The 10 Most Important Traits of an Entrepreneur
Are You Prepared to Start a Business?
You feel that you have the top traits of an entrepreneur, and you dream of successfully being your own boss. But even more than that, you look forward to the day when you finally walk away from your 9-5.
You’re not the only person who feels this way. Research shows that more than 70% of high school students would like to launch their own companies one day. In fact, more than 60% anticipate starting businesses as soon as they finish college. This is an indicator that Corporate America may not be the number-one career choice for many people today compared with years past.
The question is, are you ready to be your own boss?
The reality is, business ownership isn’t for everybody. However, it can be the key to financial freedom and self-fulfillment for those with the right qualities. Here’s a rundown on the most important traits of an entrepreneur.
According to Melanie Bajrovic, an entrepreneur and real estate investor, discipline is an especially critical characteristic when it comes to managing your time, as it will free you up to do more money-making activities. For example, you can place more focus on coming up with strategies for financing an investment deal and outlining tactics for accomplishing this goal.
Passion is yet another one of the traits of an entrepreneur you’ll need for success. If you genuinely love your work, you’ll have no problem putting in the extra hours needed to grow your company. In addition, you’ll be willing to research and read about how to improve your business. Your passion will take you much further than the lure of the mighty dollar will.
According to Isabella Koretz, the Chief Executive of Pearl Recovery Retreat & Wellness, passion plays into starting an entrepreneurial career. “If you lack the drive to get your business off the ground from the start, then you’ll lack the drive to keep it soaring when obstacles try to take you down in the years ahead.”
A fighting spirit is an invaluable trait of an entrepreneur, especially for those whose fields are saturated with long-standing and established competitors. The truth is, many businesses are created because innovative individuals believe that they can do certain jobs better than others can. Competitive people are determined to win in business just as much as they are intent on winning in sports. And they’ll have no problem highlighting their companies’ track records of success and building the trust of their customers or clients.
4. A Robust Work Ethic
This is another one of the most critical traits of an entrepreneur. If you’re serious about being a business owner, then you’ll be okay with being the very first individual to get to the office each morning, as well as the last person to leave. You’ll eagerly show up, even on days when you’re supposed to be “off,” as you’re focused on ensuring that business outcomes meet your expectations. Whether you’re at work or you’re away from the office, your mind is always working. Always.
Confidence is yet another one of the most valuable traits of an entrepreneur. You’re ready to start a business if you’re not constantly wondering if you have the potential to succeed. Instead, you’ve done careful market research, so you know your audience and the demand for your product or service. Though being bold and trying something new can be nerve-wracking, everything you do is founded in confidence.
6. A Self-Starter
Are you a self-starter? If so, then you possess one of the most valuable traits of an entrepreneur. Successful business owners realize that, when something must be done, they need to do it themselves. If you’re an entrepreneur, then you’ll create parameters for your business and ensure that all of your projects are in alignment with them. You’ll be proactive rather than waiting for permission to do what you feel led to do.
You can’t thrive in the world of entrepreneurship without being open-minded. That means being able to view just about any situation or event as a potential opportunity for your business. It also means constantly thinking about ways to operate efficiently and pursue new business.
You must be able to see how situations/events that seem to be unrelated are actually connected. These situations can be a springboard for solutions that will help you to take your business, or certain aspects of your business, to the next level. Likewise, a little creativity can go a long way for repurposing your products so that you can market these offerings to brand-new industries.
9. Solid Interpersonal Skills
Another one of the most noteworthy traits of an entrepreneur is the ability to communicate with both employees and customers. You need to be able to motivate your employees, as this will enable your company to grow as a whole. You should also be adept at seeing the pros of all situations, as well as providing employees with the coaching they need to succeed.
Yes, you will face some defeats in entrepreneurship. But if you’re a true entrepreneur, you won’t let these hurdles keep you down. Instead of viewing defeats as problems, you’ll see them as opportunities to succeed. And you will stay the course until you experience victory firsthand.
Explore Whether You Possess the Traits of an Entrepreneur Today!
If you have the abovementioned characteristics, then starting your own company may be one of the smartest moves you’ll make. Perhaps you already have an idea of what type of business you’re interested in running—like a bakery or a tech firm. Either way, you’ll need to identify what makes you stand out in your industry, then create a business plan and a marketing plan to get your business started.
Dig deep into the traits of an entrepreneur listed above as you embark on your entrepreneurial journey so that no matter what obstacles you face, you’ll ultimately experience financial freedom on the other side.
About the Author
Katie Tejada is a writer, editor, and former HR professional. She often covers developments in HR, business communication, recruiting, real estate and finance, but also enjoys writing about travel, interiors, and events.