Entrepreneurs are made, not born.
Success in business is not just about the business you’re in – it’s also about who you are.
If you are planning to start a business, you may be wondering what it will take to succeed. While there isn’t a guaranteed formula for success, there are a few common attributes found amongst successful entrepreneurs.
What prevents someone from becoming an entrepreneur?
There are many reasons why people decline entrepreneurship and prefer to stay in an employed position.
According to the Kauffman Foundation and their research into the barriers to entrepreneurial success, the most commonly named factor – by 98% of research respondents – was lack of willingness or ability to take risks. Other barriers cited by respondents were the time and effort required (93%), difficulty raising capital (91%), business management skills (89%), knowledge about how to start a business (84%), industry and market knowledge (83%), and family/financial pressures to keep a traditional, steady job (73%).
13 qualities of successful entrepreneurs
On the internet there are countless lists of ‘entrepreneur success traits’ or ‘top 10 qualities of successful entrepreneurs. I’ve gone through many of those lists and compared them to my own experiences as an entrepreneur and what I've seen in entrepreneurs I've trained over the years.
Here's my personal list of entrepreneur success traits:
1. Clear vision
2. Passion for the business
3. Confident
4. Communications skills
5. Self-aware of strengths & weaknesses
6. Comfortable taking risks
7. Good problem-solving skills
8. Selling skills
9. Strong network (or willing to build one)
10. Good at managing money
11. Self-discipline and strong work ethic
12. Willingness to learn
13. Resilient
Anyone can become a successful entrepreneur. It’s not innate, it’s something you can develop.
By doing things like partnering up with a more experienced entrepreneur and making a personal commitment to learn missing business management skills, you will soon find you've got what it takes to succeed after all.