Particular characteristics and skills make some individuals more suited to running a successful career or small business (self-employed) than others. Starting a business involves many commitments and hard work. Anyone who tells you otherwise is either lying or has not even started one.
The hours are long, sacrifices are great, and you are assaulted with new challenges with seemingly no end. If you don’t have the dedication to commit to these things, your company may implode on you faster than it started.
Entrepreneurship is not for everybody, but how do you know perhaps entrepreneurship is for you or not? It would be best to start by asking yourself what it takes to be a good leader and do most of the work up front by yourself.
But if you can’t lead yourself through a startup, your chances of being able to lead and manage your company are slim.
It takes only the lucky convergence of opportunity and ambition to create success. Successful entrepreneurs or business owners, regardless of the industry, share some significant personalities that set them apart from the rest.
Leveraging these skills enables them to turn their business ideas into profitable realities. As an entrepreneur who is just starting, success depends on a firm conviction in your abilities and a clear understanding of what it takes to start and run your own business successfully.
However, if you seek a challenge wrought with risk but with terrific potential reward both financially and morally, read on, for you have the potential of what it takes to be a great and successful entrepreneur.
Successful entrepreneurs or business owners, regardless of the industry, share some significant personalities that set them apart from the rest of the entrepreneurs.
What Is a Successful Entrepreneur?
What does it take to be a successful entrepreneur? Do you need to be charismatic enough to convince or persuade people?
To become a successful entrepreneur, you must make good decisions around spending your time, continually evaluating and prioritizing tasks according to relevance and importance.
However, it is essential to state from the outset that no magic formula can transform you into a wealthy and successful business owner overnight. You need to work diligently to succeed, with an almost formulaic blend of entrepreneurial traits that sets successful businessmen and women apart from others.
Management is the Key
Being an entrepreneur means you are your own boss, as well as the boss for your team. Therefore, your skills and traits need to be extensive to be successful. As an entrepreneur, you should effectively manage people, budgets, operations, and other resources.
Finding and keeping clients is one of the entrepreneur’s essential management undertakings because sales revenue from customers keeps your business alive. This requires a multi-tasking work style including short and long-term planning and the ability to participate in economic forecasting and research.
Therefore, entrepreneurs must have the ability to manage customers, show up at work every day, troubleshoot business problems, over-see client interactions with employees, and make sure that clients are well satisfied.
Entrepreneurs must have the ability to manage customers, show up at work every day, troubleshoot business problems, over-see client interactions with employees, and make sure that clients are well satisfied.
Are Successful Entrepreneurs Born Or Made?
Human beings are born with an innate sense of motivation or drive. Remember, when you are young, you are driven by simple motives such as eating, sleeping, playing, being comforted, and many more.
However, as you age, your motives change. These kinds of motives refer to an entrepreneur as a “why.” A “why” is what prompt entrepreneurs to create, innovate, preserve, and ultimately develop their businesses into the innovative products or service we use today.
However, each entrepreneur’s “why” is special and unique to them. For example, it prompts them to leave home early, work extra hours in the day, and it’s why entrepreneurs keep going when others see them as crazy.
Anyone can start a business and tag themselves as an entrepreneur. Nevertheless, most businesses fail, making people wonder whether the successful entrepreneurs have a remarkable entrepreneurial innate ability that others live without.
Entrepreneurs Are Born
Some believe entrepreneurs are born, while others think people can become successful entrepreneurs through actions. It has even been suggested that there is an entrepreneur gene that people say predisposes them to succeed in their chosen niches.
However, after series of personality and aptitude tests, and from the research, it is considered that there are three key foundational DNA pillars that are behind entrepreneurial success:
- High fluid intelligence
- High openness
- Moderate agreeableness
Also, research of molecular genetics shows that there is genetic heritability to four core entrepreneurial personality traits and each of which increases the likelihood of becoming an entrepreneur:
- The ability to identify new business opportunities
- The likelihood of starting a business
- The tendency to become self-employed
- Extroversion, i.e., when you easily make new connections, lead people, and engage in a wider community
However, the ability to apply the personalities mentioned above in the right way and in a suitable space is likely what makes an entrepreneur successful, over having these innate qualities as a person.
Entrepreneurs Are Made
If you apply yourself unconditionally, some believe this is how entrepreneurial success is made. If nurture did not exist within greatness, vocational skills and the education system would be meaningless, and they are proven to support achievement and self-development.
Successful entrepreneurs can be born with ideal personality traits to be successful. Still, they must apply their qualities in a particular way because no one is born with all the personality traits required to be 100% successful.
Every entrepreneur would have had others they look up to as a mentor for advice. With relevant drive, commitment, and patience, you might be even more likely to succeed than someone genetically predisposed to starting a business.
The Combination (Born and Made)
Many articles, studies, and debates have attempted to answer this question, and they’ve landed on either side of the fence. But the fact is, entrepreneurs are both born and made. However, suppose you get the balance right between your nature and nurture and apply your interest and passion. In that case, you can effectively establish your business idea and achieve your business goals.
How To Become An Entrepreneur
Find the Right Business
The term entrepreneurship is quite broad, and you can become a business owner (founder) in just about any aspect. However, you will have to choose a field to start your business. Find a niche that you will be successful in and make sure it is something you are passionate about. Entrepreneurship is about commitment and hard work, so you have to focus on something you care much about.
Plan your Business
Before you develop your business idea, you need to have a business plan. It plays out any objectives you have and your business strategy for achieving those goals and objectives. In addition, a business plan is essential for getting venture capitalists on board and measuring how successful your business is.
