I'm Donny. I'm a world traveler, investor, entrepreneur, and online marketing aficionado who has a big appetite to compete and disrupt big markets. I thrive on being able to create things that impact change, difficult challenges, and being able to add value in negative situations.
Entrepreneurship is not an easy lifestyle. Consider many things when beginning such a journey, including the characteristics of successful entrepreneurs and how to adopt them yourself.
As of 2021, 84% of billionaires are entrepreneurs! It makes complete sense why this is a desirable career option. The financial outcomes can be limitless compared to the typical job that may pay you by the hour or have a set salary.
So how do they do it? Successful entrepreneurs are not always readily available to share their secrets to success. Maybe this is your first stop after realizing that entrepreneurship is a lifestyle that interests you.
Whatever the case may be, you are in the right place. Being intimidated by the responsibility of entrepreneurship is normal. We know that!
That is why we have compiled this article on the top 7 characteristics of successful entrepreneurs so that you can enter the field with confidence:
- Not Afraid of Taking Risks
- Becoming an Innovator
- Ability to Solve Challenging Problems
- Having Persistence
- Ability to Build Teams
- Invest in Themselves
You may already possess several of these characteristics. Even if this is the case, you will still find clarity on the success of entrepreneurship through this article.
Read on and learn everything you need to know to become a successful entrepreneur!
1. Not afraid of taking risks
Entrepreneurship is high risk with high reward. It is important to note that not taking risks will delay a high pay-off. The safe route is beneficial, but it is not where you see the success coming from risky moves.
Entrepreneurship is a risky endeavor. You are placing your financial future into your own hands and outside the security of being employed by someone else.
Risks can include who to hire at your business, where your location will be, and the services offered. While these may seem basic, they are all risks.
2. Becoming an innovator
What is going to set your business apart from others in your community? This question is vital to the success of your entrepreneurship career.
To succeed, you need a reason why people do their business with you rather than your competition. This mindset applies to whatever industry you are involved within.
You have a sandwich shop and five other sandwich shops are in your same town. Why should people choose yours? Do you have options that make your competitors shy away?
A place to start is that you offer something that no one else does. Maybe this is the product or service you are offering. It can be the experience of doing business with you.
Your success depends on your innovation and willingness to be different from the rest.
3. Ability to solve challenging problems
Having a boss at a traditional job, you may direct your most challenging problems towards them. In entrepreneurship, you are the boss. Any issue your business will have falls to your desk.
While this is empowering, it also takes some getting used to. Knowing where to look for resources and being self-sufficient is a top priority for successful entrepreneurs.
Challenging problems encapsulate almost anything that can happen that disrupts the smooth flow of business. It can be a personal interference in your life or the lives of your employees, financial concerns, or supply issues.
Even highly successful entrepreneurs are currently experiencing supply chain disruptions and shortages. Things like this may seem out of your control.
In a way, they are! But you can control your response and how you communicate the issue to clients. A negative attitude towards problems displayed to the clientele can cause them to feel uneasy as well.
Honesty is always the right choice but still do your best to maintain a demeanor of calm and resilience. If your customers see that you are stressed, they will become stressed about whether their money is worth the product they are receiving.
4. Having persistence
Being a successful entrepreneur is not a part-time job where you only have to commit a short time of your life. Dedicating yourself to being a successful entrepreneur means that you are aware that every day will require the same attention to detail as the first day that you started.
Persistence needs to apply to all areas of your duties. It is not only completing your tasks but also making sure they are completed at the highest quality possible.
While persistence is continuing excellence even through times where it is difficult, it also needs to be in tandem with self-care and knowing when to divide your responsibilities.
Asking for help IS having persistence. It is not a failure. You may not see the financial success right away. You should prepare yourself so that it does not discourage you from continuing your hard work!
Many new entrepreneurs will earn less in the first few years than they did while working a “conventional” job. While this may feel like a sign that your hard work isn’t paying off, it is a completely normal part of the process that does not last forever as long as the work is there.
5. Ability to build teams
The reputation of your business can be found in various places. One of the most obvious to potential clients is the people that work on your team.
Think about what qualities impress you regarding the staff when visiting a business. Are the employees attentive? Are they friendly? Are they good at the service they provide?
These are all factors that you should keep in mind when scouting talent for yourself. Knowing what to look for is only half of the battle. Finding individuals that fit these ideals and are eager to work for you is also a necessity.
Your success as an entrepreneur will only be as strong as your entire team.
6. Invest in themselves
Investing in your business is essential, but you are your business's most valuable asset. To do your job to the best of your ability, you need to make sure your needs are met.
Are you well-rested? Do you have comfort in your personal life? Are you healthy? Money is a way to make these things happen, but you also need time.
If you are working on your business 24/7 with little to no time for self-care, your own needs are likely being neglected, which can lead to burnout and ultimately harm your business.
Examples of investing in yourself include things such as:
- Taking a Course
- Reading More
- Working Out
- Keeping a Tidy Home
- Set Personal Goals
The best ideas are born from the process of being curious. Even the most mundane daily tasks are opportunities to have a curious perspective.
Ponder on the experiences you have. How can this experience be improved? Can the efficiency of this task be optimized? This curiosity will naturally trickle its way into your business.
The sooner you make a habit of it, the better! While we can gain inspiration from those around us, the most unique ideas that will stand out to potential clients are ideas that are born from original observations.
Engaging in the world with curiosity is the first step, but then you need to apply what you find. Have the willingness to test things out and see how they go.
Successful people take risks, and this means seeing the outcome of your ideas even if no one else has tried them.
How to Develop These Qualities
Now you know the top 7 characteristics of successful entrepreneurs. Were you surprised by what you learned? Ultimately, knowing these qualities is only a sliver of what you need to do.
Applying these characteristics to yourself is what needs to be done next for success. Having the characteristics of successful entrepreneurs is the only way to guarantee that you are prepared for the lifetime commitment.
You don’t leave the office anymore when you own the office. It comes with you even when you are having personal time.
Still have questions? Look here for additional information!
Entrepreneurship is the act of running a business and taking on personal risks in the hopes of financial success. It is a career but also a lifestyle that extends past working hours.
Many times, the separation between life and work becomes blurred. Entrepreneurs are passionate about their businesses, which shows in the high level of success that dedicated entrepreneurs reap.
While anyone can become an entrepreneur, not everyone should. This is because some people cannot stomach the risks that come along with being an entrepreneur and are more well suited to work for someone above them.
This does not mean that the person not suited for an entrepreneurial lifestyle is less than someone who is. It highlights the differences between us at the individual level.
Entrepreneurs differ from small business owners in their innovative mindset and creation of new customer experiences. Small business owners are defined as anyone owning a small business; entrepreneurs search for the best way to succeed within their business.