Biz

Characteristics of successful entrepreneurs

Starting a business is a lot of work. Anyone who tells you it’s not is either lying or has never actually started one themselves. The hours are long, sacrifices are great and you are assaulted with new problems and challenges every day with seemingly no end.  If you don’t have the constitution to weather these things, your business could end faster than it started.

 

Are Entrepreneurs Born or Made?
It’s a longstanding debate: are entrepreneurs made or born? In other words, are certain people just naturally set to become entrepreneurs? Or are there particular skills and training afforded by business schools that can make you smarter, better, faster and a successful entrepreneur?

The answer is entrepreneurial is experience, personality, leadership skills as well as skills that one needs to acquire through education and life experience – as key to becoming an effective entrepreneur. There is another element that is critical for successful entrepreneurs and that is passion around the idea that they are pursuing. Below are characteristics for a successful entrepreneur:

Determination. Not willing to give up, you forge ahead until you get what you want. Sometimes this isn’t your employees’ favourite of your characteristics, as it can make you a “slave driver,” expecting everyone else to live up to your own expectations for the business.

Competitiveness. Ever since school, you’ve been in competition; first with others, and now with yourselfe. Your best isn’t good enough; you want more. This constant striving for perfection means you stay ahead ofyour competition in the marketplace.

Risk-Taking. As an entrepreneur, you can’t fear risk, because you take it every day. You risk not making enough to pay your staff.  You risk losing all your business, should you be sued (that’s when corporations come in handy). You risk utter failure. Yet we still do what we do.

Hard-Working. Entrepreneurs aren’t afraid of a little (or a lot of) work. Many thrive on 60-hour workweeks. They know that it takes a lot of work to get a business off the ground, and we’re willing to put in the time.

Difficulty Disconnecting.  this might be the least favorite characteristic for every friend,partner or family of an entrepreneur. You sneak a peek at our email at dinner. We take our computers on vacation. You have trouble completely disconnecting from our business, simply because we are our business.

Flexible. As entrepreneurs, you have to roll with the punches. You must be flexible in the face of constantly changing technology, competition, and pricing, otherwise you face extinction.

Visionary. You might not be the visionaries Steve Jobs was, but you have your own creativity that you apply to your businesses. It’s this vision that inspires their staff to want to make the business better.

Communicators. You communicate all day long: on the phone, by email, and on social media. It comes naturally to you. If you have any shortfall in this area, it’s communicating to your staff, giving them pats on the back for jobs well done.

Easily Bored. Part of the reason reason you started a business was that you got bored at your past jobs. You weren’t inspired enough. You quickly mastered tasks and then needed something else to engage you. Running your own business means you’re never bored because you can keep challenging yourself.

An Entrepreneur for Life. For those of you that are fortunate enough to sell a business in your lifetime, you won’t be done. Sure, you might try sailing around the world on the money you’ve made, but chances are, you will be unable to stay away from creating something new.

Show More

Related Articles

Close
Read previous post:
The Importance of networking for your business

Networking is important for your business because first and foremost, it creates immediate visibility in an over-populated marketplace, it gives...

Close