So what are some traits of an entrepreneur who is more successful than others?
According to the Bureau of Labour Statistics, approximately 20% of new businesses fail during the first two years of being open, 45% during the first five years, and 65% during the first ten years.
Only 25% of new businesses make it to 15 years or more.
Despite this, thousands of businesses get launched every year.
How is that 25% of businesses able to make it?
And what are some qualities that they all share which set them apart from the crowd?
That is to say, success in entrepreneurship isn’t just about your great idea, your million followers, and your money.
Ultimately, it always comes down to your personality, your approach to life, and your attitude towards success and failure.
Successful entrepreneurs have been found to have a couple of personality attributes in common.
They are confident, innovative, and flexible.
They think outside the box and are open to change.
I have narrowed the attributes down to the best 10.
If you develop these ten qualities, you will certainly put yourself on the path to success.
Let’s dive into it.
Traits Of An Entrepreneur: 10 Top Personality Attributes
1- Visionary And Willing To Think Outside The Box (Destroy the Box even):
A visionary entrepreneur can see what others cannot see.
He confronts problems in atypical ways, thinks creatively and freely, and challenges the status quo.
He wants to change the world via their product or business and will do whatever it takes to accomplish that vision.
Because for an entrepreneur knowing their mission is not enough.
A successful entrepreneur needs to possess a focal point and a commitment to their mission.
Around which they generate innovative ideas, make judgments, invent products and services, etc.
2- Proactive – Takes Action To Make A Change
A proactive mindset is considered an entrepreneur’s best asset.
Entrepreneurs who tend to be proactive have a disposition geared toward taking intentional action.
This helps them in creating their own environment, future, and fate.
That means being proactive is all about taking a leap and jumping into action rather than waiting for the circumstances to change favorably.
An entrepreneur with a proactive personality firmly believes that he controls the fate of his business.
Other factors–economy, competition, etc.– may influence it, but he is responsible for its success and failure.
Related Reading: Get Shit Done – Learn The Best Productivity Hacks Here.
3- Is Persuasive And Possess Good People Skills – #1 Trait Of An Entrepreneur
Studies have shown persuasion to be the #1 skill that serial entrepreneurs rate the most important for their entrepreneurial success.
Persuasiveness was rated higher than leadership, personal accountability, goal orientation, and interpersonal skills.
Why is that the case?
Because being a good entrepreneur, means you can effectively convince an investor that you have a great idea, persuade partners that your approach is correct, and convince potential customers that the solution is right for them.
Entrepreneurs should be ‘people intelligent’ since their whole business depends upon their knowledge of people and how to persuade them to believe in their ideas.
Whether they are working alone or with a group of people, they should be able to communicate clearly and persuasively.
4- Knows How To Take And Manage Risks
“Only those who will risk going too far can find out how far one can go.”
― T.S. Eliot
For entrepreneurs, taking risks and business growth go hand in hand.
Successful entrepreneurs don’t just take risks; they take calculated risks and know which risk will pay off and which will harm them.
That’s why entrepreneurship is incomplete without taking risks, as you’ll never know until you try, and without risk, there is no innovation.
It is a chance to learn.
So another common trait of an entrepreneur is having a high level of risk tolerance and resiliency.
5- Highly Adaptable & Openness To Experience
Things do not always go as planned. Being able to adapt to changes and challenges is crucial for any business.
An entrepreneur is always ready to welcome new trends, try a newer method, and twist and turn themselves when required to have a long-lasting business.
Whether redesigning a business plan to make it work better or readjusting their idea completely, entrepreneurs are flexible in their approach.
As the world is changing very fast, those who are slow in making adjustments can be at a disadvantage.
Also, entrepreneurs learn from their mistakes and are flexible enough to accept the consequences.
This helps them make necessary changes and build a thicker skin against future setbacks.
Related Reading: Vision Board Ideas – Click Here To Setup Your Vision Board.
