Launching your own business may seem like an intimidating task. This is the reason that a small fraction of people chooses to do it. However, there is an even lower percentage of entrepreneurs who go on to launch successful businesses. Such people are known as successful entrepreneurs. Some people are born with such quality and other develop these qualities to be a successful entrepreneur. Unlike the typical entrepreneur who stays engrossed in their main skills and business, they have a quality to divide their efforts equally in all aspects of operations relating to their establishment.
There are many characteristics that are common among prosperous entrepreneurs.
The Top Twelve Characteristics Of A Successful Entrepreneur
1. Capability To Establish Concrete Goals
One characteristic that is common among all successful entrepreneurs is that they have concrete goals as opposed to soft goals. They do not plan ahead with a vague idea instead use precise measurements and set a time frame to accomplish it. This is because victorious entrepreneurs are well aware that this is the only way they can consistently achieve their tasks.
Establishing concrete goals require great effort as well as time, therefore, some entrepreneurs resort to using the SMART goal setting model to help them in the process.
2. Passion To Achieve It
If you possess the willingness to achieve something, you will pull out all the stops in order to get it. The same is the case with successful entrepreneurs. They are passionate about all the businesses that they have going on and they stop at nothing less than perfect to keep them running successfully. This is not to say that they have it easy. In fact, it is quite the opposite, they have to make their fair share of sacrifices and undertake some difficult decisions to get there. However, their passion for their product or business is what keeps them moving on.
3. Amazing Time Management Skills
For the top-notch entrepreneurs, time management may just be the most crucial quality yet. This is because top successful entrepreneurs have more than one business to juggle to and they can only do it successfully if they know which of their businesses require more of their time and attention. They must be able to compartmentalize and swing from one task to another without reluctance.
Besides this, good time management also means that they have control over how they choose to spend their time. They use their time to respond to their inbox, set up appointments, and schedule meetings throughout the day rather than choosing to sit back and relax with a cold beverage in hand leaving the tasks to be managed later.
4. Develop Tactical Relationships
The characteristic of a successful entrepreneur that is commendable is their ability to develop strategic relationships. A great entrepreneur may indeed need the assistance of advisors, employees, and maybe some partners but they must also develop such relationships where they are driven to give some of their sound advice based on their experiences to other aspiring entrepreneurs.
It is necessary that you grow a thick skin when it comes to starting multiple ventures of your own. This is because clearly, you will get to hear a wave of criticism from myriads of people, with some being in your personal circle. Their words are going to hurt you and cause you pain and they will make you doubt yourself. But, this is where you have to follow the example of successful entrepreneurs and build self-confidence to fend off any doubt or negative comment being directed your way to hinder your growth.
6. Tough Discipline
Discipline goes hand-in-hand with good time management skills. Chances are that you are a disciplined person if you manage your time well. The quality of a successful entrepreneurs is that they are highly disciplined individuals. They know that they are the ones in charge of their business so they have to keep a check on themselves and keep themselves on track. They may have some figures to whom they have to give an account but ultimately it is themselves that they have to be answerable to if they swerve off track.
It is evident from the examples of popular successful entrepreneurs that they are highly disciplined individuals who do what they please and go to all lengths at working hard to become more successful.
7. Ability To Think Out Of The Box
Success entrepreneurs cannot be top-notch entrepreneurs if they have the same thinking pattern as normal entrepreneurs. They have to be able to think out of the box and consistently think of new ideas to keep their businesses rolling. Therefore, it is right to say that they are highly creative and innovative people who have a different thinking cap from the rest.
It may be said that is one of the qualities of a successful entrepreneur that you are either born with it or not. However, you can always surround yourself with people or things that ignite your creativity and push you to look at the world and situations differently.
Another important quality of successive entrepreneurs is that they are open to taking risks for the sake of their dream and their business. They are ready to sacrifice their social life to give their businesses their undivided attention. They put their money, time, and energy on the line for a business idea that may or may not succeed. However, if there is a slight chance that their business can take off, they will be putting in all the effort, keeping in view the risk factors, to help it take off.
9. Firm Leadership Skills
Another quality of successful entrepreneurs worth mentioning is that they are strong leaders. Sure, they have a large team of people working under them managing all their individual businesses. But, Successful entrepreneurs still have to lead their executives. Successive entrepreneurs know how to efficiently lead a team of people without compromising on their morals. It is a trait that is present naturally in people, however, Entrepreneurship skills can also be learned to some extent. Sequential entrepreneurs know different leadership strategies are needed to be employed for their different businesses.
10. Ability To Solve Problems
Winning entrepreneurs are great at solving problems. With all the businesses that they are juggling together, they are always ready and prepared to take on whatever problem they might encounter throughout the process. They are rational and have strong control over their emotions to solve their problems in an efficient manner. Besides this, great entrepreneurs are always on the lookout for things that may be a cause of the problem for many people and then use that idea to create a new business that people can benefit from.
11. Resolute Optimism
Great entrepreneurs cannot do without optimism. They are faced with a lot of setbacks and failures but despite all that, they have to put their chins up and keep moving on. They have to remain staunch in their optimism and not let negativity get in their way. It is through optimism that they are able to get through the highest and lowest points of their career life. They do not let negativity seep into their conscience and distract them from their ultimate goal.
12. Accepting Failure As An Option
Greatest entrepreneurs are well aware that not all the businesses they launch are going to soar to great heights from the get-go. Some of them, maybe one or two, might fail from the start. And as for those that do succeed to take off, their everyday operations might take a hit especially if it is in the starting phase. However, the key here is to remain resilient and to accept failure as an option. Successful entrepreneurs use their failures as an opportunity to learn from and mistakes to avoid in the future when they start another business. They know that when a business is failing and there is no chance of saving it, they need to let go and move on as soon as possible.
Some Of Top Successful Serial Entrepreneurs
1. Richard Branson
Richard Branson started his entrepreneur venture from the age of 16 when he launched a magazine named Student. He then went on to found a mail-order record business and then a chain of record stores in the 80s. He then proceeded to start his own airline by the name of Virgin and a music record label as well by the same name.
Now, the Virgin brand has more than 400 businesses functioning under its belt.
2. Elon Musk
Elon Musk is most commonly known for his not-so-serious attitude but it is his risk-taking ability that has made him as successful as he is today. He is the brain behind the creation of SpaceX, Tesla, and SolarCity. Other than that, he has also co-founded PayPal and Neuralink. He bought and sold his initial start-ups and then founded SpaceX and Tesla motors. He is a great mentor and a perfect example for young entrepreneurs to seek inspiration from.
3. Warren Buffet
Warren Buffet bought his first stock at the tender age of eleven and then went on to become one of the most successful investors. He has more than 60 companies operating under his main business named Berkeley Hathaway. Some of his businesses include Duracell, Geico, and Dairy Queen.
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Waqar Hussain is the founder of The Business Goals. He writes about entrepreneurial strategies and is an SEO consultant by profession. He is a B.Com, GDM, and an MBA from the Australian Institute of Business.