Essential traits for entrepreneurial success 15 traits that sets the successful entrepreneurs from not-so-successful ones
Watching and reading about Successful Entrepreneurs and Small Business Owners is always exciting. Every professional dream of owning a business, but many never takes the risk of starting their own business. The select few who take the plunge into entrepreneurship face several challenges, and over 80% of them fail to reach their goals in five years.
Why is it that there is such a high failure rate in Entrepreneurship?
In every sphere of life, there are excellent performers, there are mediocre ones, and there are failures. The same goes for entrepreneurs as well. While there are entrepreneurs who create billion-dollar companies, there are also entrepreneurs who get stuck at a few million and then are those who wrap up their business in a few years.
In trying to understand the differences between successful entrepreneurs and not-so-successful entrepreneurs, we found out that there are over 50 traits that can contribute to an entrepreneur’s success. A sub-set combination of these traits significantly impacted Entrepreneur’s success.
After studying numerous successful entrepreneurs, I found that 15 traits were common among most of these successful entrepreneurs. Here are the details of the 15 traits.
Self-starting :It refers to initiating projects and seeing them through to completion without being prodded. Self-starters are often capable of identifying opportunities, setting goals, and creating action plans to achieve them. It is a highly valued and critical competency for an entrepreneur. Because for an entrepreneur, success depends on ideating, initiating, and sustaining the momentum of many projects up to completion.
Creativity and Innovation : Creativity is about the ability to brainstorm and develop new ideas, products, and services. And innovation refers to the process of transforming them into a successful business venture. Entrepreneurs skilled in creativity and innovation can stay ahead of the curve, anticipate changes in the market, and continuously adapt and evolve their businesses to meet the changing needs of their customers.
Continuous Learning : Continuous learning enables entrepreneurs to stay up-to-date with the latest market trends, technology, and best practices. Prioritizing continuous learning helps them keep pace with the rapidly changing business environment, stay competitive, and identify new opportunities for growth and expansion.
Decision making : It refers to making strategic choices that decide the course of their business. Successful entrepreneurs often excel at decision-making due to their strong problem-solving skills and creative thinking.
Futuristic thinking : This critical competency enables an entrepreneur to anticipate and prepare for the future trends and needs of the market. They are able to anticipate changes in consumer behavior, technology, and the competitive landscape and make informed decisions that position their businesses for success.
Understanding others : Understanding others: Entrepreneurs who are effective at understanding others are able to create strong, supportive, and inclusive work environments that foster creativity, innovation, and collaboration. They are able to listen actively, empathize with others, and understand their needs and perspectives. It helps them drive the success and growth of their businesses.
Leadership : Leadership is the ability to inspire and guide a team towards a common goal. Entrepreneurs skilled in leadership can create a vision and a strategy for their businesses and inspire their teams to work towards that vision. They are able to communicate clearly, set expectations, and hold themselves and their teams accountable for executing results.
Intentional : Successful entrepreneurs are purposeful and deliberate in their actions and decisions. Entrepreneurs with a strong, intentional driving force can stay focused on their goals, navigate challenges and obstacles, and continuously drive their businesses forward.
Resourceful : It refers to the ability of an entrepreneur effectively use resources to maximize return on investment (ROI). Resourceful entrepreneurs can identify the resources they need to achieve their goals and effectively leverage those resources to drive their businesses forward. It requires a combination of creativity, innovation, and practicality
Commanding : Entrepreneurs with a commanding driving force are able to take a proactive and assertive approach to lead their teams. Successful entrepreneurs like to take charge of situations, make tough choices, and navigate complex challenges. They lead by example and create a culture of trust and collaboration.
Receptive : Openness to new ideas, perspectives, and feedback is another high-value trait of entrepreneurs. It is a critical component of entrepreneurship as it enables entrepreneurs to stay informed, evolve their strategies, and respond to new opportunities and challenges.
Competitiveness : It is a common behavior noticed in successful entrepreneurs. They are driven to succeed by establishing industry leadership. They have an intense focus on winning and want to be the best.
Sense of urgency : Entrepreneurs with a strong sense of urgency are able to identify opportunities and act on them before their competitors quickly. They are driven by a desire to get things done and to achieve their goals.
Versatility : It is a key trait to succeed in early-stage entrepreneurship, where they need to wear multiple hats and handle different responsibilities. Versatile entrepreneurs are able to see the big picture and understand how different parts of their business fit together.
Frequent change : Entrepreneurs who are able to manage change effectively are better equipped to thrive in a constantly evolving business landscape. They are able to quickly identify opportunities and threats and adapt their strategies as needed to respond to changing conditions.
Owning and operating a business gives a sense of achievement and freedom. But it comes with an inherent risk as well, i.e., uncertainty. Depending on a combination of many factors, including their business model, market conditions, and the competitive landscape, most entrepreneurs need to deal with uncertainty at varying degrees. Many factors contribute to entrepreneurs’ success as they launch and try to scale up their businesses. But, with all other similar factors, success largely depends on the above dominant traits, along with strong motivation, the ability to change and adapt, and tenacity, amongst many other traits.