Traits of Successful Entrepreneurs in 2021
Welcome to this post about traits of successful entrepreneurs!
We all know entrepreneurs as people who have started a company by taking financial risks to develop and bring their business to success, as Bill Gates did with Microsoft, Steve Jobs with Apple, Mark Zuckerburg with Facebook, and so many more. We look at their success and their contribution to their business, but we never wonder about who they really are and how their personality contributed to the success of the business.
There is so much more to entrepreneurs than what is seen in their business. There is so much more to entrepreneurs than their ability to take financial risks and succeed. How were they able to take that calculated risk? What was their plan for making the business succeed? The answer to these questions lies beyond what is seen to the visible eye; it lies in the entrepreneur’s mind.
Believe it or not, there are 582 million entrepreneurs as of 2020, according to smallbizgenius. With this, more than three in four, or 78% of US small businesses are currently profitable. Being an entrepreneur and starting a business is different than actually sustaining it and generating great profits. So, there must be a difference between the 78% successful entrepreneurs and 22% that are not. Even though they all started a business and put effort into making it successful, the difference lies in not how they started, but the characteristics and mindset they possessed that made the business keep going.
Each and every individual have their own unique personality, but just like how all comedians are funny, entrepreneurs also share common traits. While there isn’t an “ideal” personality that all entrepreneurs need to have, there are some traits that common entrepreneurs share. Even though these traits are the common, typical word that anyone may use to describe someone, these traits wholly make up that person and how others perceive them. These traits are what led them to continue their business and make it successful. And, these traits are what changed their, and our lives for the better.
There are many factors of business that determine whether or not a business will be sustainable, such as marketing, timing, supply chain, and more. However, the personality and mindset of the entrepreneur will determine when they should launch the business, how the business should be marketed, and more. Personality is a significant part of not only entrepreneurship but life as well. So, let’s take a look at 10 traits of successful entrepreneurs, so you, too, can discover the personality of successful entrepreneurs and take advice as well! After all, who doesn’t want to be a successful entrepreneur?!
1. They are confident
No matter how good of an idea you may have, you must be confident enough to share it with the world. Being able to handle a business requires many skills, and those skills require confidence. For example, sharing your business plan to others, introducing a new product to the market, seeking outside funding from investors, and presenting financial data. Along with this, a successful entrepreneur never doubts his/herself if they are worthy of success or not. They are confident in their knowledge that they know they can turn a business idea into a success. They understand that challenges are opportunities to grow, and they face hardships with bravery as they know they can overcome them. Confidence is more than a trait, it is a mentality. And, it shows in their business works.
2. They have strong people skills
“A successful entrepreneur is someone who has excellent communication skills for selling the products to customers and motivating the employees. Yes, most entrepreneurs who have the power to motivate their employees can see their business grow within no time. These entrepreneurs are also great at instructing others to be successful and highlighting the advantages of any situation.” (medium)
Entrepreneurs understand the power of connecting with others and communicating with them. They know that in order for a business to succeed, the employees must be good communicators so that ideas and feedback can be passed around in an orderly manner. By communicating with others, tasks are done with much more efficiency and ease. After all, two minds are better than one and four hands are better than two.
3. They are unafraid to take risks
Some of the most successful entrepreneurs took major risks, and they paid off in a big way. Shark Tank’s Barbara Corcoran turned a $1,000 loan into a $5 billion-dollar real estate business that she sold for $66 million back in 2001.www.entrepreneur.com
The ability to take a calculated risk is one of the most valuable skills an entrepreneur can have. Taking risks in businesses helps them find new ways to stand out from other common competitors. When most people hear the word “risk,” they correlate it to financial risk, however, that is not always the case. There are many aspects of a business that contribute to overall growth. When business owners are willing to take risks, they are able to learn valuable lessons in business for the future. By not taking a risk, you could have missed out on a huge opportunity to grow the business. And even if the risk doesn’t end up with your intended risk, you have still learned something to help with future business decisions.
4. They are self-aware
Self-awareness is a crucial part of life, as well as entrepreneurship. When you are self-aware, you can evaluate yourself, manage your emotions, align your behaviors with your values, and understand how others perceive you.
Entrepreneurs who have a sense of self-awareness that they are able to apply professionally to achieve business success. When an entrepreneur is self-aware they are able to own up to their strengths and weaknesses related to running their business.
With this awareness, they are able to zero in on the tasks and elements of running the business they can excel in and are more willing to delegate the areas they are not as strong in. Another benefit of being self-aware is that it increases one’s ability to give, receive, and apply meaningful feedback.https://blog.hubspot.com/sales/entrepreneur-personality-traits
5. They are creative
When we think of creative people, the first thing that comes in our head are artists. However, artists are not the only people who can be creative and creativity is not meant for only artists. Creativity is a significant trait for all entrepreneurs to have as well.
