Not all entrepreneurs end up being successful; however, those that are successful often possess certain qualities that drive their success. If you want to be a successful business owner, then you need to develop these qualities. And, the first step towards developing the qualities of entrepreneurs is to know what the qualities are.
Once you know the qualities, then you can work toward developing them so you can take your business to the next level.
This article will discuss some of the most important qualities that successful entrepreneurs tend to possess.
Who is an Entrepreneur – Qualities of Entrepreneurs
Before looking at the qualities of entrepreneurs, let’s take a quick look at who an entrepreneur is.
Typically, entrepreneurs are people who start businesses and take responsibility for it.
This means that an entrepreneur takes responsibility for most (if not all) of the risks associated with running the business.
Therefore, being an entrepreneur goes beyond just starting a business.
Being an entrepreneur means being a starter, driven, and the person responsible and accountable for the business.
17 Important Qualities of Entrepreneurs
For entrepreneurs to succeed at what they do, they have to possess certain key qualities.
Every entrepreneur needs to have these qualities because owning a business is not a day’s job.
These qualities are what make it possible for entrepreneurs to hold firm and keep pushing towards success in the face of challenges, mistakes, and even failure.
If you often wonder what qualities successful entrepreneurs have that make them achieve their goals, then keep reading to get your answers.
1. Creativity – Qualities of Entrepreneurs
One of the most basic qualities that successful entrepreneurs share is creativity.
Typically, entrepreneurs love creating things.
This might mean being able to invent an innovative product that has never existed before.
It might also mean being able to come up with an efficient and better means of doing something.
It does not matter what they create; entrepreneurs simply have the inbuilt ability to use their imagination and come up with solutions to make things easier and more enjoyable.
Read this article to learn more about how to be a creative entrepreneur.
2. Self-Motivation
Entrepreneurs are typically achievers and go-getters that won’t sit around and wait for someone to urge them to get things done.
They know that it doesn’t just stop at coming up with ideas; they know that if their ideas are to become reality, they need to put in the effort.
Their motivation comes from within; from the innate desire to see what they had in mind being brought to life.
So, even if no one is cheering them on they stay focused and motivated.
And this is the best type of motivation there is to have.
You won’t always have people encouraging or commending you for what you are doing.
But if your passion and purpose are what fuel your actions and thoughts, you would find yourself staying motivated even though you aren’t being cheered on.
3. Confidence
Another major quality successful entrepreneurs share is confidence.
Putting oneself out there for people to criticize and/or praise takes guts and a high level of confidence.
When an entrepreneur puts themselves out publicly, they make themselves open to public views and opinions.
Sometimes, the criticisms become louder than the accolades, but an entrepreneur with confidence in themself will keep pushing on despite this.
Think Elon Musk, Oprah Winfrey, and Gary Vaynerchuk.
These people have become very successful and have also gotten a fair share of accolades and praises for what they do.
However, it wasn’t always rosy.
These people had been criticized and had passed through hardships at one point or the other.
But despite the criticism and challenges, they did not give up, rather they pushed forward.
And after several years of consistent work, they can now enjoy the rewards of their hard work.
Imagine if they lacked the confidence to push forward and simply threw in the towel, perhaps, no one would have ever heard of them.
4. Passionate – Qualities of Entrepreneurs
Entrepreneurs are usually very passionate about what they do.
They have this burning passion for their work and would be content spending several hours every day surrounded by their work.
To someone looking at them from the outside, they would merely see someone offering a simple product or service, but the entrepreneur sees it as a very vital part of their life.
An entrepreneur wakes up every morning with thoughts about the work they need to get done that day.
They also go to sleep thinking of how they can get better and improve their work the next day.
For some very successful entrepreneurs, “work” stops being work.
They just love and enjoy what they do so much that it simply becomes who they are.
5. Persistence – Qualities of Entrepreneurs
You can’t be a successful entrepreneur if you aren’t persistent.
There are several challenges, mistakes, and failures, along the way to success.
A successful entrepreneur will never let these things faze them.
They know that they only truly fail if they give up.
So, even when it looks like all odds are against them, do not give up.
They keep pushing on until they reach their goal.
And once they reach their goal, they keep on going and keep on achieving more and more goals.
Successful entrepreneurs know that they can’t always win, but they keep moving on because that’s the only way to secure success.
