What are the characteristics of a successful entrepreneur? Entrepreneurship is defined by the ability to identify an opportunity, plan for its execution, test the idea, and then launch a product or service.
Great entrepreneurs come from all walks of life. Some are self-taught; some are trained in schools; some are born into privilege. But great entrepreneurs don’t just happen. We follow a path that begins with an idea… and ends with a successful enterprise.
How do we do it?
What are the Characteristics of a Successful Entrepreneur?
Essentially, entrepreneurship is about creating, organizing and running your own business. This includes starting a business, sometimes managing employees, and building products or services (often from idea to outcome).
The characteristics or personality traits required to do this successfully will vary, of course, from person to person. However, there are certain qualities that most people who become entrepreneurs share.
Looking for the top 10 characteristics of a successful entrepreneur, we find they are…
1. Visionary
Visionaries have a clear picture in mind of what they want to achieve. They know where they want to go and why. They understand the problem they wish to solve.
2. Risk Takers
Risk takers are willing to try new things. They believe that if you fail at something, you’ll learn from your mistakes and move on.
3. Independent
Independent thinkers think outside the box. They like to challenge conventional thinking and see problems differently.
4. Creative
Creative people are able to imagine solutions to problems. They are good at coming up with innovative ways to solve issues.
5. Persistent
Persistent people keep going even when faced with obstacles. They persevere until they succeed.
6. Optimistic
Optimists expect positive outcomes. They believe that everything happens for a reason, and spiritual entrepreneurs may even believe we can influence the outcome.
7. Self-motivated
Self-motivated people are driven by internal motivation rather than external rewards. They are motivated by the desire to create something worthwhile.
8. Ambitious
Ambitious people are determined to make a difference in the world. They aim high and set goals that stretch them.
9. Resourceful
Resourceful people see opportunities where others may not. They are able to identify sources of funding, build relationships, find mentors and make connections. They can swivel and adapt to any turn of events or fortunes.
10. Organized
Organized people keep track of everything. They plan ahead and manage time effectively. (There is often some sort of awesome desktop planner or project management system involved with this one, it’s ok to get help that way!)
How to Develop the Characteristics of a Successful Entrepreneur
If you’re interested in becoming an entrepreneur, here are some tips to help you develop these essential character traits:
- • Be curious. Ask questions and seek knowledge. Read books, magazines and newspapers. Attend seminars and classes. Listen to podcasts and watch videos online. Learn as much as possible so you can start your own company.
- • Think outside the box. Don’t limit yourself to traditional methods of solving problems. Try new approaches. Look for creative solutions.
- • Have confidence. Believe in yourself and your abilities. Know that you can accomplish whatever you set your mind to.
- • Take risks. If you’ve got a dream, go after it! You might fail, but failure is only a stepping stone to success.
- • Work hard. Put in long hours every day. Set goals and work toward achieving them.
- • Be organized. Keep all necessary documents and information together in one place. Make sure your business plan is easy to follow. Start as you mean to go on with systems and finances.
- • Stay positive. Even though you may encounter challenges along the way, stay optimistic. Always look on the bright side.
- • Network. Build strong networks by joining professional associations, participating in community activities and getting involved in social media. Build an amazing community around you too, and support each other!
- • Follow through. Once you’ve made a decision, commit to it. Do what needs to be done to achieve your goals. Don’t let people down, no matter what.
- • Be flexible. Change plans as needed. Adapt to circumstances. Keep an eye on how the tides are turning at any given time, and turn with them to stay afloat.
- • Be patient. It will take time to succeed. You’ll need persistence and determination. Consistency is key, don’t chase after the latest shiny thing.
- • Be willing to learn. The more you know, the better prepared you’ll be to handle any situation that comes up. Self taught (or self sought!) knowledge is just as valid as academic education, don’t think you need degrees or certs to get education that counts.
- • Be open minded. Don’t close off possibilities just because you think you already have an idea. Consider other options before making a final decision.
- • Be disciplined. You’re your own boss, and your own manager. Stick with your plan and stick to deadlines, even if they are self imposed ones.
- • Be realistic. Expectations must match reality… there are no ‘het rich quick’ schemes that do anything other than take your cash to make someone else rich.
- • BE entrepreneurial. Live it and breathe it. Get fascinated, indulge in your passions, and be brave. Think about the big picture. Dream big dreams. Believe in yourself.
The term “entrepreneur” originates from French, where it translates to “one who undertakes.” This word describes someone who takes action, who starts something new and brings it to life. Entrepreneurship is about creating things, starting businesses, building companies and doing anything else you want to do.
All of that begins with you.
