September 1, 2014  
 
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Characteristics of Successful Entrepreneurs

What are the characteristics of successful entrepreneurs? What traits are necessary for entrepreneurial success? We take a look at a variety of entrepreneur characteristics that seem to be essential.

What does it take to be a successful entrepreneur? Here are ten characteristics of successful entrepreneurs.
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If you've got many or all of these traits, your odds of entrepreneurial success are looking good!

  • An eye for opportunity: Many entrepreneurs start by finding a need and quickly satisfying it.
  • Independence: Even though most entrepreneurs know how to work within the framework for the sake of profits, they enjoy being their own boss.
  • An appetite for hard work: Most entrepreneurs start out working long, hard hours with little pay.
  • Self-confidence: Entrepreneurs must demonstrate extreme self-confidence in order to cope with all the risks of operating their own business.
  • Discipline: Successful entrepreneurs resist the temptation to do what is unimportant or the easiest but have the ability to think through to what is the most essential.
  • Judgment: Successful entrepreneurs have the ability to think quickly and make a wise decision.
  • Ability to accept change: Change occurs frequently when you own your own business, the entrepreneur thrives on changes and their businesses grow.
  • Make stress work for them: On the roller coaster to business success the entrepreneur often copes by focusing on the end result and not the process of getting there.
  • Need to achieve: Although they keep an "eye" on profits, this is often secondary to the drive toward personal success.
  • Focus on profits: Successful entrepreneurs always have the profit margin in sight and know that their business success is measured by profits. Is this your profile or would you rather do your job, pick up your paycheck and leave the headaches to someone else? Most of us, quite easily, choose the later.
 

Related Articles

Want to learn more about this topic? If so, you will enjoy these articles:

Effectuation: How Entrepreneurs Think
Hanging Tough: The Spirit of Entrepreneurs
What Does It Take To Become an Entrepreneur?
Questions to Ask Before Starting a Business


Conversation Board

What does it take to be a successful entrepreneur? We welcome all comments, tips, advice and suggestions.

Ishmael 9/24/2008

Successful entrepreneurs know that their employees are more important than themselves. the better you look after your employees (and customers for that matter) the better your business will run.

Mark 2/5/2009

The above comment is completely untrue. Entrepreneurs are more concerned with people's accomplishments than with their feelings. They generally avoid becoming personally involved and will not hesitate to sever relationships that could hinder the progress of their business. During the business-building period, when resources are scarce, they seldom devote time to dealing with satisfying people's feelings beyond what is essential to achieving their goals.

Hope 2/20/2009

I agree with Mark. The truth is a customer can have a fit not because of your price or service but because of something that happend in the car with their boyfriend and they decided to take it out on you. An entrepreneuer has to please his/herself. And has to close off hinderences to be successful. They have to be able to displease and say no.

Eric 3/10/2009

I believe that entrepreneurs are always optimistic and they never look back. They mostly do this by focusing on issues that have to do with the development if their businesses! They are achievement-orientated!

eLyn 9/3/2009

i truly believe that a successful entrepreneur has really a passion in the business he/she is into! putting of one requires patience and a great determination to achieve his/her goal in the shortest possible time.so aim high and reach it because only the sky is the limit!

Tweneboah Koduah Nathaniel 9/27/2009

I strongly believe that every entrepreneur must have the tenacity to withstand failure despite the challenges they encounter.

Minah 2/12/2010

I disagree with Mark and Hope and agree w. Ishmael. Firstly it seems Ishamel was stating that entrepreneurs who WANT to be successful should be focused on their customer's satisfaction, NOT that business owners always do, and consequently, if a customer can sense a business owner's lack of concern and that he or she is only trying to "please his or herself" (as Hope suggested they do), it will negatively affect business...absolutely. It's a shame we live in a world with such a disregard for customer service and humility! The businesses who understand this and genuinely show concern for HUMAN beings will succeed! Check out Gary vaynerchuck and what he has to say about this...google him if you dont know.

Alicia 3/20/2011

I think both viewpoints are right, and wrong. There are serious issues when you show a lack of concern for your clients. If your clients aren't happy, they aren't coming back. If they don't go back, you can fulfill your own goals of being successful. You just can't have one without the other. That being said, I do agree, I just don't have time patience or energy to waste on people who are negative or can't/aren't able to work towards their goals. If I meet someone who works hard but is headed towards a different goal, they will be filed away in my mind as a friend, but someone headed no where is just irrelevant. I have too much to do to waste my time.

Eva 10/18/2011

I have worked with good bosses and bad bosses. With the good bosses I produced much better work than with the bad ones. If you want a successful business be good to your employees. That will benefit both you, them and the company will prosper.


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