You don’t have to be brilliant to be a successful entrepreneur. Similarly, a great idea isn’t always enough to make a business successful. The best entrepreneurs aren’t always the brightest or the wealthiest. The entrepreneurial spirit is exactly that: a spirit, a personality, a mindset. Here are a few traits that make for great entrepreneurs.
Bravery
Entrepreneurs are not afraid to fail. Taking risks is just what they do. This may be the defining characteristic that separates them from the rest of us working stiffs. If you need the security of a steady paycheck and full benefits, including health insurance for the whole family, you may not realistically be in the position to embrace entrepreneurship.
The decision to become an entrepreneur requires some serious thought and careful self-assessment. Are you the type of person who can put all your eggs in one basket, a basket that is not likely to turn a profit for several years, if ever? When your heart is set on being or doing the next big thing, you can’t be scared of anyone or anything, especially not losing money, and that includes yours or your investors’.
Hunger for Knowledge
If you are one of those people who need to know absolutely everything there is to know about your industry, you may be well positioned for an entrepreneurial undertaking. Entrepreneurs love to learn from anyone and anything that will teach them. They voraciously consume trade publications, surf the web for any and all new developments and chat up experts in the field. You can’t be on the cutting edge if you don’t know where it is or who was there before you.
Thick Skin
Great entrepreneurs eat rejection for breakfast and then come back for more. After having 100 doors slammed in your face, you have to truly believe the next one will swing wide open – and a big, fat check will be standing there to greet you. Entrepreneurs are eternal optimists.
It isn’t enough to simply be able to ignore rejection. You have to learn from it. Find the constructive criticism in even the harshest responses and firmest denials. Every setback is an opportunity to learn and improve. If you believe in your core concept, rejection only helps you tweak around the edges until you have a universally acknowledged winner.
Improvisation Skills
Up-and-comers aren’t just used to not having all the perks of a Fortune 500 company, they are comfortable with it. They don’t need a million resources at their disposal. They take what they have on hand, cobble something together and make it work. In fact, the ability to be flexible and adapt to quickly changing market forces is a huge asset over staid corporate behemoths. Improvising keeps the mind nimble and solutions fresh.
Appetite for Action
In the corporate world, government and especially academia, ideas get studied from all angles. Every available option is analyzed ad nauseam. There are business plans, market research reports, and strategic plans. Entrepreneurs tend to be more men and women of action. The research is there, but entrepreneurs don’t often over-scrutinize every single decision. There is of course a goal in mind, but that goal may morph as the project proceeds and develops. It’s important to be okay with that.
Ability to Delegate
Many people tend to view delegation as a failure, a loss of control or abdication of ownership. That’s the wrong way to look at it. Delegation shouldn’t be seen as arbitrarily assigning tasks to others. It is a skill rooted in the ability to assess the strengths and weaknesses of yourself and your team.
When you are creating something out of nothing and then entering it into the marketplace, entrepreneurs realize one individual isn’t going to be the perfect person to accomplish all the many and varied tasks involved. They realize their own shortcomings and recruit people whose skill sets complement their own. Delegation saves time and ensures a better product.
If you are drawn to entrepreneurship, chances are these six traits are present to some extent in your genetic makeup. The trick is to unleash them and let them run wild. They are attributes to be cultivated before you go forth and prosper.
Image by Parker Michael Knight
This post was provided by Erin Palmer. Erin writes about online business degrees, certification programs and career enhancement for US News University Directory.
Very good advice. The common thread is they are not traits you will necessarily find in your college classes but you will need them to get through some courses!
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Failures are nothing but are the pillars of success.I have observed in my life that because of one failure many people have won many success in life.
Seek of knowledge is another main factor to invite success in the life.
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Nice post Erin, I like to think entrepreneurs know what to delegate and what they have to do themselves. Delegating everything will just land all but the wisest of business people in a mess.
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Erin Palmer Reply:
June 4th, 2012 at 2:18 pm
Thanks for the comment, Sarah! I really enjoyed reading the post that you recommended as well. Dealing with angry emails is SUCH an important art to master.
