Have you ever thought of becoming an entrepreneur?
Many people want control of their lives, run their own business, and create the elusive million-dollar lifestyle. However not everyone is cut out to become an entrepreneur, it takes hard work, perseverance, tenacity, and focus.
According to the IRS, 93% of businesses earn less than $100k, and of those businesses, 65% make less than $50k. I’m sure you want your business to give you a better return for the risk you take and all your hard work. You can with the right guidance and acquiring the traits highly successful entrepreneurs possess.
Being a successful entrepreneur requires a specific set of skills. While some people were born with these natural abilities, others can be learned and developed through coaching, guidance, and practice. The reason it’s important to understand the qualities needed by entrepreneurs can help you grow into a better business leader and become more successful.
It is the following 15 characteristics of entrepreneurs that makes them highly successful.
15 Characteristics of Successful Entrepreneurs
Not all entrepreneurs are successful, and there are many reasons for this. However, successful entrepreneurs seem to have certain characteristics in common. These 15 characteristics are a quality all successful entrepreneurs seem to have that sets them apart.
1. They are Visionaries
Successful entrepreneurs are future-oriented and visionaries. They see things as they might be, not as they are. Their vision keeps them motivated and inspired, for they don’t think in the here, and now; they think in the future. Their vision propels them forward towards accomplishing their goals.
Without a vision for the future, you would work aimlessly each day without long term goals.
When you know where you are going, it is easy to create the plans you need to get there.
2. They Take Risks
Any business has a degree of risk and none more so than an entrepreneur who starts a business from scratch. Taking a risk is an inherent characteristic that all successful entrepreneurs share because they don’t waste their time avoiding failures.
If you are not prepared to take some degree of risk, then entrepreneurship might not be for you.
When you listen to an entrepreneur talk about their business, you will often hear an absolute passion for their ideas. Without passion, it’s not only hard to hold onto a vision for the future; it’s even harder to keep others around you inspired. They feel deeply passionate about the products and services they provide.
When you lose your passion, chances are this leads to burnout.
4. They are Leaders
Although a successful entrepreneur has a powerful and compelling vision for the future of their business venture, it takes a lot of resources to turn that vision into reality. They understand that they can’t achieve all their goals on their own; they need the help of others. Others can include employees, advisors, consultants, business coaches, life coaches, or other professionals.
You need exceptional leadership skills to provide the future direction of your business. Without good leadership, everyone around you would be working independently without a straightforward means of achievement.
You will find successful entrepreneurs often think outside the box. They realize that every situation, good or bad, carries the seed of a business opportunity. They aren’t necessarily swayed by those who think something won’t work or who question their ideas.
To become a highly successful entrepreneur, understand you won’t have all the answers and nor are you perfect; therefore you must seek feedback even if it’s something you don’t want to hear.
6. Creative and Innovative
In a world where almost everything has already been invented, innovation is a priceless gift to possess. Innovation can come from launching a product that no one is selling in the market. It can also come in the form of a process that increases efficiency or comes in the form of technology using artificial intelligence to gain a competitive advantage over the competition and much, much more.
Being creative and innovative in your thinking is a skill that will help drive success.
They are incredibly focused and don’t get distracted by the next shiny object syndrome that promises (unrealistic) fast results. They also don’t get bogged down in “busy” work, which is unproductive.
When you are focused on doing the right things, naturally your plans will fall into place.
Making a decision is easy; following through with action is where most people fall down, but not the successful entrepreneur. They don’t fall into the procrastination trap; they actively take action and follow through with their plans. They are the doers of this world and work until their dreams (vision) comes true.
If you make a decision and don’t follow through with action, you and your business will stagnate.
An entrepreneur needs to be confident about their ideas, skills, and unique talents. This confidence inspires the confidence of the people working for them as well as the other stakeholders involved in the business. Just because they exude confidence, it doesn’t mean they don’t go through periods of self-doubt. They excel in their ability to pick themselves up, dust themselves off, and overcome any obstacles or challenges they are faced with. If they ever start to doubt their self-belief, they enlist the help of a mentor life coach or business coach to help them overcome that hurdle.
As an entrepreneur, be prepared to face challenges and develop the ability to pick yourself up every time you fall.
The most successful entrepreneurs, like anyone else, face hard times and seemingly impossible obstacles, but they don’t quit. For them, failure is not an option. They see failure as a single event, not a lifetime sentence, and look for ways to overcome hurdles through perseverance and sheer tenacity. They learn from their failures and more importantly, don’t make the same mistake twice.
If your vision is compelling and powerful enough, this is the one thing that will continue you to push through the hard times.
Entrepreneurs are resourceful and great problem solvers who don’t shy away from challenges. They know what they need to do and figure out how to do it. Whether it’s time, money, or effort, they stay laser focussed and never let obstacles and challenges get in their way. If they hit a brick wall, they will either build a ladder to climb over it, dig a tunnel under it, or build a tool to break through it.
Anytime you are faced with a problem, try the 8 step problem-solving formula, you can download it here.
Linked to being visionary, a characteristic of all successful entrepreneurs is they are all self-motivated. Their motivation is intrinsic and comes from within. To them, their vision is gold, it’s the one thing that keeps them inspired to push through challenges and keep them on the path to success. They have learned the three core competencies of self-leadership, self-awareness, and self-management.
13. Amazing Networkers
They know that networking is also key to their success. Being able to connect with others and become a person others want to get to know is a skill they all have in common. They know how to connect with others and recognize that partnerships are the key to success.
To develop advanced networking skills, check out this ebook, “The Power of Networking.”
The biggest killer of dreams is the habit of procrastination – not for a successful entrepreneur. They don’t hesitate to make the decisions they need to gain enough momentum to get the results they want. Always on the lookout for opportunities, they seize the day and make things happen.
When you make a decision, act on it. Procrastination will open the opportunities for other entrepreneurs to steal the opportunity away from you.
15. They Are Lifetime Learners
Self-awareness doesn’t come naturally to some which why seeking feedback even if it hurts is critical if you want to succeed in business. With feedback, you learn to develop insight attributing to personal and professional growth. It’s that growth and learning mindset that sets successful entrepreneurs apart as they keep developing their skills and abilities. They learn from their mistakes and see failure as an opportunity to grow.
Developing a growth mindset means being aware that the world is constantly changing and if you don’t keep abreast of new ideas and technologies in your industry, you could easily be left behind.
A true entrepreneur knows they don’t know everything and enlist the help of others whether that’s a mentor, business coach, advisors, or employees. They know where best to utilize the things they are good at and delegate the rest.
Becoming a Successful Entrepreneur
As you can see, becoming a successful entrepreneur isn’t about throwing money into an idea or business, it comes from within. You need to have the right attitude, the right personality and above all, share many of the characteristics successful entrepreneurs have.
With the right attitude and ability to learn, there is no reason why you couldn’t become an amazing entrepreneur. Age is not a barrier to starting or owning your business and neither is race or gender. Globally, we are finding the rates of female entrepreneurship are growing, 10 percent across 51 different economies. If you have an idea, go for it. Don’t live a life of regrets.
On a Final Note
If you are considering becoming an entrepreneur or making your business even more successful, know that with the right support anyone can succeed in the world of entrepreneurship. Being academically successful is not a prerequisite to succeeding as an entrepreneur and business owner, 33% of entrepreneurs don’t have a college degree.
If you want to fast track your way to success in the world of business, learn how the Strategez for Success, “7 Steps of Entrepreneurial Success Coaching Model” will get your there faster. Book a 30-minute FREE Discovery Call today to find out more.
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