Top 10 Traits of a Successful Entrepreneur

successful entrepreneur traits
Successful entrepreneurs

I believe that entrepreneurship can be taught. Here are some entrepreneurial traits you need to acquire and master in order to be a successful entrepreneur…

1. Communication: If you can’t communicate you will have no customers. Many business owners live by the 80/20 rule. That is, spend 80% of your time marketing and 20% actually building your product. If you have a really great idea but no one knows about it you will still make no money.

2. Patience: Many of the business owners I interview stress that a company doesn’t grow overnight. Sometimes it can take months or even years to build up a customer base. It can often seem like your business is going nowhere for long periods of time, but then one day it’ll all come together – patience is key.

3. Ask the tough questions: You have to be able to envision yourself as the customer. Ask yourself questions like: Does my product or service actually serve a purpose? Is it practical? Is it over-priced? Unless you can be a skeptic of your own business, you’ll have a tough time improving.

4. Be a visionary: Dreamer, optimist, upbeat – these are all things an entrepreneur should be. There will be many times when it appears as if your company is going nowhere fast, but a dream of success will keep it alive. As an entrepreneur, you are your own hype-man.

5. Perseverance: If you are going to start a business, you really need to be committed to making it a success. No one else will be committed for you; you’re the glue holding the business together. If you so much as begin to give up, everything will fall apart.

6. Organized: “On any given day, I need to juggle client meetings with following up with prospects, networking…” As a self-employed business owner, you have to control every aspect of the business – from advertising to paperwork. Being disorganized can cost precious minutes each day – minutes that could be used for building your empire.

7. Being Decisive: Snap decisions are crucial in small business. Taking extra seconds to decide one way or the other could cost you money.

8. Speak for yourself: Don’t be the loser of any conversation. In every business encounter, one person gets what they want out of the conversation (the winner), while the other doesn’t (the loser). Speak your mind and be frank with people. This will set you up as a strong person and prevent you from getting trodden over.

9. Confident: This is perhaps the most easily recognizable trait a person can have. Keeping your confidence at a constant high will help you in literally every situation. First impressions, meetings, phone conversations – confidence gives you an edge wherever you go.

10. Flexible: Be prepared for every situation – and then expect things to go wrong anyways. This is just how it goes, and you can’t let it fluster you. Being adaptable to any situation will take you a long way.

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Image: Ambro