7 Qualities Of Successful Entrepreneurs

The most successful entrepreneurs share common qualities and personality traits that are crucial to success in business. Which ones do you possess?

Entrepreneurs encompass a wide variety of personality types. Each personality type consists of varied qualities.

Contrary to popular belief, not all business owners are Type A — ambitious, high energy, and competitive founders. And opposed to conventional wisdom, you do not need to be an extrovert to succeed in business.

However, the most successful entrepreneurs share common qualities and personality traits that are crucial to success in business. The following 7 traits can be found in the best entrepreneurs.

 

1. Tenacity

The best entrepreneurs are known for their tenacity. They are unwilling to back down or give in. When you start and run a business it is a long journey of uncertainty, with many ups and downs along the way. When you have the perseverance to pick yourself up and stay motivated you are on your way to become a great entrepreneur.

 

2. Passion

While some entrepreneurs are fueled by monetary gains, many great entrepreneurs only became business owners because of a passion for their ideas. 

These entrepreneurs, often social entrepreneurs, believe their company can change the world. It is the excitement and belief in their vision that get them through the toughest times.

 

Photo: © GooDAura, YFS Magazine

 

3. Hustle

Every successful entrepreneur has had to hustle. Many entrepreneurs would reminisce about their company’s early days when they had to pick up the phone book and dial every number to make a cold sales pitch, or hit every networking event in order to meet potential clients.

 

4. Self-discipline

Self-discipline is the ability to make yourself do what you should be doing, even when you do not feel like it. For example, when you commit to deadlines and schedules with little immediate results in sight it requires a lot of self-discipline. 

Successful entrepreneurs are not easily distracted. They do not procrastinate or skip what needs to be done. Once they make a decision they follow through to completion.

 

5. Risk Taking

Successful entrepreneurs are risk takers. But that does not mean they don’t fear uncertainty or potential failure. Rather they are able to control their fear in the face of adversity. Many entrepreneurs give in to fear and quit when the going gets tough. They often face numerous rejections. However, the most successful entrepreneurs know the risk is worth it and push full steam ahead.

 

Photo: ©GaudiLab, YFS Magazine

 

6. Visionary

The foresight and ability to spot opportunities is what separates most successful entrepreneurs from the rest. Being a visionary also allows these entrepreneurs to effectively communicate their vision.

For example, when I first launched Clevercare, New Zealand’s first mobile and GPS medical alarm provider, many naysayers said my idea would not work and the business would fail. Today, Clevercare’s valuation is at $1 million. This is because I saw and executed on an opportunity that no one else could see.

 

7. 

Resourceful

Running a successful business requires flexibility. The ability to adapt to unplanned changes or maneuver challenges when things go wrong is important. For instance, a potential customer might need services beyond your ability or scope of work.

 

7 qualities of successful entrepreneurs
Photo: © F8studio, YFS Magazine

Perhaps an event space becomes suddenly unavailable before an important event. Successful entrepreneurs are resourceful when things don’t go their way. Instead of bowing to defeat, they see it as an opportunity to look for alternative solutions.

 

This article has been edited.

Maria Johnston, co-founder of Nothing To Launch, an online idea incubator that accelerates the process of going from business idea to launch. With years of experience as the founder of Clevercare, she is passionate about helping new entrepreneurs on their startup journey. Connect with @nothingtolaunch on Twitter.

 

© YFS Magazine. All Rights Reserved. Copying prohibited. All material is protected by U.S. and international copyright laws. Unauthorized reproduction or distribution of this material is prohibited. Sharing of this material under Attribution-NonCommercial-NoDerivatives 4.0 International terms, listed here, is permitted.

   

In this article

Share via