An entrepreneur is an individual who starts a business by bearing most of the risks but with the intention of enjoying the rewards. You will find entrepreneurs everywhere, from various educational backgrounds to different work histories. But successful entrepreneurs have some qualities and personal characteristics in common. You can argue on whether these characteristics or qualities of an entrepreneur guarantee success, but one thing is for sure, you will learn some valuable things that will help you to succeed in your own entrepreneurial life goals.
Some experts say that being an entrepreneur is a skill in itself that you have to adopt. Not all successful entrepreneurs are born with the essential skill sets, but they gain and maintain these skills with time. This is not saying that you need all these traits to be successful but there are good qualities to have to help you not only on your entrepreneurial journey, but also in life.
In our opinion, the top ten best qualities of an entrepreneur that one must nurture and develop are:
1. They are Risk Takers
Risk involves venturing into the unknown and the fear of the unknown separates entrepreneurs from other individuals. When you don’t know what the outcome will be then it is less likely for one to take the chance. But not for entrepreneurs. Their will to dive into the unknown is compelling and it fuels them to look at the glass half full instead of half empty. It is also sets them apart from the competition. Because, who knows? This one risk could make the difference that they had set out for.
Nevertheless, that is not to say, they will take every risk that comes by. Before doing so, a good entrepreneur also identifies and then evaluates the consequences of taking that risk and if the bad outweighs the good, then they are not likely to risk it all. Therefore, it is also about the ability to manage risks and being calculated in the approach to it.
Risk also does not always involve money. Using uncommon and unusual methods is also a risk. Investing in ideas, nobody else believes in but you is a risk too. The fact that you do not rely on a steady paycheck is a risk in itself.
The following are some other examples of risks that entrepreneurs may have to take:
Trusting one or few employees
When starting out in business, you may not have a whole team of employees working for you right away. You will then have to rely on one or a few to execute efficiently and produce a result within the timeline given.
Using your own money
With the startup for a business, money is required. It is likely that you will have to put up at least some of the money yourself. It can be difficult to borrow from a bank or attract other investors unless you are also investing some of your own money. In doing that, delayed gratification comes into play. Delayed gratification is the act of resisting an impulse to take an immediately available reward in the hope of obtaining a more-valued reward in the long term. Basically, waiting to get what you want. The risk here is that fancy car that you could probably afford now has to be put off because it will involve monthly payments that will instead go towards the growth of your business that has no sure guarantee of success. However, it will pay off in the end, if everything is planned and executed well.
Giving your personal time
Your entrepreneurial journey will not be an easy one. There will be countless hours spent on planning, researching, managing and executing to ensure that your business is successful. You can set aside time to work on your business but you will undoubtedly have to sacrifice your own time to ensure that you get to your goal more quickly. What this also means is that spending time with family and friends will be a challenge in the early days of launching your business. Lack of sleep is also imminent.
Betting on yourself and the winning idea
The moment that light bulb goes off in your head, that’s phase one of starting the business. You are the only one who truly has a clear vision of what the expectations of the idea will be so everything that you do from that point relies heavily on bringing that idea to life – your idea. You will have to invest everything in propelling your business and this is all done knowing that you won’t see these results right away. It may take months, even years before there is possible success and that is a huge risk to take.
Nonetheless, risks are not supposed to deter you from getting started. Instead, view them as necessary steps that will bring you closer to your goals.
2. They are Avid and Motivated
All successful entrepreneurs have that irresistible drive to succeed that they maintain throughout their lives. The long hours, the lack of sleep and the daily routine are all fueled by motivation. Maintaining passion at the beginning is simple, and we all can do that but continuing with the same pace after taking off is extremely crucial.
Being motivated keeps you on your feet and entrepreneurs tend to be highly energetic individuals. Motivation compels you to want to continue despite all odds and in turn contributes to your drive, your focus, and your discipline in getting things done. Motivation helps you to move past the fear of failure and only wanting to accomplish the best.
As you face challenges, frustration becomes an inevitable part of growing your business. A challenge forces you to want to give up. However, with motivation, it will also help in overcoming obstacles because you keep your eye on the prize despite a setback.
