13 Characteristics of Successful Entrepreneurs
An entrepreneur is a person who starts a business venture taking financial risks in the hope of a profit. These days a lot of people are seen taking entrepreneurship very seriously, starting business ventures and trying to deal with the risks involved. Today we notice that the most successful and wealthiest people are in fact successful entrepreneurs. We’ve seen Bill Gates rise to be the wealthiest man in the world and Mark Zuckerberg to be the youngest billionaire of his time. They both never inherited any fortune and made all the way to the top all because of their startups. Let’s see what traits these people had in common that took them over the top and set them on the road to success:
Something that is essentially present in all successful entrepreneurs is passion and love for what they do. They are so successful in their chosen fields mainly because of their tremendous passion for it.
Successful entreprenuers can put in long hours, stay committed and do bold experiments without fear of failing because of their sheer love for their work. It is hard to keep them away from it even when things are at a very early stage and there isn’t any prize within immediate sight.
With such incessant passion, success is bound to follow. After all if you don’t love your work, how can you make others fall in love with it?
Another very important trait for making a successful startup is confidence. The confidence to beat your opponents, the confidence to deliver the best, the confidence to make it to the top, the confidence to succeed — this fire should keep raging so that you and your start up never stop evolving into something more, better and faster.
Remember, if you don’t believe in yourself, no one else can. Confidence is the only unshakeable guarantee of success that you can have in the initial stages of your startup.
Discipline Level: Military
Once you’ve got the passion for your work and the confidence to succeed, you need to be disciplined in your work. Successful entrepreneurs have been known to be very disciplined when it comes to their work and their discipline in their own chosen way can be seen to match military grade.
It is never a one-man show. However talented you are, you need the backing of a supportive and talented team. Entrepreneurs have been known to lag behind scheduled milestones because of the absence of a capable team. The support of the right and competent team can certainly be the decisive factor.
Successful entrepreneurs are known to start-off any venture with a well composed team which helps them make the difference. The career of Steve Jobs and recruitment of people such as Sculley for Apple Inc are enough evidence for the criticality of a potent team.
In any worthwhile entrepreneur, you would definitely face problems. Successful entrepreneurs tend to show determination while facing difficulties and instead of getting depressed, they face the challenges head on and always motivate people around them no matter how tough the circumstances may be.
Sheer determination is very important and common trait among successful entrepreneurs.
All successful entrepreneurs are always open minded. They don’t tend to get stuck on trivial things and are always willing to consider their options. This helps them handle criticism and turn it to their advantage and an open-mind always helps them explore better and innovative ideas for increasing their businesses.
In fact, no mature (5 or more years old) successful business exists today that hasn’t been evolved into something much different than originally planned. The world is changing rapidly and open-minded variation always helps in adapting positive changes.
For any successful entrepreneur competition is the driving force. Modern business world has turned into a very fast and unending race. You can imagine it as a survival sprint with a hungry lion chasing you and other entreprenuers, and you don’t have to outrun the cheetah but the other entrepreneurs. The moment you lose your lead, you are done.
With such competition necessary for survival, a successful entrepreneur is always competitive and is never willing to let others take their mantle. Successful entrepreneurs will always tend to ask themselves “Why would people do business with me?” In that answer lies true success.
One very important characteristic for a successful venture is optimal management. People have been known to try and fail despite having the right resources to back the risks. The key factor for such failures has always turned out to be management.
Whether it’s the financial resources or the manpower required the do the job, management is very essential to turn any business into a success.
There are many people thinking of the same thing as you. Why would people come to you rather than going to them? Successful entrepreneurs are always creative. Their creativity is what pulls people to them and distinguishes them from others.
Walt Disney is a good example, it was only due to his creative aptitude that he blasted of the competition throughout his life and made it big from literally scratch.
In the end it always comes to this how well you handle people. You have a team that you have to keep motivated and working. Then even more important are the customers that truly define the outcome of the venture.
Successful entrepreneurs are known for their ability to handle people honestly, politely and fairly.This is what actually makes a significant difference between failure and success.
All successful entrepreneurs are organised people. This organisation is the key to getting work done. You may have less resources but they are properly organised and as a result are utilised optimally.
Poor organisational structure not only hinders growth but also makes a business venture less scalable. An organised environment can also make wonders when it comes to attracting customers.
It is necessary for an entrepreneur to lead from the front. A majority of successful products are centred around solving some specific problem, as a result a problem solving instinct is essential for an entrepreneur.
The moment you stop relying on others to solve a problem you are facing and try to resolve it yourself, you begin your journey towards becoming a self-starter and with time you start coming up with solutions for problems that you observe (giving birth to new tools and products).
During the course of a venture, sooner or later you come to point where you have to make tough decision. Successful entrepreneurs have to be decisive in their actions and then have to stand by them no matter what.