Categories
Entrepreneurship

10 Traits of Successful Entrepreneurs

Jennifer Scott │ February 15, 2021

Successful entrepreneurs do not mind taking risks.

When it comes to entrepreneurship, there are a lot of risks involved. Markets can be lucrative one year and volatile the next. A successful entrepreneur will whole-heartedly embrace the risks to reap the rewards.

Successful entrepreneurs do not mind change.

The business environment is ever changing due to technological advancements. To stay on top in a particular industry, a successful entrepreneur will welcome change and use it to drive his/her business to the next level.

Successful entrepreneurs have mentors.

Mentors can give reassurance during uncertain times, encouragement during failures, and help entrepreneurs learn skills that have not been acquired through previous educational and work experiences. Successful entrepreneurs know that it is beneficial to engage with someone who has experienced the ups and downs of business ownership.

Successful entrepreneurs know when to ask for help.

It is impossible to know everything about everything in business, and it is also impossible for one person to do everything all the time. Whether it is seeking the assistance of an accountant or hiring an extra set of hands, successful entrepreneurs are not afraid to seek out help when they need it.

Successful entrepreneurs are comfortable with relinquishing control.

Once a successful entrepreneur has asked for help, they are willing to relinquishing control. It is difficult to be fully engaged in strategic planning and executive level financial decisions when involved with the day-to-day operations of a business.

Successful entrepreneurs are effective leaders.

To be an effective leader means being an active listener, having the ability to articulate one’s passion and vision, and building trust and confidence with employees. Successful entrepreneurs have the ability to do all three which allows them to build prosperous teams.

Successful entrepreneurs can work through challenges.

Being able to work through challenges can mean the difference between success and failure. Successful entrepreneurs do not give up when the going gets tough. Instead, they build strategies and initiate plans that help their businesses overcome challenges.

Successful entrepreneurs are creative and passionate visionaries.

Passion and creativity go hand in hand. When paired with an innovative vision, those traits can carry a business owner far in their chosen industry. Successful entrepreneurs have lots of innovative ideas and they can turn an idea into an up-and-coming enterprise.  

Successful entrepreneurs can remain focused.

Having the ability to stay on task when it seems like there are a million other things to do is a fundamental skill. Successful entrepreneurs can stay on task, effectively working through business activities until completion.

Successful entrepreneurs do not quit, they evolve.

Even when a business fails, successful entrepreneurs do not quit. Every failure affords an entrepreneur the opportunity to evolve or reinvent themselves to come back stronger in the future.

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