Motivation will inspire you to want to continue to learn new things, to change things, to listen to advice and apply them to your business so that you can stand out in the sea of competition.
Some forms of entrepreneurial motivation include:
Money
Let’s not be shy about it, this is probably the utmost reason to pursue entrepreneurship. You enter the game, to make lots and lots of money. With a monthly income, you are limited to how much you can earn and spend. Starting your own business gives you a greater chance at creating your own money and lots of it. Nonetheless, true entrepreneurs don’t just use money to motivate them because money doesn’t always come instantly. But continue reading to find out their other sources of inspiration.
Freedom
Whether it is financial freedom where you get to do what you want and when you want to or its the freedom that you will have with time. You are now your own boss, so you no longer report to someone else. You have the ability to create your own hours and no longer have to be a part of a structured system
You also have the freedom of creativity. You are not controlled by what you can and cannot do creatively because you now call the shots.
Recognition and Influence
A successful business means you become more recognizable. You are recognized for what your business represents and your name becomes aligned with the brand. With recognition also comes influence. You are able to incorporate positivity by making an impact on individuals, other brands, communities and more.
Legacy
Lastly, a lot of entrepreneurs want to create a legacy, more specifically in the form of generational wealth. They want to build assets and financial resources that can be passed down across multiple generations in a family.
3. They are Disciplined
The art of entrepreneurship demands discipline and hard work. There is no shortcut to success, and all successful entrepreneurs believe that.
Discipline creates the foundation of an entrepreneurial journey. It is the routine and the steps that you take every day to get closer to the goal. This trait can take practice but it goes together with motivation. You trust the process and believe that all your efforts are apart of the bigger picture for the future.
It also requires patience. Success will not happen overnight but the conscious and deliberate efforts to get to their desired outcome along with persistence keeps them going.
In addition, discipline leads to success. If you want to succeed, then you also have to work hard – harder than anyone else. A responsibility of an entrepreneur starts from the idea until the successful completion of the task and everything in between. So they are willing to give their time, their energy and be completely committed to the process. Entrepreneurs then have to keep a positive mindset and with discipline, success is almost guaranteed.
With discipline and hard work there are some characteristics that one must have or develop. We touched on a few but here are some ways to boost discipline:
Stay organized with a plan
It has been said that if you fail to plan, you plan to fail. Discipline involves planning and with planning you create a structure that keeps you organized. When you are organized you can then identify exactly what needs to be completed and prioritize your tasks. They do not over-prioritize because it is also about what you choose to do and what you choose not to that keeps you from getting mentally exhausted. As such, they make to-do lists, set reminders, annotate calendars, create spreadsheets to track progress etc.
Remove Distractions
You have to eliminate anything that will take away your focus. Creating a work space that is organized and has all the tools you will need to work and increase your productivity. It should also be comfortable and allow you to feel motivated.
Be willing yet patient
We mentioned that discipline requires hard work so you have to be willing to take it all on. Entrepreneurs are willing to take the risks, willing to forego the sleep for a task that needs to be completed, willing to learn new things, willing to change and improve, willing to take criticism, willing to listen and seek guidance, willing to wait their turn and overall willing to do it all for the success of the business.
Be Punctual
A good entrepreneur is always on time. They view their time as valuable as well as the time of others. So deadlines are met, scheduled meetings are attended and tasks are delegated when necessary to maximize on their completion and checklists are addressed promptly. They also believe that unnecessary delays and waiting is waste.
Have a positive mindset
Entrepreneurship has a lot of highs and lows. During the lows, what often helps is focusing on the positive. It elevates your confidence which allows you to be more productive and keeps you going and pushing through.
4. They are Creative
Entrepreneurs are innovative. From innovation comes something new. They usually have a lot of ideas that they come up with – not all will be successful but it keeps them on their toes and they are always ready to take action if needed.
They are also inventive with their approach to existing ideas, because if they are doing the same thing as everyone else, it does not separate them from the competition. So they think outside of the box and bring unconventional ideas to the table. The lack of creativity can lead to a stagnant and decline in business.
