7 Common Characteristics of Successful Entrepreneurs
To succeed in business, you need the right combination of attitude, skill set, personality and drive. As the COVID-19 pandemic has taught us, it takes a crisis to change how we do business. For instance, before the COVID-19 pandemic, business deals were closed with a handshake. Today it’s almost unthinkable that one would violate WHO’s regulations on social distancing and wearing masks.
While this example may be simplistic, it makes the point that business practices are rapidly evolving. Successful entrepreneurs understand this. That’s why they evolve with the times and learn to adapt to changing business environments.
Successful entrepreneurs understand their craft better than anyone else. They are always a step ahead of the rest. They don’t dither when making decisions in the middle of a crisis. They are both decisive and flexible. Once they make up their mind about a cause of action, they proceed with speed.
Below are seven characteristics of successful entrepreneurs in a rapidly-changing business environment:
1. Successful entrepreneurs are creative
At the heart of any business is a creative entrepreneur. All the big companies you see around started with an idea. However, this is not a once-and-for-all process. You need to always be on the hunt for new ideas, new ways of doing business, new methods and new tools. This is especially crucial during a crisis. Successful entrepreneurs don’t just think of the profits. They look for ways of doing business better than it has been done before. If you can’t do it better than it has been done before, your product or service will join the ranks of the mundane.
2. Successful entrepreneurs are passionate
Being passionate is another characteristic of successful entrepreneurs. Great entrepreneurs are passionate about their business. You will find them awake at night, making notes of an idea that has just come up in a dream. While profits are critical, they are not driven by them. They wake up fired up and passionate about the business. Passion is the fuel that drives business success, and successful entrepreneurs possess copious amounts of it.
3. Successful entrepreneurs are motivated
During a crisis, your ability to hunker down and weather the storm will be called upon. If you are unmotivated, you will find this period extremely draining. Motivated entrepreneurs do not give up at the first sign of trouble. To put in the long hours a business needs during a crisis, you must be self-driven.
You must be ready to lead the company by way of example. If staff must take a pay cut to save the company, be the first to agree to the pay cut. As a business owner, you are your own boss. You decide how you spend your time and the amount of work you put into it.
4. Successful entrepreneurs are optimistic
A great entrepreneur wears optimism-tinted glasses every day. Even when things are not going well for the company, they remain positive. People may have a thousand reasons why something cannot be done, but you always have at least one reason why things will work out in the end. As a leader, you need to give people hope when your business is swimming in the shark-infested waters of competition.
Be the perpetual optimist that refuses to give up no matter what! To an entrepreneur, the other side of a challenge is an opportunity. While they don’t ignore the challenges, they choose to focus on the opportunities. They understand that whatever one focuses on expands. That’s the hallmark of a great entrepreneur.
5. Successful entrepreneurs are realistic
A successful entrepreneur has his or her foot on the pedal of current realities and their eyes on future opportunities. They do not allow themselves to be stuck on short-term realities while failing to see the unfolding opportunities ahead. They maintain forward momentum without neglecting the mundane daily tasks that keep the business moving. They work with goals, both short- and long-term. Once they lock on goals, they marshal their efforts towards reaching them.
6. Successful entrepreneurs are persuasive communicators
Successful entrepreneurs are highly adept at communicating their ideas to others. They are highly persuasive. They have a way with others and can make a convert out of the most uncooperative person. The ability to get people to listen to them sets them apart from the rest. These communication skills can be developed through entrepreneurship courses and years of practical first-hand experience.
Of course, to be persuasive, you must let people speak. Keenly listen to them and let them know that their voice is essential, that it matters, that they matter. Having people buy into your idea is critical to the success of the business.
7. Successful entrepreneurs are agile
If the COVID-19 pandemic has taught us one thing, it is that entrepreneurs must have the ability to make decisions at the speed of thought. A few months after the coronavirus broke out, businesses shut down, staff were furloughed, and others laid off. People were forced to stay and work from home as the world tried to bring the pandemic under control. Some businesses went under for good. Others innovated and adopted new ways of doing business.
The secret to the success of businesses that are still standing can be found in agile entrepreneurs who can make critical decisions in the middle of a crisis.