6. Resourcefulness – Qualities of Entrepreneurs
Another entrepreneurial quality is resourcefulness.
Because entrepreneurs are always working towards solving issues, they need to be able to think out of the box.
They are ingenious and would always come up with a way to do something even when they do not have the tool for it.
7. Great Communication Skills
If you are to succeed in a competitive commercial marketplace, then you need great communication skills.
What some business owners do not know is that some communication skills far outweigh others.
For example, interpersonal communication is a major form of communication that every successful entrepreneur should have.
8. Strong Work Ethics
Entrepreneurs often have admirable work ethics.
If there’s an unfinished project, an entrepreneur won’t mind showing up at work even on holidays and weekends to finish up the work.
9. Entrepreneurs Know When to Delegate – Qualities of Entrepreneurs
Another quality that successful entrepreneurs share is knowing when to delegate.
Successful entrepreneurs know that they cannot do everything all by themselves.
They know how to spot an employee’s hidden talent and then delegate projects relating to that talent to them if it ever comes up.
Most business owners do not know how to delegate; this is especially true of business owners that ran their business alone when they just started the business.
But if you fail to delegate and let someone else be in charge of a project for a change, you may end up getting burnout.
If this happens, you won’t be able to keep running your business.
And someone else may have to step into your shoes; you would find this a lot worse than letting someone handle just an aspect of the business.
So, know how to develop your workforce and then turn your talented workers into managers so your job can become easier.
10. Empathy – Qualities of Entrepreneurs
People typically do not start their business with the sole purpose of helping people or making the world better.
The major reason people start businesses is so they can make profits.
If profit isn’t made, then the business will go bankrupt and would have to be shut down.
So, it is only normal that helping people only comes after profit-making for several business owners.
However, successful people know that they shouldn’t be too consumed with their need to make profits to the point that they stop being empathetic.
Successful entrepreneurs are usually empathetic and know how to connect emotionally with those they work with.
Being genuinely empathetic is great for business.
It’ll give your business a human face that would make your investors, workers, and customers feel free when relating with you or your business.
If you are struggling to get or retain customers, then you should try becoming more empathetic.
11. Entrepreneurs are Ever Ready to Learn – Qualities of Entrepreneurs
Entrepreneurs know that they can’t possibly know everything.
And because of the many responsibilities that come with running a business (especially a new one) an entrepreneur needs to be an all-rounder.
For instance, when a business is in its budding stage, the workforce may not be so versatile.
The business owner may have to play several roles in his new business; they may need to handle their marketing, accounting, and so on.
So, they are always ready to learn new things or a better way to do things regardless of who is teaching them.
12. Easygoing Attitude
If entrepreneurs dwell on their mistakes and inconveniences they encounter they may fail to get anything done at all.
This is why they have an easygoing attitude to keep them pushing towards their goals regardless of the challenges they encounter.
Imagine you have to restart an already finished project.
If you do not possess this entrepreneurial quality, you may likely spend valuable time throwing a tantrum about the challenge.
But an entrepreneur with an easygoing attitude will shake this inconvenience off and restart the project.
Having an easygoing attitude means going along with things as they happen, accepting new opportunities, not letting yourself get stuck in thinking a particular way, and accepting changes.
Entrepreneurs with this quality know how to turn an undesirable situation into something great.
These are the type of entrepreneurs that tell people that their business didn’t turn out the way they thought it would but they would not want it any different than what it currently is.
13. Willpower
An entrepreneur typically has very strong willpower to achieve their goals and vision.
This is what drives their actions.
Despite the challenges they may encounter, their will to get to their goals never wavers.
And it keeps them working toward their vision even though they fail several times.
14. Entrepreneurs are Smart – Qualities of Entrepreneurs
It is very rare (if not impossible) to find a successful entrepreneur that isn’t smart.
They do not only have common sense, but they also know how to make wise and sensible decisions.
Their thoughts are collected and calculated so that they can make the best choice at all times.
Aside from making decisions, the smart nature of entrepreneurs makes it possible for them to make plans and then come up with working strategies to execute the plans.
This quality is also one of the reasons they are great at dealing with people.
15. Entrepreneurs Know How to Make Plans– Qualities of Entrepreneurs
One of the key things every entrepreneur needs to know how to do is make plans.