Creativity is also useful with problem solving. People’s needs change and so will their decision making. For instance, a product may no longer be as useful as when it was first introduced, so it is important to understand the consumers and how you will approach them creatively to improve the product.
Creativity also gives birth to versatility so entrepreneurs are also prepared to tackle work outside of their niche.
5. They have Knowledge
Another top quality of an entrepreneur is that they strive forward to get knowledge and skills. The ability to learn and gain knowledge is an important skill in life but an entrepreneur should be an expert in the field that are aligned with. They are able to understand that particular industry so that if a problem arises they already have a solution.
Businesses are constantly involving, so they also keep up to date with any changes. They are then able to adapt to these changes as they come and incorporate them if necessary. Being ready with the knowledge to grab a customer’s attention is significantly rewarding.
Lastly, if they do not know a particular skill, they are keen to learn it quickly.
6. They have Strong Communication Skills
Communication goes together with being friendly and understanding who you are engaging with. This skill is important for conversations with investors, marketing firms, consumers and your employee
Entrepreneurs use strong people skills to be able to sell their idea. Again, this is your idea that you will have to convince others to buy into. So you will have to know how to communicate it well without being too assertive but still persuasive. The words you use are important and what you say and don’t say is crucial to effective communication. This also helps with networking skills.
The way you interact with your employees is important. It is best to foster a good working relationship which consequently improves work efficiency and productivity. Promoting team work and knowing how to empower individuals will create a happy environment where they are willing to work.
Customers make your business and every entrepreneur knows this. Therefore, it is critical to understand what makes them happy just as much as what makes them tick. That means customer service will ultimately be a key component to focus on when growing your business.
In essence, no one wants to work with an arrogant and aggressive business owner so having strong effective communication skills is a vital tool of entrepreneurship. Understanding people is important along with the words used and how you express them. Remember, first impressions never have a second chance and that is key to having strong communication skills with entrepreneurs.
7. They are Confident
High confidence level is noticeable trait of all successful entrepreneurs. No matter what the circumstances are, an entrepreneur remains focused on the final goal and has a strong belief in their capabilities.
Having confidence is yourself and your business itself is undoubtedly a key part of its success. With confidence, you are more willing to embrace failure and use it is a lesson instead of an obstacle or disappointment.
As an entrepreneur, you will be faced with making a lot of decisions. With decision making, you will need to feel confident in choosing the right choice especially when it involves risks. Fear takes a backseat and you will feel empowered to know that the right decisions are made.
Finally, when you exude confidence, others will feel it too. People will be able to tell from how you speak, the way you dress and even in your walk. It will be obvious that you are the right person to connect with if you are selling your idea to clients.
8. They have a Strong Work Ethic
A strong work ethic means working consistently and purposefully in a determined way. This skill ties in with being motivated, having passion and being disciplined. Entrepreneurs are always looking to exceed their expectations and in order to do that, they constantly have to work to get to that point.
They are committed to working a certain amount of hours on specific tasks and get rid of any distractions that will prevent them from doing so. They are the ones who start their day early so they can accomplish more. They are the last to leave the office but also the first to be there in the mornings. They are the ones who have a 7-day work week.
Nevertheless, breaks are still prioritized, engaging with your family and friends and being apart of the outside world is still essential.
9. They are Open-Minded
Having an open mind as entrepreneur means that you have to embrace new ideas and opportunities. If you remain willing to accept new things, success may come to you in another way from what you initially set out with.
Open-mindedness allows you to accept and appreciate differing opinions or point of views that you can learn from. They understand that different perceptions provide a different approach that can help you with growing the business.
Being open-minded also helps with how you cope with failure. You are able to accept failure more humbly and not dwell on it.
10. They Can Improvise
We have determined that every project faces challenges and roadblocks during the process. But an entrepreneur knows when to change lanes and when to move ahead at a rapid pace. They believe in their instincts and sixth sense to make their own way. They know when and how to redirect their efforts.
There you have it. Our list of ten qualities we believe entrepreneurs should have. Do you agree or disagree? What would you add or take away from our list?
Disclosure: This post may contain affiliate links. At no additional cost to you, if you should make a purchase through these links, we may earn a commission.