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This is a beautifully-written post, Erin. Entrepreneurship takes arduous work and attention to many details. Most people want the benefits of entrepreneurship, but they don’t want the responsibility and stress that is associated with it. Entrepreneurs need to possess certain unavoidable traits in order to thrive, and this post describes them perfectly.
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Erin Palmer Reply:
June 4th, 2012 at 2:20 pm
Very well-said, Anthony! You can’t get the benefits with out shouldering the responsibility as well. Thanks for writing!
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Hi
I think being an entrepreneur is all about judgement. Perservering when you know you are right, accepting when you are wrong before wasting time/money and making you DO everything you think of and just keep taking the next step. Always moving on……
Gary
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Erin Palmer Reply:
June 4th, 2012 at 2:23 pm
That’s a good point, Gary. Having sound judgment is an asset for any entrepreneur. Thanks for commenting!
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Ok, do you have to have ALL of these traits? LOL.
But honestly, I have issues with taking risk. Maybe I am just conservative with money. Or I have a family that could lose if I do. But I have never been a big risk taker. I guess I better start trying.
~Allie
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Erin Palmer Reply:
June 4th, 2012 at 2:26 pm
Hahaha, I know what you mean Allie. It can definitely be hard to make the leap and take risks, especially with a family. I’m sure you’ll figure out a way to make it work for you. Be brave and be smart!
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You nailed it. Being an entrepreneur takes mind and spirit along with determination. Nothing is easy but it also not difficult. If you put the pen to the paper things will get done and many will find success that stick it through.
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Erin Palmer Reply:
June 4th, 2012 at 2:28 pm
Thanks, Jacob. It can be done if you put in the work. People let fear take over sometimes, but if you work for it, you can get there.
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Thanks, Carson! I appreciate the article that you’ve included too! Great to read about job descriptions and career outlook.
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Maja, I know what you mean. It takes time and yes, failures, to ultimately lead to success. Thanks for the comment!
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Hi Erin, entrepreneurs don’t need to be brave. They just need to spot an opportunity. While an opportunity isn’t certain if someone knows the field (the technology and the customers) then success can become likely.
Being energetic and adaptable with the implementation is important too.
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Erin Palmer Reply:
June 6th, 2012 at 8:33 am
Good point, Evan. Having a good eye for opportunity is DEFINITELY important. Thanks for the comment!
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I think entrepreneurs are born, and im not saying that in a bad way like car salesman haha..
more like people are born to be leaders or followers, its just in your make up from the beginning.
but thats just my opinion.
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Erin Palmer Reply:
June 6th, 2012 at 8:35 am
It seems that a lot of people feel the same way, Adam. I think that leadership can always be improved on, but there are certainly people that have a natural knack for it.
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Hi great article and I loved what you said here: “Great entrepreneurs eat rejection for breakfast and then come back for more.”
I beg to differ on one point though. We don’t necessarily have to put all the eggs in one basket. Many have successfully become Entrepreneurs part time, while still working at a job until the money is more sure and more steady. Also there are many models, but several streams of income is the wisest way to go
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Erin Palmer Reply:
June 6th, 2012 at 8:38 am
Thanks, Lynda! You do make a very good point. If you can balance your current job and your outside work, it can definitely make for less financial stress.
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Hi Erin,
Great expose about entrepreneurship here. Entrepreneurs can’t take no for an answer and keep going no matter what.
There is definitely a difference of characters between entrepreneurs and employees. I think that an entrepreneur is born.
Thanks for this great post
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Erin Palmer Reply:
June 6th, 2012 at 8:42 am
Thank you, Sylviane! I’m so glad the you enjoyed it. I agree, perseverance is a must in entrepreneurship.
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Hey Erin,
Great posts and I have to agree with Allie. I’m not much of a risk taker which is why I never even considered becoming an entrepreneur. I’m kind of a chicken in a lot of areas.
Truth be told, I’ve always been very set in my ways. Now since venturing online into this world of business development I’ve definitely come out of my box. But, I’m still way too budget conscious so I’m not as risky as some who are here.
I’m definitely loving it though and slowly but surely making my way. Not sure if I’ll ever have all of these traits but I’ll give it my best shot.
