Starting your own business successfully is not an easy task. Most of the advice focuses on the practicalities like writing a business plan, raising money, finding staff, marketing and PR. Actually along with all that successful entrepreneurship depends on the insight to fix things or make things easy for people in one way or the other. The bigger and more original idea you are focussing on, the more successful you can become.
Here is a list of the most common traits and qualities that make an entrepreneur successful
- Creative, Imaginative, and Vision Oriented
Successful entrepreneurs have a vision for where they want to go, what problems or issues they want to solve, and creative and imaginative ideas about how they might get there.
- Self-Disciplined and Assertive
Rafael Badziag, a specialist in the psychology of entrepreneurship, explained the habits of billionaires in his book, “The Billion Dollar Secret: 20 Principles of Billionaire Wealth and Success.” He interviewed 21 self-made billionaires for five years and discovered that along with the other factors, they are all strongly disciplined. They put high priority and standards for themselves and on the people, they work around. Napoleon Hill, a journalist who studied around five hundred millionaires discovered that all of them shared a common quality of decisiveness.
Develop the habit of discipline and decisiveness early on in your career and you’ll start seeing the outcomes in the tasks you do.
- Be self-aware
Self-awareness is very important to get on the right track towards success. Successful entrepreneurs know who they are, they know what they stand for, they know what they want to accomplish. Every person has one word that defines them that is the core value that they can build their business around. So it is very important to find out what you stand for and use that as a lens to make your decisions. Once you got to know yourself, every business decision will become so much easier for you from hiring to product selection to raising capital.
- Follow your passion
The most common piece of advice you hear from most successful people is to follow your passion. That’s because starting a business is one of the hardest things you will ever do in your life and you need to go through an insane number of trials and tribulations. Running the business will test you and push you so hard and everybody around you might be telling you to quit with the logical safe smart thing. Then the only thing that keeps you going is the passion that you have for what you do. You have to be crazy or love the product that you are creating and if you are not, then continue to explore until you find the thing that makes you come alive.
- See failure as feedback
People who are afraid of failure or see failure as permanent and that they cannot achieve success after the first failure, never become successful. You should understand that you will fail again and again on your way to success. Failure should not let you stop, to end your business. You must keep going through these failures as the key is to learn from every failure. If you have learned from failure then it’s not a failure, the only failure is not learning from your mistakes
- Model success
To become successful you should understand that whatever problem you are going through right now, someone has already solved it, from acquiring customers to bringing it into the media to build successful products. Whatever it is, it is already been solved by people and the entrepreneurs who just try to cope with every single new idea themselves, they often struggle to be successful. On the other hand, the successful entrepreneurs are the ones who understand that I can model the success of others. Success leaves clues that by finding out how Bill Gates became such a successful entrepreneur or modeling Brian Tracy or modeling Steve Jobs or modeling people who have already achieved a lot of success that leaves clues for you to be able to leave your mark on the world. So successful entrepreneurs are the ones who model success that has come before them and then build upon it.
- Create a great environment
It’s really hard to do great things when you are not surrounded by greatness. Everything from your habits to your routine to the people that you surround yourself with, your environment either holds you where you are or encourages you to grow and be something amazing and so you have control over that too. Many people are very reactionary and just fall into their routine by accident whereas if you plan for greatness and surround yourself with greatness then you are much more likely to achieve success.
- Confident and enthusiastic
Entrepreneurs see the world differently due to their ability to shape and control outcomes. They don’t want to fit into the routine, they have the confidence to do things their way. They don’t seek certainty for anything. To become successful, you must have enough confidence to get out there and start acting, knowing that you can influence everything along the way. You have to believe that you are going to change the world and the world needs what you have or what you are building. Successful Entrepreneurs have a strong desire to achieve their goals and are motivated and determined to do so.
- Demonstrate integrity
A leader who possesses integrity works on their values to guide their conduct, decisions, and dealings with other people. They are clear in their deeds and a conviction, knowing what is right and wrong. Moreover, they are respected for being moral, genuine, consistent, and ethical. They are bound to their sayings, keep their promises, and have strong characters.
In addition, they communicate honestly, directly, and openly with others. Your employees will award you with their loyalty, respect, and confidence by displaying integrity in your routine actions.
It is important to be optimistic to be successful as mostly odds are not in your favor so your likelihood of failure is very high so you have to be able to maintain a positive mindset. Although your chance of failure is incredibly high but still believe you will make it and succeed. So even if you are a beginner you should believe in yourself wholeheartedly.
You have to be crazy hardworking or have that grit. Hard work is an essential principle of entrepreneurship, and every entrepreneur knows it. You must be willing to put in more work than anyone in the organization.
- Willing to build networks
It takes mentors to help launch a successful business, and building a network can help to create a customer base for their business as well.
- Willing to take responsibility and calculated risks
Successful entrepreneurs take responsibility for planning and launching a business to achieve their goals and they know that there is some risk involved in doing so. They plan carefully and seek support from mentors and peers to minimize financial and other risks.
- Consistently Monitor Finances
Make sure to keep a record of all the expenses, income, and balance sheets. Several startups fail because the entrepreneur wasn’t able to prevent running out of cash. Establish a low overhead. Be frugal with expenditures and prevent unnecessary costs. Learn to live on a shoestring budget until impactful revenues start flowing.
- Effective communication
As the world moves into advanced digital technologies, the need for effective communication skills has become even more crucial to promote collaboration and adaptability. At every level of the company, communication is a vital tool to maintain healthy and lasting relationships. Open communication promotes trust between colleagues and employees, ultimately leading to enhanced productivity and high morale.
- Be Respectful of the Team and Respectable Among Them
The ability to empathize, respect, and care for the team members is a great asset of an effective leader. Earning respect from the followers is a critical step to establishing a successful relationship with them. At the same time, you have to show that you care about their ideas and work. Being empathetic encourages a leader to understand the emotion of the individual to connect with them at their level. Integrating these traits can help greatly in making a good leader.
- Motivate and inspire your team
The best and most effective leaders take their team forward with motivation, dedication, and enthusiasm. Invest your valuable time in your team by engaging their strengths, preferences, and requirements. It is best to provide your team with a feeling of comfort by appreciating them and making them feel valuable to the company.
Entrepreneurs have some unique qualities and it’s a good idea to think about whether you might already have some of these qualities or want to develop them. Entrepreneurs know they have something to contribute and are confident and optimistic, they have the skills and determination to do something great.