8 Essential Characteristics Of Successful Entrepreneurs: The Real Path to Building Something Great
Image generated with OpenAI by the author
Finding success as an entrepreneur isn't easy.
Learning and experimenting are integral in the early stages of entrepreneurship. Many don't realize this when they first start, causing them to give up before they really get started.
The idea of being an entrepreneur sounds simple. Start a business, advertise, and make money. Shortly after, you're an overnight success.
That's not the case for 99% of entrepreneurs.
The movies make it seem like a lot of luck is involved. It's more about building skills, having consistency, and learning from failure. During this process, you start to see when an opportunity is available more clearly.
This takes time, experimentation, and education.
I've been exploring ideas to build my own business for a while. Learning the skills needed and taking action to build on those skills guided me to a path that aligns with my vision.
This process made me think about which traits the most successful entrepreneurs have.
What does it take to be successful? That's the question I started asking in my journey.
Here's what I found:
Resilience
Entrepreneurs need to be resilient if they want to find success. Failure and rocky waters are features of entrepreneurship, and being able to push through is a trait successful people have. Most "Overnight Successes" are just people who failed over and over again until they found something that took hold.
What isn't talked about is the time it took for anyone successful to get to where they are today. This created a myth-like aspect to entrepreneurship. It's also the reason so many stop before success hits.
The key is to keep going, learning from failure, and never giving up.
"Do not judge me by my success, judge me by how many times I fell and got back up again."
-Nelson Mandela
Risk-Tolerance
High risk tolerance is a trait successful entrepreneurs need. They take calculated risks with the understanding that uncertainty is part of the journey.
This goes hand in hand with resilience. You need to be able to take risks and come back even in the face of failure.
My older brother has always had a higher risk tolerance than I've had. He's built divisions of companies from the ground up, bringing success over and over again. It took me some time to learn from his example and to understand that risk is needed to build anything.
"He who is not courageous enough to take risks will accomplish nothing in life."
-Muhammad Ali
Vision
Having a clear idea of what you want to achieve gives you a path to travel. Entrepreneurs have a vision, giving them the path they need to travel. That vision is also something they are able to communicate effectively.
A lack of vision limits how far you can go.
Your vision should consist of your "Whats" and "Whys".
What is the problem?
Why must this problem be solved?
Why does it have an impact?
What is the image of the future?
Making these actionable brings your vision to life.
Adaptability
The ability to adapt is crucial for entrepreneurs and their endeavors. Pivoting when market conditions, technologies, or customer needs change is a must.
A lack of adaptability is the reason why once great companies die a slow death. They can't adapt to change. Look at AI, it has already started to replace repetitive tasks, and is getting smarter daily. Those who have learned how to use it become more productive and are less likely to be phased out.
"My biggest motivation? Just to keep challenging myself. I see life almost like one long University education that I never had – every day I’m learning something new."
-Richard Branson
Passion
Entrepreneurs care deeply about their business, mission, and vision. It fuels their motivation and perseverance.
Have you seen a passionless entrepreneur? I haven't… They love what they do.
If that passion is lost, they tend to sell the business and move on to a new passion. If they don't, then the business suffers.
Self-Confidence
Every entrepreneur must have self-confidence. It's needed when convincing investors, customers, and their team to believe in the vision. Lacking it makes the job that much harder.
Self-confidence can be learned. An entrepreneur can fake it until they convince themselves they have it.
I've always been impressed with my brother's confidence in all he's done. Regardless of any outcome, he's able to instill confidence in those around him.
Work Ethic
A disciplined work ethic is needed to be an entrepreneur. You aren't going to be successful by sitting and watching Netflix or scrolling on your phone all day.
Mixing a work ethic with a passion for their vision is a force to be reckoned with. It creates a cyclical nature that keeps you moving towards success.
Leadership
Entrepreneurs need to be leaders. Not just any leader, one who inspires, one who builds strong relationships, and one who creates a positive company culture.
This skill can be learned. It's important to be aware of approaches that might be beneficial and to learn from your mistakes.
This list could expand to cover so much more, but these are the key characteristics that come up the most in entrepreneurs. Combining these creates the makings of success. That's assuming they take action.
I use this list to build my skills and character as an entrepreneur.
Success isn't magic, it's work.
"Your time is limited, so don’t waste it living someone else’s life. Don’t be trapped by dogma – which is living with the results of other people’s thinking. Don’t let the noise of others’ opinions drown out your own inner voice. And most important, have the courage to follow your heart and intuition. They somehow already know what you truly want to become. Everything else is secondary."
-Steve Jobs
