Business having their own business is a dream for many people. However, being a successful entrepreneur is a type of work not everyone can do.
When you work under someone as an employee, you get many advantages, from knowing you will get a fixed amount each month for the time you put into health insurance and retirement packages.
If you wish to not work under someone but have someone work under you and want to strive on your own, it will require you to think thoroughly about what you should have or what it will take for you to become a successful entrepreneur.
A question raised for many years, “Whether good leaders are born or get made?” has not yet been answered.
However, there are 11 traits successful entrepreneurs have.
The traits that you should have if you plan to strive on your own or become a successful entrepreneur include the following:
1. Discipline/Flexibility
As a successful entrepreneur, You have to have both discipline and flexibility.
Sounds confusing.
When you wish to be successful as a self-employed person, you have to ensure you meet deadlines, set some work hours, and not get distracted, especially when pursuing new clients.
In this sense, you have to have discipline.
Now, flexibility is needed, as, at times, you might be busy and, at times, quiet. You have to ensure you’re ready for any assignments or clients that come your way unexpectedly.
You have to be flexible in the sense you can accommodate your business and client’s needs with your schedule.
Therefore, flexibility and discipline are important traits of becoming a successful entrepreneur.
2. Frugality
Frugality is a trait many think is not important when it comes to becoming a successful entrepreneur.
Many people starting on their go broke in a few weeks or months because they do not cut back on their spending wherever they can.
Cutting back means no unnecessary shopping for no reason, whether it’s clothes or any other niceties.
You will have to be frugal for many months to come, no matter if your business is generating a small or large amount of income.
Why?
This will allow you to save money for the times when the business does not generate income, ensuring you do not go broke.
The more frugal you are when starting a business, the more the chance of you not becoming broke and simply successful.
3. Self-Confidence
Do you have confidence in yourself?
If you do, only then can you, fortunately, sell yourself and your ideas to others.
To be a successful entrepreneur, you have to be your number-one fan.
The more you believe in yourself and your idea, the easier it will be for you to make others believe.
Starting a business means promoting yourself, your idea, and your product whenever and wherever you can.
Therefore, self-confidence is a vital key.
4. Good Communications Skills
Clients or customers will not always let you know clearly what their expectations are.
That is why, you have to have good communication skills, so you do not be afraid to ask many questions to understand properly what the client’s expectations are.
Moreover, a good idea to become a successful entrepreneur is to get feedback from your clients during and after you finish their jobs to ensure your communication skills are helping you to meet the expectations of your clients.
5. Humility/ Honesty
As an entrepreneur, you will meet many different clients with various personalities, all with various expectations.
Some clients want their work to get done perfectly, and if you do happen to make a mistake, you should have the courage to own up to it and apologize so they remain your client and do not let you go.
For a self-employed person, their reputation is what their work depends on.
You have to let clients know and brand your company as a company full of humility and honesty so that when you do get a bad review, your company will not break.
You have to understand you are the company, the employee, and the image.
Therefore, have humility and honesty, so it reflects and gives a good image to your business.
6. Excellent Record-Keeping
A skill that is very important for any entrepreneur is record-keeping.
You have to keep a record of the sent-out invoices, payments you received, payments still pending, by whom, how much you’re making, how much you made, how much you need to make, how much you are using, and so on.
For any business, it is important to have comprehensive and accurate records for business and tax purposes.
It will help you keep track and not go over budget or forget important data or tasks.
7. Motivation
Every person who has become a successful entrepreneur does so by staying motivated and not watching TV all day.
Motivation is important as that is what drives you to success.
So do not leave your assignments or tasks till the last minute; do them even if it’s your day off.
This will help you stay on top of things; even if something unexpected happens, you will not get shaken.
Try finishing your tasks before the due date and not exactly on it. The rule of business is the faster you complete a task, the faster you can go to the next one, making yourself gain more income.
You can only complete a task quickly when you have the motivation; without it, you will be reluctant to do anything.
As an entrepreneur who is starting new, you cannot get de-motivated, as it can cost you more than you might think.
8. Be Able to Create a Balance
Balance is a crucial skill for an entrepreneur.
Many self-employed people are most likely to work from home, which means you should know when to take a break and when to stop working so you can relax and hang out with family and friends.
It can be hard to go from work mode to relax mode and vice versa.
Therefore, you have to ensure you can create a balance between everything, even if that means pushing yourself outside your comfort zone.
9. Be Able to Create Boundaries
When making clients, you have to ensure you have set boundaries and expectations that are realistic and achievable by you.
Such traits do not get done explicitly but get done as you make it the norm in how people should treat you.
Setting boundaries would mean having set work hours, after which you would not answer calls or reply to emails, where you will not accept unreasonable work or deadlines or let clients negotiate your price or not pay you when you get your work done.
When you can set boundaries, you will not disturb your business or personal life, and everything will run smoothly.
10. Good Health
Making sure you are healthy is important because entrepreneurs do not get paid sick days, which means you might lose work hours, miss deadlines, and money.
Moreover, you will have to ensure you can afford your health insurance and for your parents, spouse, children, or anyone dependent on you.
Therefore, you have to stay healthy and fit or accept the loss that comes with you becoming sick.
11. Optimism
You have to understand when you become a self-employed or successful entrepreneur, sometimes, you will get a lot of work and assignments, and sometimes, you might get little to no assignments or clients; that is why being positive is crucial.
No matter what the risk or loss comes your way, you will have to have a positive mind and not take rejections to the heart.
You will have to believe that good things will happen or come to you so you do not get put off when things do not go your way.
What are the other traits that successful entrepreneurs have?
Successful entrepreneurs share a distinctive set of traits that contribute to their achievements. Here’s a concise breakdown:
- Adaptability: Thriving in dynamic environments, successful entrepreneurs adjust swiftly to change.
- Visionary Thinking: Forward-looking leaders possess a clear vision, guiding their ventures to long-term success.
- Risk Tolerance: Embracing calculated risks is pivotal; successful entrepreneurs understand the balance between risk and reward.
- Innovative Mindset: Constantly seeking creative solutions, entrepreneurs drive innovation within their industries.
- Strong Work Ethic: Dedication and a relentless work ethic propel entrepreneurs to surmount challenges.
- Effective Communication: Articulate communication fosters collaboration, attracting partnerships and customers.
- Customer-Centric Focus: Understanding and meeting customer needs is at the core of entrepreneurial triumphs.
- Networking Skills: Building and leveraging a robust network amplifies opportunities and resources.
Final Words
A successful entrepreneur has many personal traits and characteristics for influence. Before you think about becoming an entrepreneur or taking a career or financial risk, evaluate whether you have the traits or skills you need to create a successful business and become a thriving, successful entrepreneur.
