Entrepreneurship has been described as a thrilling ride, with no two paths to success being identical. But despite the unique challenges each journey brings, there are common characteristics among successful entrepreneurs that have proven their worth and helped them achieve greatness in business. This article will reveal these 10 traits – knowledge you can use to unlock your own potential for entrepreneurial excellence!
1. Vision
Highly successful entrepreneurs have a clear vision of what they want to achieve and where they want to take their business. They can see the big picture and understand how their business fits into the larger market. This vision guides their decisions and allows them to stay focused on their goals, even when faced with challenges and obstacles.
“A number of years ago I worked with my very good client David on his cash forecast. And I disagreed with his decision to increase the marketing budget. As an accountant, I thought marketing was a waste of money and wasn’t necessary. To which David said that “Accountants don’t start businesses, visionaries do” and he is right. Accountants and many other professionals call what they do a “practice”, not a business. What’s the difference? Practice is when you sell your time for money to make a profit. A business is when you use resources other than your own time to make a profit – like systems, processes, and other people’s time.
All businesses are started by visionaries because they see a world that doesn’t yet exist and can make the world better and more beautiful. Yet, 50% of businesses FAIL within 5 years. That’s a lot of failed dreams, crushed hopes, and destroyed visions. This is why it is important to back up your vision with numbers and treat what you do as a craft. A craft means you can learn the system of steps, the tools of the trade and make it great. You then have to build your vision and support it with numbers to make it a real thing.
To make the first step, give up the “I’m not good at math” excuse. Or if you’re an accountant, “Im not creative enough” excuse. And set yourself free to build your vision, and use numbers to support your life’s masterpiece. Business is personal so treat it as a craft that it is.” — Tatiana Tsoir, CEO of Tatiana Tsoir Inc.
“Having a vision of the future of your organization is absolutely critical for an entrepreneur to get people – whether employees, investors, or customer – on board and excited. The challenge is that vision often lives in the head of the entrepreneur and is not effectively communicated to all of the audiences that could benefit from hearing it. It’s a relatively easy thing to conceptualize but a much tougher to communicate.
Like everything, vision can change over time. You may start out with version 1.0 of your organization but unless you have your head buried in the sand (in which case you should pay particular attention to the bulldozers on the horizon) you should be constantly thinking about version 2.0 or 2.5 or 3.0 and how to get there. Even the most compelling vision needs to change with the times – even if it’s a tweak – to stay relevant.
One thing that entrepreneurs tend to put on the back burner is a vision for their own lives. It’s easy to get caught up in the business to the extent that you sacrifice other areas of your life to your detriment. As an entrepreneur, you never can really leave work “at the office”, and being cognizant of that may help in finding balance among priorities.” — Jill Fopiano, President & CEO of O’Brien Wealth Partners
2. Passion
Passion is what drives entrepreneurs forward. It is one of the most important traits of highly successful entrepreneurs. Passionate entrepreneurs can turn their ideas into reality, and they have the drive and determination to see their projects through to the end. They are not afraid to take risks, and they believe in their ideas and their businesses with fierce convictions.
3. Resilience
Entrepreneurship is not for the faint of heart, and highly successful entrepreneurs can bounce back from setbacks and failures. They can learn from their mistakes and keep moving forward, always striving to improve and grow their businesses. Resilience is a key trait of highly successful entrepreneurs, and it is what allows them to succeed even in the face of adversity.
“Resilience is critical to success if you’re an entrepreneur, as failure is inevitable when running a business. The faster you embrace failure, the quicker you will achieve success.
Consider making a game out of failing. See how often you can strategically and intentionally fail in your business, and you might be surprised by what you achieve, both in your business and in your life.
As a founder and entrepreneur, I’ve found it incredibly helpful to view failure as a learning opportunity or second chance. This is one of the beauties of running a business, you often have multiple pathways to success.
To put it simply, failure is the ‘tuition’ you pay for running a business.” — Dr. Kyle Elliott, Founder and Career Coach of CaffeinatedKyle.com
“Resilience is an essential attribute for entrepreneurs. Starting a business requires resilience because it takes patience and hard work to bring your vision to life and create real change in the world.
As an entrepreneur, you’ll hit roadblocks or experience moments of self-doubt. That’s why it’s important for entrepreneurs to maintain resilience even when things don’t seem to be going their way—resilience gives them the strength, courage, and perseverance necessary to keep moving forward and pushing towards their goals.” — Mark Pacitti, Founder and CEO of Woozle Research
4. Flexibility
Highly successful entrepreneurs can adapt to change and pivot their businesses when necessary. They understand that the business landscape is constantly evolving, and they can stay ahead of the curve by being flexible and open to new ideas and approaches. This flexibility allows them to stay relevant and competitive in an ever-changing market.
