful entrepreneur, you need to have a self-starter factor in you. It is essential to develop confidence if you plan to do something. History tells every successful entrepreneur always know that if something has to be done, only the needs to make efforts. He needs to set the parameters. Being a successful self-starter helps you to be strong enough to cope with failure. Yes, the ability to getting back up after emotional or financial hit is what makes you distinctive. It is crucial to be a self-starter if you look for long-term success in your career. An ability to getting up back, self-starter is persistent, and know he has to work by himself no one is going to be there in need.
The successful entrepreneurs always keep faith in what they do and have firm determination and planning. Self-Confidence is something you need in every walk of life. It is necessary to radiate confidence in whatever you do. No matter if the outcome is different from what you wanted.
You worked hard and showed confidence; this is what matters. 99% of people get success when they do anything with certainty. But you should always draw a line between confidence and over-confidence because both are different things and result in different outcomes.
Remember, every event and situation in your life is like an opportunity to avail.
Whether it is about your personal life or business life whenever you get a chance, use it as an opportunity.
If you want to be a successful entrepreneur, then you need to understand that every situation and event is like a business opportunity. With awareness and advancement, new ideas are continuously coming out regarding business, skills, workflows, and strategies.
You only need to be an open-minded individual, like the one who can see the opportunity from different perceptive and can focus on achieving goals. You need to be adaptive and competitive enough to rock every field of life.
- Always Ready To Take Exit
Hey, you should be ready to take the exit. It is not necessary every time you will get success. Mostly venture’ failure can lead entrepreneurs to depression, and even the entrepreneurial rate of venture’ failure is quite high.
So, it is essential to prepare yourself in advance. Sometimes it is wise to take exit if you are not finding your current venture successful enough. Mostly entrepreneurs adopt a stubborn attitude and continue to stick to the old enterprise, but that is something unprofessional, and immature approach towards business. It results in nothing but derelict cost investments.
However, most of the successful entrepreneurs were not successful at the beginning of their carrier just because the venture was not good. But they have the prudence and quietude to know when to reduce or limit the loss and restart something new from scratch.
Working as an employee and working as an entrepreneur, both are different things. When you are on your way to being an entrepreneur, then you sit at the driver’s seat. You are responsible for everything.
So, it is essential to be proactive with your approach. No one is going to be here for you, and you are going to have to be active in your tasks. No doubt, you have the option to be a doer and hire the people to do things. But it is recommended to do everything by yourself so that you can experience multiple hats. Passion and doer spirit is what every entrepreneur is needed to succeed.
Without a vision, running a business is like sailing a boat without knowing the direction or destination. No doubt, being an entrepreneur, you have more responsibility compared to employees.
You need to draw a clear vision of what your business is about, where your business will go. To outline a vision, you need to be a person with a skill to see a big picture or think ahead.
Discipline is vital in every part of life.
An entrepreneur can only be successful if he or she utilises all efforts on making the business work.
They always to try to ignore distractions that can stop them from achieving their goals. Their leading strategies help them to achieve their stated goals while outlining the plan to get success. Entrepreneurs can become successful only if they are disciplined because it helps them to make new changes and step every day toward the accomplishment of their goals.
So discipline is essential to be a successful entrepreneur.
Do you know successful entrepreneurs do not have enough room for indecisiveness or deferment?
This trait is something that makes an entrepreneur different from others. No doubt, one during his or her ventures they will reach some point (sooner or later), where he or she has to make tough decisions.
So that deceive characteristic helps to take actions and even stressful decisions without being confirmed about the outcomes.
- Time Management
Well, time management plays a very vital role in making you a successful entrepreneur.
Yes, it helps you juggle different tasks at once. And entrepreneurs are the jack of all trades handling various tasks at once. Being an entrepreneur, you will have many functions which you may need to do delegate.
So managing your time and employees time can help you to handle everything with undivided attention. If you can’t sort out, turn in or out, or juggle between various tasks, then you fail to manage your business efficiently.
