It is common for people to ask whether one is born an entrepreneur or they learn entrepreneurship based on their environment. When discussing entrepreneurship and entrepreneurs, we tend to go back to the old age argument of nature versus nurture. There are also those who say that success, when it comes to entrepreneurship, simply comes down to luck, based on various factors.
Research has shown that there are certain consistent qualities found in all successful entrepreneurs. Although one can argue that it may be luck, it takes a lot of discipline and effort to run a big business.
We are going to look at some of the unique qualities found in all entrepreneurs and you can gauge yourself to see whether you have some of these characteristics.
Top 6 Traits
Yes! You got it right. Before starting a business, an entrepreneur has to discover something that is missing in society or that is not being done well. This is what they commonly refer to as the opportunity. To be able to realize such opportunities, one naturally has to be curious about what is happening around them. Once they see the opportunities, they have to capitalize on them.
The major difference between two people who start a business at the same time, where one of the individuals turns out to be successful, and the other one doesn’t, comes down to persistence.
Starting a business isn’t easy. It requires a lot of effort and energy, ranging from balancing the financials of the business, the hiring of employees, and dealing with logistics. Starting a business requires determination. Staying in the business, however, requires grit and persistence.
The most successful entrepreneurs refuse to give up even when things don’t go their way. There are popular stories of extremely successful entrepreneurs who were once in a pile of mounting debt. However, today their fortunes have turned around and they own successful businesses, through the power of persistence.
In a basic sense, leadership is when great entrepreneurs have the ability to make others follow, and rally behind them.
One person can only accomplish so much when they are alone, but great entrepreneurs are able to rally people together to get things done.
Getting people to support your idea or vision entails effective communication in a way that reveals the benefits to them for their support.
In any business, you have to get smart and dedicated people working for you if you want your business to be successful. Convincing people to dedicate years of service to your business means that you have to communicate your vision effectively to them.
This can’t be emphasized more. The bloodline of any business is the great underlying passion that the founder of the business has. Without passion, it is hard to stick to something that occasionally disappoints you.
Passion in the business brings about the consistent effort to continue, and with time, this can translate into success.
5. A Deep Understanding of Yourself
Running a business involves multiple duties and obligations. To be able to manage others well and handle the necessary obligations that ensure the business is running smoothly, one needs to have a deep understanding of themselves. This includes knowing one’s vulnerabilities and weaknesses and how to turn them into strengths. For example, if you’re a micro-manager, it is important that you know this about yourself so that when the business grows and you need to delegate more of the day-to-day tasks to others, you will be able to do so without micro-managing employees who don’t need it.
Successful entrepreneurs analyze themselves deeply. They gauge their strengths and weaknesses to ensure that they are able to increase their productivity and be efficient.
6. Ability to Adapt
Change is the only thing that is constant. This adage resonates deeply with the business environment today. Things are changing rapidly. Automation and technology are changing how people do business. Also, inflation and economic recession are often occurring. At times, your business may be affected by things that are beyond your control. How does a successful entrepreneur stay afloat?
Successful entrepreneurs learn to adapt to changing times. A culture of adapting often starts with the leader of the business and is naturally followed by the employees.
It is also important that an entrepreneur seeks feedback and advice from their customers, and even from their employees, to stay keen on market trends. This, in turn, will ensure that your business lasts longer.
Adapting to change is a skill that is attained through the process of continuous learning.
Having seen the different core traits that are found among successful entrepreneurs, it is worth noting that you can cultivate these traits in yourself to help grow, or turn around your business.
It takes years of practice and hard work to turn into a master. Some of these traits are intrinsic and one is born with them. However, others can be learned and developed over time. Even if it’s not for business alone, learning these characteristics can help you improve your productivity in your everyday life.