We all hear/read stories about successful entrepreneurs almost every day on TV, Social Media, Newspapers and Business Magazines and draw a lot of inspiration from them, but have we ever wondered what are the key traits of successful entrepreneurs? What do all the successful entrepreneurs have in common?
What does it take to be a successful entrepreneur in an ecosystem which is fast-evolving and is full of challenges?
Following are the 10 Key traits of successful entrepreneurs:
Entrepreneurs are highly self-motivated. They have a vision and strive hard to achieve their goals.
Their journey is full of challenges and therefore they understand that is not easy to find success, therefore, they keep themselves self-motivated throughout which fuels their journey. It is one of the most common traits of successful entrepreneurs
One of the common Traits of successful entrepreneurs, Which sets successful entrepreneurs apart is their firm determination. They let nothing distract them from achieving what they set their eyes on.
They work uncompromisingly on their startups until they turn the results in their favor. Entrepreneurs persevere to get desired results.
8- They are emotionally intelligent
Successful entrepreneurs have to deal with adverse circumstances, negotiate with tough investors, convince stakeholders and manage employees and to do all of it, they manage and control their emotions well.
They realize how critical emotional intelligence is for their start-up.
Successful entrepreneurs possess high emotional intelligence (EQ) so that they succeed in their fields.
7- They are Risk Takers
They never shy away from taking risks. In fact, their risk taking ability produces terrific results. They plan well and they know the limitations and possibilities of their venture.
6- They embrace new failures and new challenges
Highly successful entrepreneurs know that they might as well fail but they never get bogged down with failures. Therefore the always prepare themselves to face new challenges and learn from failures, instead.
“Success is not final, failure is not fatal: it is the courage to continue that counts.” – Winston Churchill.
To achieve desired results, highly successful entrepreneurs strategize well because its the strategy that stands out.
They have a clear strategy and a plan to execute it. Entrepreneurs constantly review their strategies and adjust according to the demands of the start-up ecosystem.
” You can’t change the direction of the wind but you can always adjust your sail to reach your destination” Paulo Coelho
Successful Entrepreneurs understand that in a startup it is extremely important to formulate winning strategies.
” A battle is won before it is fought” Lao Tsu on strategy
4- Passionate and Productive.
Highly successful entrepreneurs bring a lot of energy and passion to what they do. It is their relentless efforts and passion and helps them succeed in their entrepreneurial journey.
Entrepreneurs focus more on productivity because they know how significant productivity and efficiency are to their start-up.
3- Learning and Self-improvement
Great Entrepreneurs know that they need to evolve and innovate constantly, in the startup ecosystem hence they continuously learn new skills and improve their skills
They understand the importance of learning new tricks of their trade every day and hence entrepreneurs never get complacent with what they already possess. You would have noticed some successful entrepreneurs own multiple ventures that is because they learn everyday.
2- Networking skills
They have the ability to network well with not only other highly successful entrepreneurs but everyone around them who adds or creates value for them.
They have elevators pitch ready all the time.
1- Leadership Skills (One of the Key Traits of Successful Entrepreneurs)
They possess great leadership qualities to manage and lead people around them. They lead by example. To them, employees are the pillars of growth. You would have heard the common advice in the start-up ecosystem – ” It is the first few people you hire, make your business successful, so hire the best”
They know that they have to mange the whole enterprise hence they strive to improve their organizational skills
Great entrepreneurs are good at:
- Communicating with their team regularly
- Motivating them.
- Delegating effectively.
- Trusting people.
- Winning habits
- Recognizing and rewarding people.
- Fostering creativity and innovation
- Sharing and seeking feedback.
- Sharing Responsibility.
So, Do you have these traits in you? If yes, you are on track to scale new highs in your venture. All the best!
If not, then work on these before your embark on your entrepreneurial journey.