7 Key Traits of a Successful Entrepreneur

Not everyone makes it big as an entrepreneur. While some can rapidly scale their small company into an empire, others can barely survive the ups and downs that their industry has to offer. So who are these successful entrepreneurs, and what makes them stand out from the crowd? It is generally believed that entrepreneurs are people who posses the “type-A” personality. Contrary to popular beliefs, you don’t have to be a Type-A personality that is over competitive, a high achiever, hyper organized workaholic, who has little compassion for others in order to be a successful businessperson.

success-1024x682So who are these successful entrepreneurs, where do they come from, and what qualities do you need to become a successful entrepreneur? Do they possess magical powers that shoot them up the ladder of success? Well, magic has little to do with it, that’s for sure! But there are some common characteristics that most successful entrepreneurs share. Here are few of those characteristics that you need to posses as an aspiring entrepreneur.

1. Strong leadership skills:
Not everyone can be a leader. While some are born to be great leaders, others hone their skills to become one. Spotting a leader in the crowd is quite easy actually. They are the go-to person that solves everyone’s problems, and they are never scared of making decisions. A leader always prioritizes his goals above all. They don’t mind doing the dirty work to get there, and they will always face challenges head on to smash them out of the way. A good leader works with his team, keeps the staff motivated and leads them on the right track.

“A leader is one who knows the way, goes the way, and shows the way.”John C. Maxwell

2. Ability to stay highly motivated:
If you know a thing or two about running a business, you must also be familiar with the fact that failure in business, and setbacks are common in the life of an entrepreneur. Losing motivation is the worst thing that can happen to an individual who has to fight against the odds to conquer. A successful entrepreneur doesn’t let failure hold them back, they can adapt well to changing circumstances. They don’t sit back and wait for opportunities to arise out of thin air. They are the go-getters who always stay self-motivated to go after opportunities whenever they spot them.

success3. Sense of ethics and integrity:
A successful entrepreneur possesses a strong sense of ethics and integrity. While the cheaters and the thieves may win in the short term, ethical businessmen are here to stay. They are the driving force behind sustainable businesses that thrive for decades! As an entrepreneur, you need to maintain the highest standards of integrity, because if you fail to prove your credibility as a businessperson, no one will do business with you in the future. Be it in terms of dealing with clients or leading the team, being honest and going by ethics is crucial.

Ethics and integrity are not things you just talk about in your business plan objectives. They play an integral part in your business culture and daily activities. You must practice what you preach.

“It takes 20 years to build a reputation and five minutes to ruin it. If you think about that you’ll do things differently.” ― Warren Buffett

4. Power to bounce back from failure:
This is probably one of the most important traits that make a successful entrepreneur. An entrepreneur needs to be able to take risks, and he/she should also be prepared to face failure. While a lot of people are willing to take risks and face the consequences, not many have the ability to pick themselves up from the ground, brush off the dust, and hop back on the proverbial horse. The power to bounce back from failure is what keeps an entrepreneur going till he reaches his goal. The one, who failed once and never tried again, will never make a successful entrepreneur.

5. Being blessed with an innovative mind:
An entrepreneur is known for his/her drive for developing innovative ideas. Therefore, they don’t stick to the status quo, and are always willing to push boundaries, which ultimately creates disruptive innovation, and a wave of change, which challenges the norm. Without this quality, an entrepreneur would just get lost in the crowd of thousands of other businessmen who struggle to make a name for themselves. Apart from bringing new things to the platter, entrepreneurs also work on existing processes to make them more effective.

6. Being competitive:
Entrepreneurs have to face a high level of competition not only from fellow entrepreneurs, but also from the well-established companies that have been thriving in their industry for years. Despite having the odds stacked against them, entrepreneurs dive in to swim against the tide. They are ready to fight the challenges that come their way. This daring mentality is the force that drives them forward. Challenging competitors is not enough; entrepreneurs should also be competitive with themselves in order to continuously improve with each passing day. Entrepreneurs need to focus on personal development to continually maintain a competitive advantage over their competitors.

7. Valuing peer network:
A successful entrepreneur knows that they cannot achieve everything on their own. The importance of networking in business is crucial in making a business successful, and they seem to know it very well. That is why entrepreneurs spend time and effort building contacts and networks. They are always mindful when choosing financial partners, business partners, and staff members. They know how to use their resources resourcefully in order to benefit their business in the long run. Good entrepreneurs are people who nurture valuable business relationships, and surround themselves with people that will help them achieve their goals.

Of course these are just some of the traits that entrepreneurs possess. Today’s business world is filled with great examples such as Mark Zuckerberg, Larry Page, Christopher Gardner, Desiree Rogers and many more. All of them have created their strong hold in the business world through hard work and dedication. Idols for the aspiring businessmen, there is no debating that these entrepreneurs possess some uniqueness that sets them apart.

By | 2014-12-02T23:23:39+01:00 December 3rd, 2014|Business, Startups|0 Comments

About the Author:

Terser Adamu is the founder of mynaijanaira.com. He is a passionate business professional who loves helping small and big businesses with practical business advice from business processes to marketing to sourcing. Basically anything that will help your business grow, and become successful. Joseph is widely renowned for his diligence and eye for detail. This is how the mynaijanaira.com story began. mynaijanaira.com was created to provide quality tips, training and mentoring to startups, entrepreneurs and business lovers. The aim is to help you increase your business knowledge and profits. Join the revolution and share the information ☺ Please share any feedback you have regarding our site and products. Please download a copy of my FREE Ebook: Discover How to Run a Successful Business in Africa

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