6- Good With Managing Money – Trait of An Entrepreneur
Berkshire Hathaway CEO Warren Buffett is arguably the world’s greatest stock investor.
One of his most famous sayings is,
“Rule No. 1: Never lose money.
Rule No. 2: Never forget rule No. 1.”
When setting up or building a business from the ground up, certain expenses are inevitable.
This might need an entrepreneur to be involved in activities such as reading bank statements, tax forms, understanding credit, bookkeeping, etc.
So to be a successful entrepreneur, you must get good with numbers.
It would be best to familiarize yourself with basic bookkeeping and money management principles.
You should establish a budget and keep a keen eye on the comings and goings of every dollar.
This factor will set your entrepreneurial venture apart from those that crash after take-off.
7- Eager To Collaborate And Network With Other Entrepreneurs
“Going solo in a world of over seven billion people is a sign of subconscious arrogance”
A smart entrepreneur is consistently making new connections and forming alliances, knowing there is real power in building an outstanding reputation and developing long-lasting bonds.
Entrepreneurs know that sharing information and ideas to get fresh opinions and reviews makes it possible to unearth a brilliant idea or trigger their creativity.
While there are other ways to achieve this, “two heads are always better than one” communication, sharing, and discussing ideas will be more beneficial for their venture than going at it alone.
This approach to collaborative networking helps them bring the right people together to achieve their goals faster.
8- Humble Enough To Ask For And Accept Help
“There is nothing wrong with making mistakes, but one should always make new ones. Repeating mistake is a hallmark of dim consciousness.”
― Dave Sim
No one is immune to making mistakes – we are human.
But if you let your ego get in the way, you’ll never learn from your mistakes, and you will ask anyone to help you out.
Entrepreneurs should know that they are not the only most competent person in the room.
There will always be a smarter, shrewder businessman in your competition.
Giving and receiving help is part of the human social experience and does not make you weak or vulnerable.
All successful entrepreneurs have more than one coach and mentor to help them in different areas of life and business.
9- Competitive And Has Thick Skin
Entrepreneurs understand that every business, including theirs, has a competition.
An essential trait of an entrepreneur is that he does not avoid competition.
Successful entrepreneurs thrive under competitive pressures.
Instead of viewing competition as an obstacle, they see it as an opportunity.
Entrepreneurs acknowledge that competition breeds innovation, and complacency leads to stagnation which is the last thing they need when building a business.
In a market full of uncertainty, an entrepreneur who is prepared to tackle the competition is rewarded with profits, fame, and continued growth opportunities.
10- Disciplined And Knows How To Manage Time
To be productive and get things done without hiccups, an entrepreneur must be disciplined and possess good time management skills.
Having a disciplined outlook on life helps in accomplishing goals, becoming proactive, and helps you in improving your business.
Lack of time management and organization skills is not only stressful; it is also the leading cause of piled-up work, missed deadlines, unsatisfied customers, overdue projects, etc.
So to avoid this issue and to stay focused, it is critical that an entrepreneur plan and prioritize all tasks, make a to-do list, delegate their responsibilities, minimize distractions and give themselves some break time as well.
Related Reading: How To Start Something New – Click Here To Find Out.
Final Thoughts – Traits Of An Entrepreneur
These are some of the essential traits of an entrepreneur found to be shared among all successful business owners.
So if you are going to delve into entrepreneurship or are already a part of it, you should know that not all of these qualities will come naturally.
Most people have to work developing at least some of them
There are books, courses, and coaches to help you out.
Find out what trait you need to improve upon, get help, and start your journey of becoming a successful entrepreneur.
If you have a business idea but struggling to launch your startup and lack guidance, you need a program like Legendary Marketer.
Legendary Marketer helps aspiring entrepreneurs launch their startups and guides them at every step of their journey from idea validation, writing a business plan to raise capital, and acquiring customers.
Which trait do you think you need to work most on?