5 Characteristics of Successful Entrepreneurs
What defines a great entrepreneur? Is it simply the ability to come up with a unique and creative business idea, or is it the ability to turn that idea into a legitimate and successful business? Many would say that it is a combination of both.
Entrepreneurship essentially encompasses all the elements from that first spark of a brilliant idea to the execution of that idea into a successful business. The following are some of the key characteristics all successful entrepreneurs share.
- Passionate – Having a brilliant idea for a business is great, but turning that idea into a reality takes hard work. And it is difficult to stay motivated and keep working hard if one is not passionate about what they’re doing. Successful entrepreneurs are passionate in their determination to create something new and different and are passionate in their ideas, even the ones that may inevitably end up failing.
- Perseverance – As stated, turning an interesting idea into a successful business is hard work and as a result, a successful entrepreneur must have a lot of perseverance. According to statistics, on average most new businesses do not see a profit until the third or fourth year. An entrepreneur must have continued conviction in his or her idea, and a ‘never quit’ attitude to keep pushing forward against these odds.
- Resourcefulness – Unless a would-be entrepreneur is already wealthy or has very generous donors willing to invest thousands or millions of dollars into their idea, chances are their new business will have very limited resources in those very early years. This will require the individual to be very resourceful. They will need to be able to identify opportunities for the growth of their business in creative and unexpected places, be able to manage their limited resources in ways that get the best out of them and basically think outside of the box.
- Positivity – According to Forbes.com, 90 percent of startup companies fail. That is not a very encouraging statistic but sadly, it is the reality. And faced with those odds, successful entrepreneurs must have a positive attitude. They must have the ability to stay calm and not panic in the face of things not going the way they wanted or expected. And the truth is, with odds like this, yes it is more than likely that their business will fail and maybe the one after that. However, that is why a positive attitude is imperative because otherwise, it will be very easy for someone to simply give up after one failed venture.
- Risk-Taker – With the risks of success so low for start-up companies, a successful entrepreneur must be someone who is willing to take risks. Being overly cautious and second guessing oneself will simply not work in the world of entrepreneurship. The successful entrepreneur is the one who recognizes that every new business venture is a huge risk that may likely fail but they are willing to take the chance despite the risks and instead sometimes embrace it.
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