~Adrienne
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Erin Palmer Reply:
June 6th, 2012 at 8:47 am
I totally understand, Adrienne. It isn’t always easy to break established routines. Of course, you have to figure out what is best for you and your financial situation. I’m pleased to hear how much you love what you are doing, though. That is so important!
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Well said! (and well explained!)
I’ve been working on a project for a while now, and those 6 traits are to the point, really.
I think I should work more on the last one, “Ability to delegate”, since I’ve been working alone on this project, and I’m sure I could perform more if I could find another friend who could work with me.
I’ll work on that. Thanks Erin!
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Erin Palmer Reply:
June 6th, 2012 at 8:48 am
Thanks, Max! Delegating is always an uphill battle for me as well. I am a perfectionist, so I have a hard time letting go sometimes. Working with people that I trust and communicate well with really helps.
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If you have the first three, screw just being an entrepreneur. EVERYTHING will be a success for you.
Sweet post.
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Erin Palmer Reply:
June 6th, 2012 at 8:49 am
Awesome point, Adam! Those tips really can apply to a lot of things. Thanks so much!
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I’ve declared to my mother today that I’ll move out from living with her within 2 years by becoming fully sustaining myself financially from the money I make online, and with my blog.
I think bravery is such an underrated trait for entrepreneurs, people don’t realize how scary it can be for budding entrepreneurs. I’m acting in spite of fear, which is why my blog is called “Intimacy With Fear”.
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Erin Palmer Reply:
June 6th, 2012 at 8:50 am
Congratulations, Mike! That is very exciting. I wish you all the best…. I’m sure that you’ll be an amazing success!
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The internet is really a powerful tool, everything you needs is there (specially for those hungry for knowledge). Tons of information is produced in matter of milliseconds. Nice post Erin!
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Erin Palmer Reply:
June 6th, 2012 at 8:51 am
So true, Erick. I am an avid reader. There are so many helpful resources available when you take the time to look. Thanks!
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Thanks for the tips! You could consider my blog an entrepreneurial project, but what is really one that I just started is http://candlerecyclingcenter.com
Hoping that I can get people to recycle their candles to me then I can make recycled wax and sell it. Thanks for these tips!
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Erin Palmer Reply:
June 6th, 2012 at 8:52 am
That sounds great, Paul. I will have to check out your site. Thanks for reading and best of luck!
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Great list, especially the point about handling rejection and thick skin, it can be so difficult to handle this especially when its coming from people close to you and doubters, people who dont understand and people who want to hold you back.
At school I was in the lowest sets and ability groups and now the friends I still have from back then ridicule every idea and everything everyone wants to try – they are scared that someone will break away and make something for themselves. My parents believe that the only way to make a living is with a 9-5 and everything else is the work of magic, this makes it hard but I just managed to turn profit for the 1st time with my Internet business last month and that makes it feel even better!
I read somewhere the the Colonel who started KFC had to go round over 1k food outlets before he convinced someone to try his fried chicken, think how many people would have given up at 30 or 40 rejections!?
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Erin Palmer Reply:
June 6th, 2012 at 8:55 am
Congratulations, Brown! I hope that you do even better this month.
Handling rejection is very important. As I writer, I face rejection all of the time. I try to learn from each “no” and figure out what I can do to make it a “yes” next time.
Good luck to you!
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Two of the best traits are bravery and delegating. Entrepreneurs should never be scared of failures, they should think of it as a challenge.
Delegating is also important. Being able to delegate tasks means you know how to trust. Trust your employees or subordinates that they can deliver the result you want.
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Erin Palmer Reply:
June 6th, 2012 at 8:56 am
I couldn’t agree more, Amber. Thanks for commenting! I’m glad you liked the post.
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Successful entrepreneur has attitude to never give up, this doesn’t mean that they keep working on same strategy again and again… rather they come up with new strategy if their current strategy is not working.
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Erin Palmer Reply:
June 6th, 2012 at 8:57 am
Smart point, Aasma. Being able to learn from your mistakes is hugely important. Thanks for the comment!
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Thick skin is so key. Its one thing to say “stay dedicated” or “hang tough”, but the real issue is getting to the point where you start second guessing yourself, or stacking your accomplishments against your bank account.
