Some people seem to be born with entrepreneurship running through their veins while others have stumbled on it through a series of life events, such as working a soul-sucking job. After reading the Better Know a Young Millionaire series, it’s apparent that an entrepreneur can find extreme success even at a very young age.
While there are many entrepreneurs in the world there are a certain set of traits that separate the successful from the unsuccessful. Do you have what it takes? Here are nine traits found in entrepreneurs who’ve climbed their way to the top.
Guts
Let’s talk about the big one right off the bat. It takes guts to start your own business. Entrepreneurs face rejection and criticism on a daily basis but they continue on with their plans anyway.
They don’t let others’ negative judgments dissuade them from doing what they feel to be right. They have a vision and a plan which they’re willing to follow through on no matter how many people tell them they won’t make it. They put themselves out there for the world to see — and that takes guts, a whole lot of guts.
Self-Motivation
Self-motivation is a critical trait of successful entrepreneurs. Those who have found success quickly know how to push themselves. They don’t need anyone else telling them what do next. They take initiative and go for it.
High Levels of Productivity
Aside from self-motivation the next most important trait of a successful entrepreneur is the ability to choose which tasks are beneficial to their businesses versus which tasks just steal their time.
This is a trait that is hard to come by. Many of us know that the time we spend working could be better used but we continue down the same path anyway. Successful entrepreneurs do not. They know which tasks bring them the biggest return on investment and concentrate on those. They eliminate or delegate everything else.
Responsibility
There are many people who like to place the blame on something or someone else when their plans go wrong. Super successful entrepreneurs take responsibility for themselves.
If there is something about their life or business that they feel is lacking they take responsibility for it and make a plan to change it. They don’t sit around complaining or placing blame on their circumstances — they fix the problem.
Patience
No business, no matter what it is, takes off at the very beginning. It takes time, dedication, and a lot of hard work to make a business successful. Patience is a key factor that separates the successful entrepreneurs from the unsuccessful.
Successful entrepreneurs will give their business ideas ample time to flourish instead of getting antsy and prematurely changing the game plan. They know and respect that it takes time for a business to grow.
Vision
Entrepreneurs can take an idea that’s been played to death and breathe a new life into it. They have a vision for what a particular product or service could be and then make it happen.
They also have a mountain of ideas running through their head but have the ability to determine which ones are viable and which ones are a waste of time.
Risk Tolerance
If you’ve ever started any kind of a business then you know that there is some sort of risk involved in almost every transaction. Successful entrepreneurs carefully weigh the risk versus reward of their business decisions and act accordingly.
They aren’t afraid of taking a chance if they think a business decision is going to pay off. They are also smart enough to know which ideas are good enough to take a gamble on.
Decisiveness
Trends change, products change, and businesses change. In order to remain successful businesses have to adapt to the market and the needs of their customers. This means that decisions are constantly being made.
Successful entrepreneurs are continually presented with potential problems. They strive to learn and stay informed so that when it’s time to make a decision they’ll know the right one to make.
They Don’t Give Up
Successful entrepreneurs started from the bottom and worked their way up. They’ve been rejected, have fallen flat on their faces, and have been told they would never make it. But guess what? They persevered anyways.
They got back up, brushed theirselves off, and went straight back to work — even when the odds were stacked against them.
Entrepreneurship isn’t right for everyone, but if you possess the majority of these nine traits it could be right for you!
Are you an entrepreneur? Are there any traits you’d add or remove from this list?
Editor’s Note: Interested in more ways to earn money? Check out these articles:
Shannon @ Financially Blonde says
I would agree with all of these traits, especially having guts and patience. Being an entrepreneur is not for the weak of heart. Even though you have a wonderful idea that you love, not everyone will love it or they will not love it as fast as you do. This does not mean that you will not be a success, it just means you have to keep tapping those reserves of guts and patience.
Kostas @ Finance Blog Zone says
This items on this list are all important, but I have to agree moneystepper, without ‘guts’ and the ability to overcome fear, we can never accomplish as much as we may like. Fearlessness is crucial in taking risks in business and all aspects of life.