Personal qualities of successful entrepreneurs

Here are 10 characteristics that set successful entrepreneurs apart: Is there something you have built and want to continue to improve upon? But not all risk takers are successful entrepreneurs. What differentiates a successful entrepreneur from the rest in terms of risk?

Personal qualities of successful entrepreneurs

Twitter What makes an entrepreneur is a complex question. It includes factors from the environment in which an individual was raised, his or her family situation, and his or her personality traits.

This question has been the subject of a great deal of both study and research. The following discussion is a summary of my own observations plus some of the conclusions of others.

Personal qualities of successful entrepreneurs

About 20 or 25 years ago if you asked almost any expert to describe a successful entrepreneur, you would probably have been given a list similar to this: Very few of these are factors that determine whether an entrepreneur succeeds or fails. However, much recent research and many of my own observations seem to indicate that there are qualities commonly found in successful entrepreneurs, and there are things that you can do if you are concerned about any you may lack.

Many writers on this subject seem to be primarily concerned with the qualities found in successful entrepreneurs.

I look at the questions a little differently and believe it is equally as important to consider those traits that successful entrepreneurs usually do not have and those traits that simply do not matter. Personal qualities common in successful entrepreneurs Motivation to achieve — In almost every case, successful entrepreneurs are individuals who are highly motivated to achieve.

They tend to be doers, people who make things happen. They are often very competitive.

Personal qualities of successful entrepreneurs

Many researchers have concluded that the most consistent trait found in successful entrepreneurs is the sheer will to win, the need to achieve in everything they do. The habit of hard work — Starting a company is hard work. Let no one kid you about that.

Some time ago a student reported that one of his other professors said that unless you are prepared to work hard you should not start a company. He asked my opinion, I said the statement was nonsense.

I think the correct way to say it is that unless you already work hard you should not start a company. There is a big difference. Starting a company is unlikely to turn a lazy oaf into a raging bull. Nonconformity — Entrepreneurs tend to be independent souls, unhappy when forced to conform or toe the line.

They are people who find it difficult to work for others, who want to set their own goals. Strong leadership — Starting a new company can be a harrowing experience full of uncertainty and risk.

Successfully bringing a small organization through these trying periods requires a lot of leadership skills.

Instead, we're going to look at the rise of one of New York's most successful entrepreneurs, Michael Bloomberg, analyze the choices he made on the way to the top, and compare that with expert. Most successful entrepreneurs know how to motivate their employees so the business grows overall. They are very good at highlighting the benefits of any situation and coaching others to their success. 9. Strong work ethic. The successful entrepreneur will often be the first person to arrive at the office and the last one to leave. Here are some of the attributes that, in our experience, successful entrepreneurs tend to possess in abundance. 1. Entrepreneurs are goal-oriented. Entrepreneurs are all about setting goals and putting their all into achieving them; they’re determined to make their business succeed and will remove any encumbrances that may stand in their way.

Street smarts — I do not know quite how to put this. Shrewd or sharp might be a better word. We all know owners of some very successful businesses who were lucky to finish high school and never even considered college.

Yes, they always seem to make the right moves. Call it common sense, instinct, whatever you want. Successful entrepreneurs seem to have intuitive good judgement when making complex business decisions. Personal qualities not found in successful entrepreneurs Compulsive gambling — Almost without exception people who start companies are not gamblers.

They are attracted to situations where success is determined by personal skill rather than chance. They strongly prefer that their destiny be determined by hard work and conscious decisions rather than by the roll of the dice. High risk-taking — Contrary to popular opinion, entrepreneurs do not take excessive risks.

Through careful product and market selection, creative financing, building a good team, and thorough planning, the real risk of starting a new business can be quite low.

In the world of small business, optimism is truly cheap and high risk- takers die an early death. Irrelevant factors Age — This simply does not matter any more.

During the s, 60s and 70s the large majority of people starting companies were in their 30s and 40s. Not true during the s or today, Steve Jobs and Steve Wozniak were both in their early 20s when they started Apple Computer. Sex — Here again, it just does not matter.Successful entrepreneurs are very optimistic about the outcome of their business and actions.

Optimism, as a belief of a possibility rather than what is impossible is one key responsibility and characteristics of a successful entrepreneur.

They understand that being a successful entrepreneur is a lifestyle choice, not a destination. Embrace these qualities and you will become a better entrepreneur. What you get out of your business in the form of personal satisfaction, financial gain, stability and enjoyment will be the sum of what you put into your business.

Here are some of the attributes that, in our experience, successful entrepreneurs tend to possess in abundance. 1. Entrepreneurs are goal-oriented. Entrepreneurs are all about setting goals and putting their all into achieving them; they’re determined to make their business succeed and will remove any encumbrances that may stand in their way.

25 Common Characteristics of Successful Entrepreneurs Build a rock-solid reputation A good reputation is unquestionably one of the home business owner's most tangible and marketable assets. Instead, we're going to look at the rise of one of New York's most successful entrepreneurs, Michael Bloomberg, analyze the choices he made on the way to the top, and compare that with expert.

10 Characteristics of Successful Entrepreneurs | Investopedia