Even though entrepreneurs have an easygoing attitude, they never do things without having a plan and several other backup plans.
An entrepreneur’s strength lies in their ability to make specific, measurable, achievable, relevant, and time-bound (SMART) plans.
They know that if they do not make plans, then the chances of succeeding at what they seek to achieve will significantly reduce.
16. Risk-Taking
Entrepreneurs are often risk-takers.
They have this innate ability to see and seize an opportunity even though it comes with risks.
However, they often take only calculated risks.
Before an entrepreneur takes a risk, they make sure that they assess it properly.
If the projected profit would be worth the risk, then an entrepreneur won’t mind taking the risks.
17. Professionalism
Every good entrepreneur usually has this quality.
This is because they know that their attitude towards their business is what the employees and even customers will also develop towards it.
They know that their behavior and mannerisms are what would develop the business culture.
Therefore, it is very rare to find entrepreneurs that are not professional.
Professionalism also comes with discipline and reliability.
When an entrepreneur is professional, they would often have enough discipline to stick to their plans to reach their target; it also makes their customers trust them more because they can always rely on them to get things done.
How to Develop the Qualities of An Entrepreneur – Qualities of Entrepreneurs
If you lack the qualities of an entrepreneur as a business owner, then you may find yourself struggling with your business.
Well, the good news is that you can train yourself to develop these qualities.
The following are some of the things you can do to develop the qualities of entrepreneurs.
Set Deadlines and Avoid Procrastination
Entrepreneurs are self-motivators; because no one would make them work if they don’t want to, they may end up not getting anything done if they don’t motivate themselves to work.
So, you need to learn how to motivate yourself at all times.
One way to do this is by setting deadlines and goals for yourself.
Doing this would help keep you on track and remove every distraction from your mind.
You should also learn to avoid procrastination.
You need to avoid procrastination in every aspect of your life and not just when it comes to work.
Getting things done at the time they have to be done will help you meet up with your targets at the right time.
Constantly Challenge Yourself – Qualities of Entrepreneurs
One of the key qualities of entrepreneurs is persistence.
Entrepreneurs are always ready to keep going even when they are faced with challenges.
To develop this quality, you need to challenge yourself.
Set goals for yourself and make sure you achieve them regardless of how difficult they may be.
These goals should not just be work goals; you should make goals in other aspects of your life.
For instance, you can set a goal to finish at least one book per week.
Doing this regardless of challenges like not having enough time to read can help you become persistent when it comes to work-related obstacles.
The obstacles you face as a business owner would be way bigger than whatever obstacles you may face when trying to achieve the goals you have set for yourself.
But overcoming these smaller challenges would help you develop a higher perseverance level.
Train Yourself to Become a Comfortable Risk-taker
Being an entrepreneur is almost synonymous with being a risk-taker.
But you may have other qualities of an entrepreneur but lack this key trait.
If this is the case, then you need to work towards increasing your tolerance when it comes to risk-taking.
If you don’t know how to take risks as a business owner, then you may miss out on some great opportunities.
One way to increase your tolerance for taking risks is by trying out new things; you need to become uncomfortable in your comfort zone and step out of it.
Also, come to terms with the fact that taking risks does not mean being reckless.
You would be taking risks, but they would be calculated ones.
If you do your maths properly, then most of the risks you take won’t end up backfiring on you.
You simply need to study probability and take your time to assess any opportunity before venturing into it.
Learn How to Overcome Setbacks and Failures – Qualities of Entrepreneurs
As an entrepreneur, you are going to face failures and mistakes along the way.
If you let them get the better of you, you may end up letting go of your vision and plans.
This is why entrepreneurs do not see failure as an end but rather as a means to get better.
This is the mindset you need to develop.
Whenever you fail, do not dwell on the failure; rather look for the lesson in it and use it to get better next time.
Another way you can deal with failure is by making backup plans.
This way, you always have something to fall back on if things do not go the way you wanted them to.
Conclusion on Qualities of Entrepreneurs
Being an entrepreneur goes beyond just owning a business.
It involves taking responsibility for either the failure or success of the business.
Because of the responsibilities that come with being an entrepreneur, entrepreneurs must have certain qualities to make sure they run their businesses successfully.
Without these qualities, it would be nearly impossible to run a successful business.
This article has discussed some of these qualities, as well as, things you can do to develop them.