At those times, its about remaining true to yourself and forging ahead that makes people successful. Sometimes people forget how important it is to believe in yourself and have a thick skin for criticism.
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Erin Palmer Reply:
June 6th, 2012 at 8:58 am
You are so right, Pete. Second-guessing yourself will only make things harder accomplish. Thanks for the comment!
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Erin, I don’t know which one is the most important. As I was reading through it each one applies. But if I were to choose only one, it would be a hunger for knowledge.
An Entrepreneur has to stay on top of things. And boy do things change quickly! We must pass our knowledge onto our readers and/or clients to keep them educated and motivated.
Awesome post and I am happy to meet you.
Stacy, thanks for having this guest post!
Donna
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Erin Palmer Reply:
June 6th, 2012 at 9:00 am
Thank you, Donna! I agree, things change so quickly. If you aren’t on top of what is going on in your field, you might lose out on opportunities. It’s nice to meet you too!
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Above all else, what I have seen in entrepreneurs is: an ability to create their own luck, strength to look past failures and unquenchable desire to finish what they have started. I really love your list. Thanks for sharing!
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Erin Palmer Reply:
June 6th, 2012 at 9:01 am
Robert, I love that you said “unquenchable desire.” That is exactly it! That sort of determination is what will drive you to succeed. Thanks for the comment!
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Great read, Erin. I just read an article in Forbes magazine about the 5 (or some number) characteristics of entrepreneurs and yours was more entertaining and more real. The word “entrepreneur” gets thrown around a lot these days. Suddenly everyone with a computer and a little time on their hands to start an “online business” is an entrepreneur. But it takes a lot more than wanting to work in your pajamas from your home office to really be entrepreneurial. Dedication, learning (a little craziness) and hard work all come into play. I agree with one of the commenters who said these aren’t skills you learn in school. Thanks for your thoughts on this, I enjoyed reading them!
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Erin Palmer Reply:
June 8th, 2012 at 7:21 am
Thank you, Carol Lynn! I know from past experience that working at home in your pajamas isn’t as glamorous as it sounds anyway, hahaha!
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Great post, Erin! You are so right about the willingness to take risk being a prerequisite to success as an entrepreneur. I’ve actually talked to people about my business who were asking if they could start in the business without paying any money or joining the organization, but just sending people to me to see how it worked. Well, the problem with that is that you are your own best testimony. If you say, “Here’s this thing that’s pretty good. I don’t have it myself, but here’s someone who does,” who is going to think the product is valuable? I know I sure wouldn’t.
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Erin Palmer Reply:
June 8th, 2012 at 7:24 am
Wow, Steve, that is a fantastic point. If I am thinking of going out to a new restaurant for dinner, I would rather get advice from someone who has eaten there, not someone who heard it was good. Thanks for the comment.
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Very awesome points. I think as a starter like me, I really to have these on my pockets all the time if I want to succeed
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Erin Palmer Reply:
June 8th, 2012 at 7:28 am
Thanks for commenting, Herbert. I am glad that you enjoyed reading the post. Good luck with your business!
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Thanks for a great post. I agree, being an entrepreneur is not for everyone. I think the most important factor is never giving up, because if you never give up, there will never be a day in your life when you will stop until you have reached what you wanted and even then you keep going. Thanks again
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Erin Palmer Reply:
June 8th, 2012 at 7:27 am
Too true, Zena! I intend to someday be that 90 year old lady who still has goals and dreams. I also plan on wearing crazy hats, because honestly, what is cooler than a 90 year old in a crazy hat?
Thanks for reading!
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It is an amazing lesson for me to start up one new Business. It has always been a difficult possibility to run a Business if we do not have any experiences but i would really like to try it.
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For me, I think determination is the most important trait. Entrepreneur will find ways and means to reach their ultimate goals. They must be determine to get make their dreams come true and not easily taken aback by failure.
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Entrepreneur needs to be active in all departments like Analyzing skill, promoting and yes as you said a hunger of learning skill from other people. The more you learn the more successful you can be, That’s what i believe.
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I’d like to add one trait: Believer!!!
If you think that your idea will work don’t stop until you make it work. Instead of jumping from one method to another. Remember it is better to complete something that is not perfect, rather than try to perfect something and not complete it.:)
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