“Flexibility is a critical trait for entrepreneurs to have because it allows them to adapt to the constantly changing business environment. Successful entrepreneurs must be willing to pivot their strategy, adjust their approach, and embrace new opportunities as they arise. Without flexibility, entrepreneurs may be unwilling or unable to make the necessary changes to keep their businesses competitive and relevant. Therefore, being adaptable and open-minded is essential for success in entrepreneurship.” — Shashank Shekhar, CEO of InstaMortgage
5. Determination
Determination is a hallmark of highly successful entrepreneurs, and it is what sets them apart from those who give up when faced with obstacles and challenges. Highly successful entrepreneurs are relentless in their pursuit of success, and they are not afraid to put in the hard work and effort required to achieve their goals. They are driven by their passion and their vision, and setbacks and failures will not deter them.
“Determination is the foundation upon which all successful entrepreneurial journeys are built. It’s like a lighthouse that guides entrepreneurs through stormy waters, illuminating the path ahead and providing the necessary energy and motivation to keep moving forward.
Without determination, it’s easy to lose sight of the end goal and to become discouraged by the challenges that arise along the way. In my experience, the most successful entrepreneurs are those who possess an unwavering commitment to their vision and a relentless drive to see it through to fruition.” — Chad Barnsdale, Founder of Unfinished Man
“Being determined as an entrepreneur is probably one of the most important assets a person can have if they truly want to be successful as an entrepreneur. People will not always see your vision, people will not always understand what it is that you’re trying to accomplish. So as an individual, you have to be determined, and you have to believe in yourself first and foremost.” — Marlo Richardson, Founder of Business Bullish, Otter PR
6. Creativity
Highly successful entrepreneurs are creative thinkers, and they are able to come up with innovative solutions to problems and challenges. They are always looking for new and better ways to do things, and they are not afraid to think outside the box. This creativity allows them to stay ahead of the curve and to bring new and exciting products and services to the market.
7. Strong Work Ethic
Highly successful entrepreneurs have a strong work ethic, and they are not afraid to put in the time and effort required to succeed. They understand that success takes hard work, and they are willing to do what it takes to achieve their goals. They are disciplined and focused, and they can prioritize their time and resources to maximize their productivity and efficiency.
8. Good Communication Skills
Highly successful entrepreneurs are skilled communicators, and they can effectively convey their ideas and vision to others. They understand the importance of building solid relationships, and they can collaborate and work with others to achieve their goals. Good communication skills are essential for building a successful business, and they are a key trait of highly successful entrepreneurs.
9. Financial Acumen
Highly successful entrepreneurs have a strong understanding of finance and business, and they are able to make smart financial decisions that help their businesses thrive. They understand how to manage their finances, how to invest in their businesses, and how to make their businesses financially sustainable. Financial acumen is a key trait of highly successful entrepreneurs, and it is what allows them to turn their visions into reality.
10. Focus
Highly successful entrepreneurs have the ability to stay focused on their goals, even when faced with distractions and temptations. They understand the importance of staying focused on what is important, and they can prioritize their time and resources accordingly. This focus allows them to stay on track and achieve their goals, even when faced with challenges and obstacles.
“Focus is an incredibly important trait for an entrepreneur. The ability to eliminate distractions and concentrate strategically on one task is hard to accomplish when emails are sent incessantly, a constant need for social media presence looms, potential HR issues, growth and scale concerns, personal lives, and the list goes on.
An entrepreneur has to have the ability to delegate and trust others to take on tasks so they can focus on growth. It can be hard to let go of micromanaging others, especially as the business grows and more support is needed, but it’s crucial to take tasks off your plate so you can make room for the macro needs of your business.” — Alyssa Mairanz, Owner of Empower Your Mind Therapy
“Focus is the most important factor affecting an entrepreneur’s success, second only to vision. Every successful business leader or venturer knows where to spend their (and their organization’s) time, talent, and resources, to engage on issues, opportunities, and challenges that matter and to ignore or deprioritize what does not.
First, an entrepreneur needs to determine their values and the value proposition they wish to provide to the marketplace. That requires finding a niche, a platform, and the effective pursuit of their intended impact.
Second, a commercial or social sector leader needs to understand what capital matters to them, how to acquire and develop it, and how to best deploy it — intellectual, financial, human relational, social, and natural capital. Given the scarcity of any resource, it is paramount that an entrepreneur knows where to attract, gain, and leverage these forms of capital.
Third, an entrepreneur needs to assess and ensure quality assurance and control of what they are doing and how they are doing it. That requires attention to detail versus a viewpoint that all things are equal. In addition, the successful entrepreneur needs to strongly focus on risk, both risk tolerance and risk management. What challenges and weaknesses have or will have the greatest impact on their enterprise, what are bet-the-company problems, and what is the probability those risks might actually materialize?
Lastly, the best leaders are able to articulate their focus, their mission, and principles, both to their team members to build an aligned organization and also to external stakeholders such as customers, clients, and investors, so that everyone knows what their venture is doing, why, who is responsible, and in what manner. All of these factors turn on one issue: focus.” — Jeff Bartel, Chairman & Managing Director of Hamptons Group
These 10 traits of highly successful entrepreneurs are the key to unlocking business success. By cultivating these traits and incorporating them into your own entrepreneurial journey, you can set yourself up for success and achieve your goals. Remember, entrepreneurship is a journey, not a destination, and the key to success is perseverance, hard work, and a strong belief in your vision and your abilities.
