06 Dec
Table of content
Introduction
There are thousands of successful entrepreneur giving millions of pieces of advice on how to be successful. Well, the story and circumstances are different for each individual.
List Trader interviewed its top 50 corporate client leaders and their employees and even individual entrepreneurs and asked them to define a “successful leader”. The below given traits were the most common ones.
10 Traits of a successful entrepreneur
1. A successful entrepreneur has perseverance
All budding entrepreneurs at the beginning of their start-up businesses face a lot of problems. It truly requires perseverance to solve these problems. Most entrepreneurs will give up at some point. Entrepreneurs who have that drive and have perseverance are not disappointed by that failure but they become even more determined to be successful in the future.
2. Self Confidence
This one is extremely important. Unshakeable confidence is the key ingredient. Self-confident entrepreneurs do not blame random circumstances or themselves for the failures. They keep maintaining their confidence by accepting that there are factors that they can’t control.
3. Takes initiative
An optimistic entrepreneur knows that obstacles may be overcome by a proactive approach. Entrepreneurs predict problems and solve them in a planned way. Entrepreneurs who take initiative also enjoy taking responsibilities, are completely proactive and have self-imposed standards.
4. Communication
They say “Communication is key!”.
Well, it really is!
When we say “Communication”, there are a lot of things that come into consideration. It means the ability to influence, convince and inspire. Verbal and non verbal communication both are important. Good entrepreneurs can tell you a story and make it believable. They have natural integrity and charisma and have really good communication skills.
5. Low fear of failure
Low fear of failure does not mean a successful entrepreneur is reckless. It means that the entrepreneur has the ability to take moderate risks and make necessary decisions. Excessive fear of failure causes procrastination. This leads to missed opportunities.
6. Has internal locus of control
Internal locus of control is the belief that results are determined by your own efforts.
Simple!
Short term setbacks will come and go but successful entrepreneurs know that they control their own future. They know that if they work hard and make good decisions they will succeed in the end.
7. Has tolerance to ambiguity
Ambiguity means unclear. Good entrepreneurs have the ability to accept that not everything is black or white. They can resolve problems where information from two sources is contradictory.
They can handle and understand a situation where two employees may disagree about an important decision. They can understand the arguments in a neutral perspective.
A good entrepreneur enjoys receiving as many perspectives as possible. They accept the challenge of understanding all sides of any argument or problem and getting the best result for the business out of it.
8. Commitment to others
Commitment to others is important for others to believe in you, and for the overall growth of the business.
Good entrepreneurs keep promises or at least visibly put all of their effort into solving them.
Commitments include promises made to shareholders, customers, suppliers and employees. People only tend to do business with entrepreneurs they think they can trust and employees always want to work for honest employers.
9. Uses resources optimally
Resources are always limited and to run a business we need some necessary resources.
To get the most of these resources available is an entrepreneur’s job. Also, they should know how to use minimum resources and still get maximum output.
Resources include people, information and equipment. For a business the most valuable resource is time, capital, and human resource.
A good leader will juggle these resources and will make sure that expected profits are made.
10. Clear Planning & Goal Setting
Clear planning and goal setting is fundamental for a business to be successful. You just can’t do it accidentally. Smart entrepreneurs always keep themselves driven and ambitious. One of the best qualities is that they tend to consider money and profit as just a measure of success and not as an end goal. Even if they make millions of dollars of profit, they don’t retire. Instead, they focus on making more profit and increasing productivity.
Conclusion
Follow these 10 traits if you strive to be a successful entrepreneur and get to that top 1% best entrepreneurs from the whole lot.
It won’t be easy but it also is not impossible. You need to work on yourself step-by-step and build up your skills.
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