Pro tip: We have started using Milanote for project management the tool organises creative projects into beautiful visual boards. By design, it feels a lot like working on the wall in a creative studio – visual, tactile and sometimes a bit messy – Milanote is a great fit for designers who work in teams remotely.
– Write notes & to-do lists, upload images & files and save things you find on the web
– Organize visually using the flexible drag and drop interface.
– Boards by default are a private place to think, but with a single click you can create a shared workspace for collaboration with your team
– Milanote is filled with hundreds of built-in templates to help you get started with a variety of different projects, from creating a mood board to writing that perfect creative brief.
- Hard Work
Do you know successful entrepreneurs are successful because they love what they do? It is only the passion, determination, creativity, ingenuity, and hard work which help you to be an entrepreneur.
Remember, without hard work; you cannot achieve anything in your life. Working hard means to stay focus and ignore all the distractions around you. Becoming a successful and famous entrepreneur is not all about starting your own business but beyond it. You need to become a leader of people.
Yes, leadership is something that makes you realise being an entrepreneur is not all about the freedom to work for yourself. But it is like creating a successful career and getting famous among others, and that is only possible with hard work.
- Team Spirit
Entrepreneurship is not solo-show, but it is like a stage play where everyone has to play its crucial role perfectly.
It never matters how much talented you are; if your team is not component enough, you can think of running your venture successfully.
Any company can lag behind the target milestones without the support of the creative team. Hiring an innovative team helps you make a huge difference. No, a team is not only meant to be employees, but it also includes working with agencies or freelancers.
You can achieve your desired goals if you don’t get the support of the right people.
Commitment is needed, whether it is about personal relationships or your relationship with your business. Without commitment, achieving your primary business goals could be challenging. The reason is there would be times when you might feel broken, dishearten, and disappointed.
It is during such times you need to show confidence, faith, and need to be steadfast no matter how hard the situation is. You should always remain committed to your business goals and vision. It at any specific point you forget your commitment during your business, then be ready to face failure.
That is why flexibility is what makes a successful entrepreneur even more successful.
- Invest In Yourself
If you want to be an expert or successful entrepreneur, then you need to invest efforts, money, and energy in learning something new about your business industry as much as you can.
After all, you want to be an entrepreneur and sooner or later going to lead thousands of people. So how can you suppose to support them if you don’t have enough knowledge or resources? That is why you need to invest in yourself if you want to get the desired results.
- Build A Solid Reputation
To be a successful part of the business industry, you need to build a solid reputation. Yes, it is essential to winning the trust of customers and investors in the market.
You don’t need to give them any reason to distrust you because it can severely affect your business. Even being a start-up entrepreneur, you need to build a reputation, so that you can cultivate future opportunities.
- Design Workspace For Success
Well, you don’t need to design an impressive workspace for success, especially in your first month of venture— because that would be a bad idea. But you should have space where you can work freely without distraction.
It is essential to create a working atmosphere to work efficiently. Moreover, an exceptionally professional looking workspace gives a good impression of you to your customers or clients.
- Negotiation Is Good
Don’t be a solid-rock as sometimes it can cost you heavy.
At some points in your business, you will have to negotiate, and that is ok.
Sometimes negotiation can lead to better results, and no doubt it is a great skill to get down early.
- Limit Your Hates
Once you learn how to manage multiple tasks, and become able to identify at which thing you are doing great, then you should limit your hates. You cannot be a master of everything, and that is ok to define your hates and focus on only what helps you grow your business.
I hope this comprehensive write-up will help you understand the well-known essential traits of successful entrepreneurs. You don’t need to master everything; you don’t even need to have all these traits to be a successful individual. Only a few of them will be enough to achieve your goals.
However, on your journey to get success. You will learn lots of new things, ideas, and ways that can help you grow your business and become a successful entrepreneur.