10 Critical Traits for Successful Entrepreneurs

Many people dream of being an entrepreneur. They envision their business as majorly successful; allowing them to make enormous wealth.  They are the boss, have the freedom to come and go as they please, and work how and when they want. If only this were the reality, everyone would be an entrepreneur! Unfortunately, this is not the experience for most. Being an entrepreneur can be tremendously rewarding, but it is hard work. To be truly successful you need to have the traits of successful entrepreneurs.

On average, entrepreneurs work harder and put in longer hours than their employees, while taking on much more risk.  The failure rate of new businesses is estimated to be between 30 percent and 70 percent within the first two years.

Despite the odds, thousands of people launch new businesses every year. Some will be wildly successful; some will muddle along to sustainability and others will fail. While luck cannot be overlooked and does have some part in success or failure.  True success for a new business is very dependent on the founding entrepreneur having and exploiting the following traits.

Vision

Successful entrepreneurs have a clear vision of what their business will be and can concisely articulate its purpose, goals, and market position. They have identified (and can succinctly describe) the who, what, where when, and why of their business.

Passion

A successful entrepreneur is passionate about their business. It is hard work and putting in long hours will be tough if you don’t love what you are doing. People with a passion know what it is that drives them to keep working to achieve their vision.

Tenacity

Entrepreneurs remain tough when the going gets rough. They don’t give up easily. They can accept rejection and are willing to learn from their mistakes. They are willing and able to adapt and modify their plan to be successful the next time around.

Willingness to work hard

Being an entrepreneur is harder than being an employee. To be successful, the entrepreneur must be willing to put in the time and effort required, often for little or no pay at the beginning. Successful entrepreneurs recognize the risk and necessary work that achieving their goals will entail.

Confidence

Successful entrepreneurs have confidence in themselves and in their business. They must believe in their ability and in their idea. Every entrepreneur will face rejection along the way and successful entrepreneurs are those with the confidence to keep going and bounce back after a setback.

Flexibility

Things do not always go as planned. A successful entrepreneur is flexible. They learn from their mistakes and are willing to adapt and change as they go along. They take advice from others and are open to trying new approaches

Can sell

An entrepreneur must be comfortable selling. Even with a sales team, the leader must be an expert at networking and be able to promote themselves and their business to bankers, customers, suppliers, and staff.

Prudent with money

Successful entrepreneurs are good money managers. They prudently invest in overhead and always keep track of the money and manage their cash flow.

Willing to ask for and accept help

An entrepreneur needs to be a jack of all trades, but the most successful entrepreneurs know their limitations, realize they can’t do everything and are willing to delegate to others. They are willing to ask for help. They seek out and pay for expert advice when needed.

Resilience

No matter how successful your business, there will be bumps along the road. A successful entrepreneur is resilient and can bounce back from a setback. They use setbacks as an opportunity to learn and grow. They understand that failure is part of the game.

Final Thoughts

Being an entrepreneur requires much more than big ideas. A true entrepreneur possesses a unique cocktail of skills and characteristics that enable them to beat the odds and go after their dreams full throttle.  Some people may be born with the traits, but those who are not can most often develop them.  If you have some of the traits, but not all, now that you know the critical traits you can develop any trait that is a weakness for you.

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