Many people dream of owning their own business but never make the transition from “dreaming of” to “doing”. What are the traits of successful entrepreneurs? How do you know if you have what it takes to successfully run your own business or if you should stay working as an employee?
We’ve all seen many people spend tens of thousands of dollars (or more) on starting their own business only to have it fail and then end up back in the employment force. What was it that caused them to fail? Did they make certain business mistakes, or are they just not “cut out” to be entrepreneurs? Today we’ll go over seven traits of successful entrepreneurs in order to help you decide whether business ownership is for you.
1. They are tenacious
Tenacity is defined as having determination or persistence. A successful entrepreneur knows that tenacity is a core characteristic in one who wishes to be successful in entrepreneurship. Every new business, from the vision stage, to the planning stage, to the selling stage to the growing stage will encounter resistance and roadblocks. Tenacity from the business owner is what will allow the business to emerge from those roadblocks a winner.
2. They have vision
Vision is what allows a person to see what an idea can become. It works – in the mind – to take a great idea and turn it into a profitable business. A lack of vision, on the other hand, only sees roadblocks, problems and potentially negative aspects. Although it’s important to look at the negative side of the equation, it’s equally important not to let the negatives provide the main influence on your potential business if the potential positives outweigh the potential negatives.
3. They have faith in themselves
There’s a difference between faith and arrogance. Arrogance says “I can and will do this because of who I am.” Faith in oneself, on the other hand, says “I will choose to work hard enough to see this idea through to success in order to benefit myself and others.” The successful entrepreneur knows that faith in oneself is vital to following through with the hard work involved in starting and running a business.
4. They are passionate
A successful business cannot last for long without the business owner having a serious passion for what they do. A successful entrepreneur must align their passion with their vocation, believe strongly in their business and have a heart that sincerely believes their business is beneficial to others in order to successfully sell it to others.
5. They have integrity and a strong code of ethics
If you’re in your business just to make a buck, potential clients and investors will spot you a mile away. No one wants to do business with a smooth talker who’s primary concern is for his or her own pocketbook, with the client’s well-being coming in a distant second. A successful entrepreneur has a heart that is committed to serving others and doing what’s right.
6. They are committed to learning
All successful entrepreneurs will tell you that they’ve made a lifelong habit out of educating themselves. Even those who seem to know it all, such as Donald Trump, continue to this day to educate themselves on a regular basis in their business fields of expertise. A successful entrepreneur acknowledges that they will never know it all and therefore makes a commitment to continuing education in their particular field of business and in the world of business in general.
7. Successful entrepreneurs view setbacks and failures appropriately
A successful entrepreneur understands that setbacks and failures are simply a part of business ownership. Instead of allowing setbacks to define or destroy them, however, a successful entrepreneur chooses to learn from them. He or she then takes what they’ve learned from that failure or setback, and uses it to advance their business.
Nearly all successful entrepreneurs will tell you that it’s not so much luck, not so much money, and not so much connections that make a successful businessperson, but instead, it’s a certain mindset and the willingness to adopt certain traits and behaviors that make the difference between a successful business owner and an unsuccessful business owner. Before starting a business, make sure that you possess the pertinent qualities that are necessary to run a business successfully. If you don’t have them, you must decide whether you will learn how to get them, or whether you will instead stay working as an employee.
There’s no wrong answer: each person has to work and live in a way that best promotes growth and joy in their lives. However, knowing whether or not you carry the traits necessary to be successful entrepreneur before you start your business will help you make a more informed decision about whether or not business ownership is for you.