Question A. “What makes an entrepreneur successful?“
Question B. “Are there common characteristics that an entrepreneur must possess?“
These are questions commonly asked by the folks that are about to start out their entrepreneurship journey.
Some people might think the mega-successful entrepreneurs have equipped themselves with some sophisticated specialties and secrets, untouchable by the common folks like us.
But, the real secret to success isn’t really a secret. We all know what’s it about but are rarely actionable on it — it is only a matter of self-discipline, attitude, and execution.
Let’s dive into breaking down the common characteristics of successful entrepreneurs that you already know, but don’t take action on.
Table of Contents
Self-motivation and passion
Successful entrepreneurs are passionate people.
They don’t just put up a business for financial success; they put up a business because they love the thing they are doing.
The people who do what they love put their heart into it. They give it their best. “Truly” the best.
They do what they can to make things work, and they set high standards for themselves.
Motivation often leads to passion.
Passion is what makes you enthusiastic without expecting something in return — you will do everything it takes to achieve a goal because it is a part of you. It makes your heart race and there’s no finish line.
Fanatic skateboarders don’t fear if they break some bones. All they want is to brush up on their skills and beat all the challenging pump tracks of their goals.
So, it’s a passion that makes somebody fearless, focus-oriented, and truly enjoy every process of their achievement. And the passion can apply to anything you do.
Those who succeed in business never really chase the money. Instead, they chase their passion. And this gives them the courage to go through the risk and venture themselves out.
They want to create something that revamps the industry. Their dream is to make people’s lives easier with the help of what they create for them.
Money isn’t a thing that they are obsessed with because they focus on delivering value to a world where their help is in need.
As a result, financial success is just followed by that.
Value interpersonal relationships
Well-maintained relationships can be a magical contributor to your business success. And it’s a common trait that every successful entrepreneur has — they value interpersonal relationships.
They network with people because they become known in those social circles. And great interpersonal skills are a boon to solidifying your network.
However, having great interpersonal skills doesn’t necessarily mean being a fluent public speaker or anything like a silver tongue.
In fact, what comes down to this is rather simple — add value to the people.
Some might feel burdened with the idea of giving value. But giving value to your interpersonal group isn’t something that costs your fortune like a super-sized charity or million-dollar donation; it is just every little help or contribution that you can do to solve “their problems”.
If you are a web developer, you could help troubleshoot the code error that they are struggling with on their website. Or if you are a digital marketer, you could advise them to help ease the pain of sluggish user engagements on their marketing funnel.
If a SaaS business owner, offering a free tool to the people that matter to you can be a thing appreciated by them.
Indeed, they are going to appreciate what you share. And below is a quick step-by-step for building your relationships/following base.
- Make a game plan – you need to know what your end goal is; you can’t just network for the sake of it. If you network, you have to choose the platform and the niche where you are going to do this.
- Follow up – once you have met new people online, make proposals and offer some of your services for free. Follow up with the people you talk to, and make sure something gets done.
- Pay it forward – help people as others help you; you want to be remembered in your community as someone who is reliable, and creditable.
Networking is not rocket science, so don’t be afraid of it. You don’t have to be a thought leader to be able to network.
The truth of the matter is that networking is nothing more than being human and genuine — be yourself, feel empathy and try to advance the interest of others before yours.
Financial management
The entrepreneur should have a good understanding of financial management. They should know how to handle the company’s funds, including budgeting and forecasting.
The entrepreneur should also be able to make decisions about what benefits the company when it comes to finances.
Entrepreneurs need to understand that they are responsible for the financial well-being of their businesses. This includes knowing how much money they have in the bank, where it is coming from, and where it is spent on.
(IMG)
Successful financial management also means a deep understanding of what their current cash flow is like.
While 82% of small businesses fail due to cash flow issues, the right prediction for the future cash flow event is a life-saving ability for your business.
Pay attention to analytical skills
Analytical skills are necessary for the success of an entrepreneur.
An entrepreneur needs to be able to analyze the market and understand how it works, in order to make a profit.
The analytical skills that an entrepreneur needs will depend on what kind of company they are running. A business person who owns a restaurant, for example, should be able to analyze the costs of different ingredients and make sure they are getting the best price while still maintaining quality.
A business person who runs a clothing store, on the other hand, might focus more on analyzing trends and coming up with new ideas for their store’s inventory.
When it comes to data analyzing, extracting the key insight out of the data is an important part as well.
Every business decision-making and execution starts by comprehending data. It helps navigate the business more data-driven and objectively rather than gut feeling.
Acknowledge the limitations
Staying well-grounded is one of the characteristics that successful entrepreneurs have.
They know the fact, more than anyone, that no one is perfect in the world.
They choose to be forthright about their shortcomings and move on to learn them. It’s their positive mindset embedded in it, enjoying learning from mistakes and getting better.
In learning things, there is no shame needed. Embarrassment or self-consciousness only stops you from moving forward.
It’d rather be wise to focus on the joy of learning new things and make your progress a step forward from “yesterday-you”.
Every progress made starts from acknowledging your limitations.
Willingness to put in the consistent work
“A journey of a thousand miles begins with a single step.“
Last but not least, the willingness to put in consistent work is a key trait that all successful entrepreneurs share.
They believe in the long-term value proposition of their brand, not really chased by time or a quick result. But consistent work on building up the business gradually is what the most successful businesses in the world went through.
To be consistent, it comes with a firm belief of what value their brand brings to the world. It needs to be a business proven worthwhile and have a great market demand.
The belief in their business prosperousness is a motivation for consistency that makes or breaks the future success of the entrepreneurship.
Summary: Characteristics of a Successful Entrepreneur
You can’t just equate success to luck. In order to succeed, it’s essential to have success-driven characteristics.
Success is the end result of all different attributes and facets combined together. Trial and error and even failure are a part of the process toward it. And it takes time to build and put all the elements together.
If you have your role model among the most successful entrepreneur, it is a good idea to benchmark his/her success. Learning about the founder stories of your favorite entrepreneurs can constantly help you get inspired as well.
However, it is equally important to benchmark your own progress. A role model for you could be someone who has a similar background, shares your values and interests in the area of entrepreneurship, or someone who got there first before you and is still working hard every day to thrive.
click here for more articles.