Find your Target Audience
Not every niche appeals to the market. Your demographic such as age, gender, income, race, culture, and many more will play an essential role in determining where you establish your company or if you even need to have a physical address for your business. Do your research to find the group that best fits your business model.
While networking is essential in all businesses, it may be most significant for entrepreneurs. Networking means how you connect with other people that might have skills to develop your business. Also, you can find potential investors through networking to help get your business off the ground.
Sell Your Idea
Consumers want products or services, but they don’t know the exact product or service to choose. Your job as a business owner is to persuade people that whatever you are selling is the best option available for them. Entrepreneurs know what they want to offer and to whom they can sell it to.
To be a successful small business owner, you need to focus on marketing before, during, and after establishing your business. For example, you may have the best cafeteria in your city, but no one will visit you if they don’t know your business exists in that location.
Character & Personality Traits of Successful Entrepreneurs
Many characteristics can contribute effectively to the success of entrepreneurs as they launch, operate, and scale their businesses. These characteristics can include the timing of their business, how competitive their market is, the reliability of their supply chain management, the actual amount of capital they can obtain, and the current economic climate.
In addition to the essential elements, there are several personality traits successful entrepreneurs have in common that contribute to their business success. However, the following are the characteristics and personality traits of successful entrepreneurs:
Vision happens to be one of the significant traits that are needed to run a business successfully. However, being a visionary supersede them all. Running a business involves being on the cutting edge of where your industry is going, anticipating your clients’ needs, and conveying a strong vision that your team would want to assist you to execute. Entrepreneurs always focus on the big picture, and this ability can provide you, great employees. “Vision is about strategic planning,” Litzinger says.
One of the significant parts of creativity is the ability to discover a relationship between two unrelated events. Creativity produces something new. For without creativity, innovation is impossible. Creativity helps in coming up with new concepts and enables entrepreneurs to think out of the box. Also, it gives them the ability to develop new products and implement necessary solutions that lead to business growth and development.
Passion is one of the most relevant characteristics of entrepreneurs. Your job should be your passion. Your passion will drive your business and enable you to get connected with your clients and do something relevant. Entrepreneurs are successful because they have passion for what they do. Passion triggers creativity, tenacity, salesmanship and builds a strong connection with customers. Passion acts as a driving force, with which you are motivated to do something great. At the beginning of every business, there are always obstacles, but your passion ensures you conquer these stumbling blocks and move ahead towards achieving your goals.
Another quality of a successful entrepreneur people usually notice is their confidence. If you have new opportunities you want to bring to life, you have to have the confidence to see the idea through. As an entrepreneur, you must have confidence in yourself as well as your business. You must be able to stand for what you do correctly and confidently.
A successful business doesn’t doubt its progress. Successful small business owners are generally confident enough that their knowledge, skills, and know-how will assist them in making their business ideas prosperous. They radiate this confidence in whatever they do to achieve their business goals.
Another essential characteristic of an entrepreneur is self-motivation. When you want to succeed in your business, you need to push yourself forward to achieve your business goals. You are your boss as an entrepreneur, and that sometimes means that it may be hard to get moving in your career without anyone by your side to encourage or motivate you. Therefore, you need to be dedicated to your business goals and objectives – even though you aren’t getting an immediate result.
Having a growth mindset is understanding that your skills and abilities can be developed and enhanced to increase your skills and knowledge. Successful business owners don’t believe that they know it all and understand that sometimes they are going to need to improve their skills and increase their knowledge. You may be naturally gifted in your business, but hard work, commitment, and growth development of skills can push you from being average to a top business owner.
The ability to take a calculated risk is an essential characteristic a person in business can possess. When entrepreneurs are willing to take risks, they can learn and develop in their business that can enhance their company in the long run—taking risks to assist them in discovering new business opportunities themselves from the competition, particularly in a saturated market. If the risk doesn’t have the intended result, the business owner can still apply the valuable ideas learned to future business decision-making.
As an entrepreneur, you have a vision, goals, and objectives. However, it takes resources to turn your vision into reality and achieve such goals and objectives. One of those resources is the employees you hire to operate various units like production, marketing, sales, accounting, supplying, etc. A single employee can’t perform the entire task. Thus it is essential to bring in more individuals to fill in the posts. This also makes leadership a crucial characteristic of entrepreneurs. Without proper leadership in your company, everyone would be working independently without achieving the business goals and objectives.
As a business owner, you need to make quick and effective decisions and take action for the success of your business. To enhance your decision-making skills, you can notify yourself to understand better the business challenges you try to solve. Also, make it easy for yourself by narrowing your options to ease the process of your decision-making.
Entrepreneurs are very determined and hard workers; they are not the lazy type. They think and act logically. They continuously do proper planning and don’t sit idle. Successful entrepreneurs always strive to progress and expand their businesses.
Business owners are goal-oriented. They know what they want to accomplish, set reasonable goals and work towards getting better results. Determination is essential to overcome possible challenges. However, to become a goal-getter, you can start by identifying what you want to achieve and clarifying your future vision. Then you can set a goal with a good timeframe to guide your actions as you work towards achieving your goals.
Entrepreneurs believe in smart and intelligent jobs. They think and act logically.
If you began your journey of becoming an entrepreneur, but you’ve not seen the expected results, you may need to adopt the characteristics mentioned above. Perhaps you only need to work and improve on some of the qualities.
This is the time to take your ideas, dreams, and innovations and turn them into reality. Being your boss and running your business doesn’t have to be something that you only imagine. Take action. Your ideas don’t have to remain a daydream. Most of us have the required skills and knowledge to start our own business and build our empire, we just need confidence and motivation to get started.
So, what are you waiting for? This is the time to test your newfound entrepreneurial skills by taking your first step to starting an abundant lifestyle.