What defines “success?” It is a question that has existed as long as the concept of business and enterprise. While there is no definitive answer, there are tips to help you out. Getting to grips with the characteristics of successful entrepreneurs can be a fantastic starting point to success.
When we consider successful entrepreneurs, there are a few factors they all seem to have in common. They are making a good profit, their businesses are growing, and they have successfully solved a legitimate market problem.
So how do you get there? We have good news: there is no magical, secret recipe. Learning the characteristics of successful entrepreneurs can, however, give you a helping hand.
At Romain Berg, we are passionate about helping you to take your business to the next level. Those success stories you admire all have specific characteristics in common. To help, we have made it our mission to nail them down in an accessible resource.
So just what are the important traits of successful entrepreneurs? Read on to discover our insider tips, and see how you could take your business to new heights.
1. They Are Motivated
All successful entrepreneurs have motivation in common; that is why they are in their current position. Trying to build a business is tough, and setbacks are an inevitable part of the process. To succeed and progress, you need to be ready to work through the tough times.
This mindset of motivation and entrepreneurial spirit is vital at the start of your journey. No matter your niche, you need incredible motivation to turn your dream from a business plan on paper into a reality.
Taking this first step, and sticking it out when things get tough, are essential to make it to the top.
2. They Are Not Afraid of Risk
As with any new endeavor, becoming a business owner contains an element of risk. Finances may be a concern, especially if you invest your life savings into your new startup. The first few years may be shaky, and it could be a while before you see a return on your investment.
Security can also be a significant risk factor. Working for yourself involves giving up the protection of a 9-5 and the wages and benefits which come with this. There may be no cover for sick days, no insurance perks, and no tax benefits.
Nonetheless, you will need to assess the risk and take a chance if you want to succeed.
3. They Have Vision
Vision is one of the essential characteristics of successful entrepreneurs. These people can see the bigger picture, even if it is not immediately apparent. Maintaining the momentum and envisioning a long term business plan can be difficult if things start to dip.
However, a successful outcome depends on you knowing your goals and having plans to achieve them.
You also need to know your industry:
- What are the significant changes?
- Where is the market heading?
- How can your offering be bigger, better, more productive?
Keeping an eye on the bigger picture is vital for growth and development.
4. They Can Work With Others
A great entrepreneur needs to be able to work alone, but they must also possess the ability to work in a team. Collaboration is one of the ideal characteristics of successful entrepreneurs.
Used correctly, it can be the key to unlocking new ideas and exploring new avenues. You also need to be able to bring the best out of your team to optimize results.
This feature can also include the ability to admit when you have something wrong, or when another idea surpasses you. Some of the most successful outcomes emerge when ideas combine; a collaborative attitude can help you rise above the competition.
5. They Are Creative
Running your own business or working for yourself both throw challenges and curveballs. As a result, creativity is one of the key characteristics of successful entrepreneurs.
In a traditional office setting where you have an employee role, the buck stops elsewhere. Being the boss means that you need to be the one to come up with a solution.
Creativity is essential here; to be successful, you will need to stand out and think outside of the box. The same old tried and tested formulas are no longer enough; you need to be dynamic and one step ahead.
Look at what everyone else in your industry is doing, and take it one step further.
6. They Are Persuasive
Negotiating is a critical skill in business, especially when the deal rests on your shoulders. You need to be able to liaise with team members at all levels of an organization. A good entrepreneur can work with everyone from CEOs to suppliers.
Being able to persuade without being sleazy or overbearing is a learned art. Being assertive, confident, and determined can offer you the advantage you need. Prepare to land that client, or sign on that all-important deal!
7. They Are Flexible...
Being able to think on your feet is essential for any entrepreneur. This ability only becomes more important as the stakes and numbers get higher. To succeed, you need to be adaptable and flexible, able to change with your industry’s demands and evolutions.
Windows of opportunity are always shifting, remember Blockbuster passed up an opportunity to buy Netflix for $50M in 2000.
Customers and clients never stay in the same place for too long, and you want to be right there with them as their business changes. Remember to always keep an open mind.
8. But Also Reliable
While creativity and flexibility are essential, successful entrepreneurs also tend to have a record of reliability. Those working with you need to know they can count on you no matter what. In time, this attitude will then extend to those with whom you want to work.
You want a reputation as someone who sticks to their word, whose promise is infallible, and who can be trusted to deliver. This is an often underrated quality that can really help you stand out in a busy market.
9. They Invest In Themselves
A successful entrepreneur will understand the value of education and self-investment. They will be continuously striving to improve and grow and understand that progress requires hard work.
From taking courses and classes to enrolling in business school, great entrepreneurs see themselves as a key investment.
10. They Are Tenacious
A successful entrepreneur has calluses. For every success, there were multiple failures and lessons learned along the way. They understand they have entered a world of free-market Darwinism, and they have innate instincts to keep pushing forward during times of turbulence.
Success is not a linear path.
Your Next Steps
Achieving success as an entrepreneur primarily comes down to hard work, dedication, and just a little bit of luck. By embodying and making the most of the characteristics of successful entrepreneurs above, you can really boost the chances of success.
At Romain Berg, we are dedicated to helping you grow and expand your business. From helpful insider blogs to lectures and guidance, we have a treasure trove of options to help your business grow.
Sign up today, and see how we can help you transform from aspiring entrepreneur to successful business mogul.