6 Traits And Characteristics Of Successful Entrepreneurs

6 Traits And Characteristics Of Successful Entrepreneurs

September 28th, 2008 by Fabien

Entrepreneurs, A Growing Trend? Becoming an entrepreneur is indeed a growing trend, to some it has become second nature, to others it is one of the most difficult things to do. Anyone can succeed in business; and I use the word ’succeed’ to mean make a profit (whatever amount that may be). The overarching reason for why people fail lies in their business model being a bad one, their lack of effective planning or their counterproductive mind-set, this post explores the last point by pointing out 6 essential traits and characteristic for entrepreneurial success.

They Take Risks

Yes, entrepreneurs take risks, but contrary to popular belief, these are calculated risks. As a people, the media has influenced us to believe that rich businesspeople have risked it all and yielded great results, these are to an extent true, but they have been highly exaggerated by screen producers in order to lure viewers by giving them that all important feeling of hope. The ‘hope’ that they may one day become like the man or woman or corporation whom they are watching on television. One message for the viewers, get off the couch and take action. Those who don’t take risks are fearful of failure.

They Take Action

Leading on from risk-taking, entrepreneurs take action and this is probably one of the most significant points of this entire post. The one factor separating a success from failure is ACTION. You have to do something in order to attain results, you’ll get nowhere by procrastinating or putting things off, an idea is good, an idea in motion is better, an idea seen to completion is great, an idea worked upon after completion is powerful. They took a leap of faith and decided to invest some capital into an idea worthy of a trial. The results? Success or experience, either are better than having done nothing at all.

They Innovate

After an entrepreneur takes action, they innovate. They work on an idea, they tweak it and do this continuously; and for some this is a never-ending process. Innovation is key in business and in anything you do, because the world is a changing place, nothing is ever a certainty, except death and taxes that is. Reacting to volatility and fluctuations in the global market allows you to yield greater results, know what people want and understand how societal behaviour is influenced by factors of modern day life.

They Outsource

Entrepreneurs, idea developers and the like all understand one thing; and that is that they can’t do everything themselves. In Robert Kiyosaki’s model, he talks about self-employed people who want to do everything themselves and how that will ultimately, result in lack of success or restricted success. Outsourcing is vital to creating a truly remarkable product or service to people.

If you’re really bad at web design, get a company to do it for you. Don’t have an identifiable logo? Get someone to design one for you. Don’t know PHP, hire a coder. By outsourcing you’ll be able to focus your energy on what you’re really good at doing and not waste any of it trying to do something you hate or are not so good at. Doing everything yourself results in a product or service with loop holes and flaws.

They Network

Networking is the cornerstone of being an effective entrepreneur; and it is a skill that some are naturally gifted with and one that others work hard at and struggle with. Effective networking means you leave a truly lasting impression. The essentials of networking face to face lie in your body language, facial expressions and overall vibe. Here are a few tips, smile, be warm, ask conversational questions; and the cardinal rule, don’t talk about religion or politics. Give them your card!

They Communicate

Business owners, directors and CEO’s all must have the ability to communicate effectively, and not only must they do this, they must be able to motivate and influence their employees. To be a powerful communicator you have to have a sense of presence, a passion for what you are talking about, a good posture; and a broad knowledge of what you are talking about. You must also be able to inspire your employees and engage them, bringing your vision to light and lifting their spirits to make them feel that they are part of something special, something that is great.

Entrepreneurial Drive, Do You Have It?

Entrepreneurial drive is the persistent determination to succeed, it’s the quality that gives you the inner strength to overcome pitfalls and bounce back with new ideas and creativity. Everyone has the ability to unleash it within themselves, it’s a simple principle of mind over matter. If you’ve tried launching a business and failed, try again, but this time learn from your mistakes and do things differently. Keep on tweaking, keep on analysing and after a certain period of time, you’ll hit the right combination and you’ll use that knowledge of your previous failure or ‘experience’ to guide you in a better direction.