One of the main aspects of creativity is finding a relationship between two unrelated situations. Entrepreneurs need to have the ability to connect two different things and figure out a solution to problems that are a combination of other things. They need creativity to solve problems, come up with new ideas, and think outside the box when facing everyday business challenges. By having a creative mind, they can help massively with business growth.
6. They are flexible
Not everything in life, and business, goes according to the way you wish it went. To keep a sustainable business and see long-term success, you must be willing to move things around and pivot when necessary. Whether it is reformulating a product to make it better, or revising a business strategy to remain competitive, entrepreneurs who are too rigid and afraid to embrace change are at a disadvantage.
When entrepreneurs are flexible in their approach, they can take advantage of new opportunities to help them in the long run. Business owners who are slow to adapt are ultimately hurting their business because they miss out on chances to improve, innovate, and adapt to their customers’ liking.
7. They are process-oriented
Having solid processes in place is essential for any successful entrepreneur. In the world of business, a process is a repeatable series of steps that help those working within a business to complete necessary tasks. Processes can apply to various aspects of the business including sales, onboarding new team members, production, and product fulfillment.
When business owners have a process-oriented mindset, they are able to work smarter, not harder. Implementing processes in various areas of the business can prevent waste, allowing business owners to scale and grow their businesses. Additionally, when business owners have repeatable processes in place, they are able to easily train new team members to fulfill important aspects of the business without sacrificing time or quality.https://blog.hubspot.com/sales/entrepreneur-personality-traits
8. They are self-motivated
If you’re like some people in the world, you take action only when their is something external that motivates you to do so. However, in entrepreneurship, the entrepreneur must be self-motivated to take action and keep working efficiently and consistently. After all, they are their own boss.
Often times in business, there will be times leaving one uninspired and frusterated. However, one must keep going through the hard times and work through it in order to keep their business going. This starts with knowing what drives you to keep going and drawing upon necessary inspiration when motivation is low.
9. They are resilient
While running a business, it is common for entrepreneurs to face closed doors and to be told “no” often from potential customers and those they are seeking funding from.
Many entrepreneurs may find themselves starting multiple businesses if their initial idea doesn’t take off. According to the Bureau of Labor Statistics, nearly half of small businesses fail within the first four years. Some successful business owners may find their first few business ideas weren’t sustainable in the long run but can apply those learnings to new businesses. Whether an entrepreneur isn’t granted a sale or opportunity or has to start at square one, being resilient and inventive in the face of challenges is a must.https://blog.hubspot.com/sales/entrepreneur-personality-traits
10. They are disciplined and determined
Starting AND maintaining a business is no easy job; it takes a lot of hard work, dedication and discipline. When you are an entrepreneur, there is not going to anyone else to hold you accountable. You must be able to do that yourself, as there is no boss to give you feedback and tell you your mistakes. When you are disciplined, you can manage the urge to procrastinate and take decisive action when needed.
Along with this, you must be determined. This is what fuels the drive to take action and work towards success. No matter how many times you fail, you can try, try, and try again to get the success they want and deserve.
Creative, passionate, confident. We all take other peoples’ qualities and traits for granted, as we do not know how much of an impact they have on their futures. However, as you can see by these entrepreneurs, personalities do indeed have an impact on that person’s life and goals. For example, if you are creative you could bring new ideas to light and develop new things. Along with this, if you are confident, you could share your ideas and make your voice heard.
Everyone has their own qualities that makes them the person who they are. Some may be funny, while others may be strategic. Some may be hardworking, while others are smart. While each entrepreneur is an individual person, they do have some qualities they share that make them all successful entrepreneurs. Here they are:
- They are confident
- They have strong people skills
- They are unafraid to take risks
- They are self-aware
- They are creative
- They are flexible
- They are process-oriented
- They are self-motivated
- They are resilient
- They are disciplined and determined
For more information, I highly recommend checking out the book: How to Be Successful in Business and in Life: Discover How to Achieve Your Goals by Mastering the 7 Key Characteristics of Success ~ Traits of Successful People, How to Be a Successful Entrepreneur. Along with this, check out our last blog, 10 Ways Entrepreneurs Think Differently.
So, if you are an upcoming entrepreneur or want to be one in the future, these traits will help you massively. It doesn’t matter if you are just about to embark on this journey, or have already walked on this path, you can adopt these traits and keep walking till you find success! Good luck!
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