Contents
- 1 35 Common Characteristics of Successful Entrepreneurs
- 1.1 My top 10 traits of successful entrepreneurs:
- 1.2 Plus 25 more traits, inspired by Entrepreneur’s list:
- 1.2.1 11. Do what you enjoy
- 1.2.2 12. Take what you do seriously
- 1.2.3 13. Plan everything
- 1.2.4 14. Manage money wisely
- 1.2.5 15. Ask for the sale
- 1.2.6 16. Remember, it’s all about the customer
- 1.2.7 17. Become a shameless self-promoter (without becoming obnoxious)
- 1.2.8 18. Project a positive business image
- 1.2.9 19. Get to know your customers
- 1.2.10 20. Level the playing field with technology
- 1.2.11 21. Build a top-notch business team
- 1.2.12 22. Become known as an expert
- 1.2.13 23. Create a competitive advantage
- 1.2.14 24. Invest in yourself
- 1.2.15 25. Be accessible
- 1.2.16 26. Build a rock-solid reputation
- 1.2.17 27. Sell benefits
- 1.2.18 28. Get involved
- 1.2.19 29. Grab attention
- 1.2.20 30. Master the art of negotiations
- 1.2.21 31. Design your workspace for success
- 1.2.22 32. Get and stay organized
- 1.2.23 33. Take time off
- 1.2.24 34. Limit the number of hats you wear
- 1.2.25 35. Follow up constantly
35 Common Characteristics of Successful Entrepreneurs
A while back, I wrote an article called 10 Traits of Successful Entrepreneurs on my Planning Startups Stories blog. So, I wasn’t happy to see an article entitled 25 Common Characteristics of Successful Entrepreneurs on Entrepreneur. I came up with 10, and now Entrepreneur has 25? Harrumph.
Of course, it’s all in good fun. Thinking about it, the list is pretty good (compliments to James Stephenson, its author). Expanding the list of traits that make a successful entrepreneur gives aspiring entrepreneurs a clearer sense of what to strive for.
So, let’s add them together and make it 35. Bigger numbers are good, right? We’ll start with my top 10, and follow with 25 more, based on Entrepreneur’s list.
My top 10 traits of successful entrepreneurs:
1. Planning
There’s a lot of talk about “P” words: passion, perseverance, and persistence. I mistrust all three.
A lot of unsuccessful entrepreneurs have these traits as well. You have to have some variation on them, but you can have all three and still fail. You and I both know people who never made it—and never stopped trying, either.
My favorite “P” word in entrepreneurship is “planning,” but that’s just me. Stubbornness is good too (even though it doesn’t start with a “P”).
2. Empathy
Understanding how other people think and feel about things.
Empathy leads to understanding what the people you sell to want, need, think, and the best way to reach them. It’s hard to imagine somebody building a company without being able to put themselves in the buyer’s state of mind.
3. A sense of fairness
Dealing with vendors, customers, and employees. A successful entrepreneur needs to be able to be fair with those they do business with.
4. Transferable values
Closely related to the sense of fairness. I just don’t see people building businesses without believing in what they’re doing.
5. Willingness to work hard
Entrepreneurs need the ability to work shoulder to shoulder with other people.
Cliched, but true: The harder I work, the luckier I get.
6. Knowing what they don’t know
To me, that’s much more important than what you do know. Know where you are weakest, and where your strengths lie.
7. Listening carefully
Important to listen carefully. When necessary, shut up.
8. Vision for what they can build
Imagining a happy future. Dreaming.
Successful entrepreneurs need to have a solid vision of success and their end goals.
9. Making mistakes
You have to deal with failure. Keep pitching.
10. Jumping viewpoints
From short to long-term in an instant, and mixing those viewpoints together. It’s like dribbling—keeping your eyes up while managing the ball at your feet.
Plus 25 more traits, inspired by Entrepreneur’s list:
11. Do what you enjoy
If you’re starting a business for the money, you may be in it for the wrong reasons. Make sure you are doing what you truly enjoy.
12. Take what you do seriously
Start your business soberly, with intention. Take it seriously.
13. Plan everything
It doesn’t have to be a formal business plan; a lean plan or an internal plan can work fine. What kind of plan you choose depends on your business and the needs of your company—but you need a plan regardless of your goals and intentions.
14. Manage money wisely
Good businesses have failed based on lack of cash (which isn’t the same as being profitable). To be successful, you need to learn how to manage your money.
15. Ask for the sale
You can’t wait for everything to come to you. Be assertive and ask people to buy what you are selling.
16. Remember, it’s all about the customer
To be a successful entrepreneur, it’s important to sell something your customers actually want. Knowing your customers well is key here.
17. Become a shameless self-promoter (without becoming obnoxious)
More often than not, you are not going to be discovered randomly. Promote your business and make people find out about it yourself.
18. Project a positive business image
You may only have one opportunity to convince your customers to try your product or service. Developing a solid brand for your business is key to success.
19. Get to know your customers
If you can personalize your business, you set yourself apart from the competition. Don’t think you can rely solely on a great product.
20. Level the playing field with technology
Successful entrepreneurs utilize available technology. What technology can make running your business easier? Leveraging available technology can differentiate your small business from bigger competitors.
21. Build a top-notch business team
Face it: You don’t have all the skills necessary to run your business successfully. Find others who complement your skills, and you’ll be more successful.
22. Become known as an expert
Positioning yourself as an expert in your industry helps people view your business with confidence. Starting a blog or getting involved in local events in your field can make you an industry thought leader.
23. Create a competitive advantage
If you think you have no competition, you’re wrong. All businesses have competition. What do you do better than your competition?
24. Invest in yourself
To become an expert, you need to invest time and energy into learning about your industry and becoming skilled.
25. Be accessible
Make it easy for people to buy, use, and afford your product. Don’t make it challenging to do business with you.
26. Build a rock-solid reputation
To be a successful entrepreneur, your customers, investors, and those in your industry need to trust you. Don’t ever give them a reason not to.
27. Sell benefits
You aren’t just selling a product or service. You are selling what your product or service does better than anyone else.
28. Get involved
Become a fixture in your community, whether online or in your local community (or both). Make yourself a voice in your industry.
29. Grab attention
You may only have one chance to convince someone that your business is worth a second glance.
30. Master the art of negotiations
No question about it: You will have to negotiate at some point in your business career. It’s a good skill to develop early.
31. Design your workspace for success
Does this mean you need to spring for a huge, impressive office space in your first month of business? No—and that’s probably a terrible idea. But, your workspace should be suitable for your own productivity and give the right impression to clients or customers.
32. Get and stay organized
Analyze your market. Conduct a SWOT analysis. Use whatever tools work for you to keep your business organized, and don’t let your lack of planning and organization be your downfall.
33. Take time off
34. Limit the number of hats you wear
You can’t do everything and be successful. Determine what you do well and outsource what would be better served by someone else.
35. Follow up constantly
It will keep your product or service top of mind for customers and help you understand your market better.
Hello!
I’m Andrew Brooks, a seasoned finance consultant from the USA and the mind behind phonenumber247.com.
My career is built on a foundation of helping individuals and businesses thrive financially in an ever-changing economic landscape. At phonenumber247.com, my aim is to demystify the complex world of finance, providing clear, actionable advice that can help you navigate your financial journey with confidence. Whether it’s personal finance management, investment strategies, or understanding the nuances of market dynamics, I’m here to share insights and tools that can propel you towards your financial goals.
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