Entrepreneurship is often seen as very glamorous and exciting, and while it can be both, the road to success also rife with challenges, long nights, and stress. While all entrepreneurs are different, there are some key traits that most entrepreneurs all share. It’s these traits that give them the inner strength to keep pushing forward even when other people in the same position as them would quit.
So, what are these 5 traits, and why must you have them to succeed?
Many people tell you that to be successful, you’ve got to be passionate about what you do. While this is the case, many people struggle to find their footing as an entrepreneur because they believe that if they don’t work in a field they love, they won’t be successful.
But what about all the serial entrepreneurs, and entrepreneurs that made millions from something that’s seemingly boring? What you actually need is a passion for being successful and a passion for solving problems for others. You’ve got to want to make things better and easier for the people you serve. If you’re passionate about that, it doesn’t matter if you’re making the next supercar or high-comfort work boots – it will be exciting to you.
Have you ever met or heard of a successful entrepreneur that came from nothing, but was also happy to roll out of bed past noon every day? Not unless they also stayed up until 5AM. That’s because successful entrepreneurs have self-discipline in spades. They are the people who wear their stress and tired eyes due to their workaholism as a badge of honor, at least until they become successful enough to realize that it’s time to let other people do the hard work for them, so they can spend a little more time reaping the rewards (or starting another business)!
3. Risk Tolerance
Again, have you ever heard of a successful entrepreneur who said, “and when I failed, I decided to just get a job and forget about it for a couple of decades.” No! That’s because entrepreneurs have an incredibly high risk tolerance – they’d rather be completely dependant on their own ability to make money for themselves and their employees than earn a lower wage working for someone else in a “safe” position. Successful entrepreneurs know that being in their comfort zone means they aren’t making progress, and so push themselves constantly to grow. It’s this constant growth that leads them to success.
Not every entrepreneur has to be the next best artist, writer, or director, but you do have to have creativity in spades. Why? Because you’ve got to have the inquisitive nature to wonder not only if you can make something better, but the creativity to wonder how, and then go after that solution.
Then, you’ve got to do that again and again as your business grows, constantly creating new services, products, or new ways of offering them – you’ve got to be able to see your limited resources and continue to make something out of nothing. It’s this creative thinking that allows entrepreneurs to create the solutions that make their companies money.
Finally, the last trait an entrepreneur needs is persistence. In fact, they usually need persistence to the point of stubbornness. Of course, all entrepreneurs have stories of how they “failed,” and the ideas that didn’t pan out – but an entrepreneur isn’t stubborn that they’re right about what they’re doing and offering, they’re persistent in their pursuit of success.
When something goes wrong, their first thought is, “how can I get around this?” Not, “why did I fail?” A key trait in successful entrepreneurs is persistence and the pursuit of always asking better questions; why did this happen, what I can we do to make this better, who can do this better than me? If you, too, can embody this persistence, you will achieve your goals.
So, if you’re on the path to becoming an entrepreneur or are already one, and feel like you’re not yet embodying all the qualities you need to, these are the five core traits you need to keep in mind and strive to achieve every day. Of course, everyone has a do-nothing day once in a while, and a day when they’d rather give up and do something easier, but these 5 traits will keep you pushing forward until you reach your version of success.