Despite having different specialities and concentrations, entrepreneurs tend to share similar characteristics. For just about every successful business, you can trace its origins back to a motivated, passionate leader. Here are the Top Traits of Successful Business Entrepreneurs.
Top Traits of Successful Business Entrepreneurs
1. An optimistic view on failure
For an extremely successful bunch, entrepreneurs are used to and thrive on failure. Sure, they detest it on some level because it represents unrealised potential, but they also recognise its value in their future endeavours.
The average person sees failure as a waste of time and money, but the entrepreneur sees it as a learning experience. As this Huffington Post article elegantly puts it, each failed venture serves as a building block to a greater success:
“Most people believe that failure is painful and should be avoided in order to maintain a sense of pride and dignity. The most successful people in business, on the other hand, see failure as a necessary building block of mega-success, and treat it as a teacher. Champions aren’t in the business of protecting their egos; they’re in the business of learning, growing and becoming. Stop avoiding failure and welcome it with open arms. It’s the only way to become successful.”
No matter how much preparation you put into your work, you’re going to fail from time to time. That’s just the way things work. What’s important is learning from the past and using it to become a better person and leader.
Entrepreneurs work a lot with forecasts and models, which are rarely 100% accurate. When the details change, they have to be ready to adapt their strategies.
Versatility is an essential characteristic among entrepreneurs. Take it from the team that successfully marketed Viagra, a pill that was made with the intention of treating heart disease but is famous for its side-effect. Sometimes you’re prepared with plans A-E but you need to roll with an impromptu Plan F.
Entrepreneurs can see the next great invention before others can even identify the problem it solves. They’re always a step ahead when it comes to recognising needs.
Moreover, entrepreneurs are good at making that vision a reality. Rather than acknowledging it as a dream, they take steps to see it come to fruition.
4. Transcending introversion/extroversion
Most people consider entrepreneurs to be extroverts. They imagine an outspoken person who steps up and takes what he wants.
Personality type isn’t indicative of leadership skills. In fact, Lisa Petrilli, author of The Introvert’s Guide to Success in Business and Leadership explains how introverts can perform the job just as well as extroverts:
“The reality is that most introverts are actually quite charming, inspirational and charismatic and are perceived this way, because they have a foundation of authenticity that comes from being very thoughtful and purposeful in their leadership style.”
The point here is that entrepreneurs aren’t necessarily introverts or extroverts. Rather, they transcend their personality types and overcome their associated limitations.
5. Business skills
Although this area isn’t necessarily a passion, entrepreneurs have elite business skills. Without this, they’d just be ambitious dreamers with a decent idea.
This is the final skill they need to finish the deal. Luckily, it’s something they can acquire with practice, patience, and guidance. It’s hard to gain things like versatility and vision, but just about everyone can pick up business skills along the way.
No two entrepreneurs are exactly alike. They have different visions and ways of leading their employees. Still, it’s rare to see an entrepreneur who’s not used to adversity, versatile, and skilled in business practices.
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