10 Important Personal Characteristics of Entrepreneurs

ten important personal characteristics entrepreneurs

What Does a Successful Entrepreneur Look Like?

Being an entrepreneur requires particular skills. Although some abilities are natural, you can develop or learn others by careful practice. Knowing and gaining the qualities required to be an entrepreneur will help you grow to become a distinguished business leader.

Entrepreneurs are individuals who create, run, and organize their own businesses. Characteristics of entrepreneurs are those qualities or traits that help them achieve their goals. Examples of entrepreneurs include:

  • Inventors: These are entrepreneurs who generate business ideas and sell them on the market.

  • Small business owners: These are individuals who employ fewer than 500 workers.

  • Online business owners: These are business owners who do their commercial activities mostly online, including bloggers and e-commerce store owners.

  • Home-based business owners: These are entrepreneurs who run their businesses from home instead of in traditional offices.

10 Crucial Qualities of Successful Entrepreneurs

You may ask, what personal characteristics do entrepreneurs need? Or, what personal traits do successful people have? Here we reveal the ten vital characteristics that all successful entrepreneurs have in common:

1. Self-Discipline

Self-discipline is one of the most vital attributes for success in business and life. Once you can discipline yourself to do what you need to do, even when you don't feel like doing it, you're guaranteed to succeed. To acquire self-discipline, you need the strength of character that manifests as self-direction, self-mastery, self-responsibility, and self-control. What separates successful entrepreneurs from failures is that successful entrepreneurs have a habit of doing things that don't appeal to the failures.

The things that failures don't like doing are the same things that successful individuals don't enjoy doing. However, the successful ones do them anyway because they understand that to succeed and to gain the results that they desire in the future, they must pay the price. So, use applications like IFTTT (if this, then that) to help you schedule tasks and set reminders for important tasks you need to do.

2. Curiosity

Successful entrepreneurs are curious individuals, and this trait enables them to continuously search for new opportunities. Instead of being contented with what they think they know, curious individuals ask tough questions and explore alternate avenues.

Without the motivation to continually challenge the status quo and ask questions, you can easily overlook valuable discoveries. Always remember that before something becomes a breakthrough, it's just a wild idea. If Thomas Edison had not been curious, he would not have been able to conceive the long-lasting electric light bulb, phonograph, or motion picture camera. For any successful entrepreneur, curiosity is a fundamental trait.

Business leaders don't succeed in life by being indifferent to various occurrences around them. Instead, they're always looking for opportunities to improve things.

3. Creativity

Becoming an entrepreneur begins with an idea. You must see opportunities, create innovative ways to do things, and provide solutions to others.

To enhance your creativity, you must gain habits that support your creative system. Figure out what makes you creative, for instance, reading, music, meeting people, meditation, a sport, self-reflection, or any other activity. Then commit a particular part of your day to get inspiration from new ideas and solutions.

During that time, begin by doing what inspires you, then let your mind go to work. This is often the right time to make a list of the ideas that flow into your mind and choose some to pursue further.

4. Structured Experimentation

Where creativity exists, there's always a need for structured experimentation. Whenever you find new opportunities, as an entrepreneur, you must first run tests to establish whether the opportunities are worth pursuing.

For instance, if you get an idea for a service or product for which there's an inadequate demand, you must find out whether clients will pay for it. And to do so, you must run meaningful tests and carry out serious market research to validate your idea and determine whether it has potential.

5. Integrity

All entrepreneurs must have integrity. The most precious and honorable trait you can ever acquire is a reputation for absolute integrity. You must be perfectly honest in every transaction and activity. Never fall prey to the temptation of compromising your integrity.

In your business, your honor is everything, and your word is your bond. All successful business deals are built on a foundation of trust. Your success in becoming an entrepreneur will mostly be determined by the number of individuals who trust you, who are willing to lend you money, buy your services and products work for you, give you credit, and support you during tough times.

The most important asset you can ever develop in your life is your character, and character depends on the amount of integrity you practice. Remember, an ethical entrepreneur equals a successful entrepreneur.

6. Planning

Often, being an entrepreneur means creating things from scratch, with no previous examples to build on. Thus, it is mandatory to have effective planning skills. As an entrepreneur, you must be efficient in the manner in which you handle various issues, from finances to people and everything in between.

Good planning allows you to concentrate on your goals and avoid becoming easily distracted by other possibilities. However, you must keep in mind that excessive planning and trying to get a solution for everything can also be detrimental, and it ends up being as useless as planning nothing at all.

You need to have the right amount of forward-thinking to feel prepared for any outcome, while still retaining your flexibility in case of any other occurrence.

7. Taking Risks

Successful entrepreneurs understand that it's necessary to take risks. Playing it safe as a business owner seldom leads to success. However, you must know which risks to take. One crucial part of being an entrepreneur is understanding calculated risks that have the highest probabilities of paying off.

As an entrepreneur, you must understand the risk of total failure. However, don't lose sleep over it. Instead, consider it to be another side of the adventure of life. You must be an expert in discerning a calculated risk over a mindless and unnecessary risk.

Jumping into a river of crocodiles just to say you swam there is not sensible. But jumping into that river to find treasures when there is a possibility of crocodiles has benefits that are worth the risk. The ability to differentiate between these scenarios makes you a brilliant entrepreneur.

8. Hard Work

Although entrepreneurs are the primary source of motivation for their businesses, they also must be willing and ready to get down and do the dirty work in case they need to. They are visionaries who have a single goal and are determined to do anything to see their inventions come to life.

They will work as harder as they need to, and usually harder, to make sure that things are moving efficiently and quickly. They are always ready to do any job in the business and to commit any amount of time to succeed in their ventures. Their passion makes them determined to counter many challenges and to see to it that they do their job no matter what it takes.

9. Optimism

Successful entrepreneurs have a positive outlook towards circumstances. The present problems they face do not trouble them. Instead, they're optimistic about the future and believe that everything will be favorable as time goes on.

In 1914, Thomas Edison, aged 67, lost his factory due to fire. Since it had very little insurance, Edison, who was no longer young, watched all his efforts of a lifetime burn to ashes. However, he never regretted it. Instead, he observed that there was great value in disaster. And since all his "mistakes" had burned up, he could start afresh. Despite this horrific disaster, three weeks later, Edison invented the phonograph. This is an example of a great optimistic attitude.

10. Networking

One of the greatest personal characteristics entrepreneurs need, and which is crucial for success, is the ability to connect with people and identify opportunities for partnership. Meeting new people gives you access to resources and knowledge required in your field. It gives you opportunities to learn from the success and failure of others, meet new clients, and promote your goods or services.

To enhance your networking skills, strive to build genuine relationships with people. You may have business ideas in mind, but you need to associate with people to make new friends and connections. If you meet an individual who could be of help to someone else in your network, connect them. You will have helped someone, and they will remember you. Later, they may even want to return the favor.

Entrepreneurship is both a great opportunity and a challenge, and you need to have certain personal traits to succeed at it. There are no hard rules to becoming an entrepreneur. You only need to be curious, creative, self-disciplined, optimistic, and good at networking. Once you've decided what sort of business you want to build, call us at CoverWallet to find the right types of insurance to protect it.

Share

Email Did you know that 85% of US companies are overpaying or could be underinsured? Get informed by downloading our FREE ebook about small business insurance

Download Now » cancel