TRAITS OF SUCCESSFUL ENTREPRENEURS
Posted by JEREME SANBORN
19 August, 2016
Are successful entrepreneurs born or made? Opinions vary, however the reality probably lies somewhere in the middle. What we do know is that the most successful entrepreneurs tend to share many of the same character traits. They tend to be:
PASSIONATE - Running your own business is not easy … you will encounter many challenges along the way. The entrepreneurs who are most successful in overcoming those challenges are those who greet each day with unbridled passion and enthusiasm.
PATIENT- As you’ve undoubtedly realized by now, there’s no such thing as an overnight success when it comes to entrepreneurship. The reality is that running your own business actually involves very little running … it’s more about slowly and deliberately putting one foot in front of the other until you get where you need to go.
WILLING TO TAKE RISKS - “Man cannot discover new oceans unless he has the courage to lose sight of the shore.” – André Gide
Whether it’s investing your own money in a brand new business, or betting that business’s future on an unproven idea, entrepreneurship and risk-taking go hand in hand. Granted, there are ways to reduce your risk through careful planning and research, but long story short – if you’re afraid to fail, you’ll never succeed.
ADAPTABLE - Most successful entrepreneurs will tell you they’ve had more than a few unsuccessful ideas along the way. Being passionate about your ideas is one thing. Being too stubborn to pivot to new ones when that’s what the marketplace dictates is another thing entirely. Make sure you’re always open to discovering newer and better ways of doing things.
GOOD MONEY MANAGERS - As we’ve discussed in many previous blogs, successful money management is one of the biggest keys to entrepreneurial success. It’s not enough to simply have a good idea. You need to effectively manage your cash flow so that you can stay afloat until that idea catches on and the money starts rolling in instead of out.
MOTIVATED - To achieve entrepreneurial success, you have to really want it. Again, running your own business takes a lot of hard work, and a lot of perseverance. It’s imperative that you maintain your drive to succeed even when things aren’t going your way. Remember, you’re the boss. So you’ll not only need to be self-motivated, you’ll need to motivate your employees to reach their potential as well.
ADVICE SEEKERS - One of the most important things to remember as a first-time entrepreneur is that many others have been down this path before you. That’s why it’s imperative that you hone your networking skills. That way you can find a mentor who can help guide you through the more turbulent waters of entrepreneurship.
DECISIVE - Whether it’s to seize an opportunity within the marketplace or to change course when encountering an obstacle, there are times in business where you will have to act quickly. Successful entrepreneurs are able to make decisions quickly so that they can stay one step ahead of their competitors.
RESILIENT - The road to entrepreneurial success can be a long one. It’s imperative that you are able to take your lumps while also keeping your eye on the big picture. Remember every failure is a learning opportunity that can help drive your future success. So remind yourself on a daily basis to keep your chin up.