Have you ever wondered what separates highly successful entrepreneurs from everyone else? Not every entrepreneur achieves success, but those who do possess certain characteristics of entrepreneurship that help them on their journey toward success.
Here are 13 characteristics of entrepreneurship practiced by highly successful entrepreneurs. See how you match up and use what you have learned to level up your performance.
The first characteristic of entrepreneurship shared by successful entrepreneurs is creativity. By nature, entrepreneurs love to create. Whether this means using their talents to invent some never-before-seen gizmo or finding a better and more efficient way to do something, these individuals have an innate ability to tap into the power of the imagination to make life easier, more enjoyable, or more prosperous for those they serve.
Imagine having a deep burning love for something and wanting nothing more than to be surrounded by it every single day. To the regular onlooker, it may only be a casual service or simple product, but to the entrepreneur, it has become an integral part of life. Their first thoughts in the morning are about the “work” they will do that day and they go to bed thinking about ways to improve the following day.
Highly successful entrepreneurs do not even view their business as work in the traditional sense, hence, finding the word in quotations above. They love what they do. It is no longer work. It is fun. It is life. It has become a part of who they are at their very core. There is never a dull moment when you do what you love every single day.
In general, entrepreneurs are go-getters and achievers. Those that are highly successful epitomize this character trait. They are thinking big ideas, setting things in motion, and trying to make life better for those they serve. But they also realize that the only way their ideas will come to life is if they do the work to make it happen.
Highly successful entrepreneurs have a burning desire to get results and they can utilize specific drivers to keep going the extra mile. They do not require a cheering section to stay energized. These individuals allow their purpose and passion to fuel their actions until they claim victory.
4. Specialized Knowledge of Product or Service
Stepping into the world of entrepreneurship means making the conscious decision to making your business the main part of your life experience. Successful entrepreneurs do not have the luxury of simply clocking in and clocking out each day, nor do they want to. To have a prosperous business, it is important to have specialized knowledge in your given area of expertise.
The most successful entrepreneurs immerse themselves in industry news to further their understanding, stay on top of trends, and get the edge over competitors. These leaders are always learning so that they can be of greater service and higher value to their customers.
Another characteristic of entrepreneurship is confidence. In many cases, especially with service-based businesses and solopreneurs, the individual is the brand. Regardless of industry, it takes a lot of guts to put yourself out there every day.
Consider these names: Tony Robbins, Oprah Winfrey, Elon Musk, Gary Vaynerchuk, and Martha Stewart. All have enjoyed incredible amounts of success. Each has received tremendous praise for their respective works.
But it isn’t always praise and accolades. These business moguls have also received their fair share of criticisms and hardships, especially earlier in their careers. Despite the many early struggles and conflicts, they kept going forward, and only after years of hard work were these leaders able to enjoy the fruits of their labor. If these individuals failed to have confidence in themselves and their ability, they might have given up and we would never have heard their names.
How to be confident? Try these 51 Proven Ways to Build Self-Confidence.
SmallBizTrends found that only 80% of all small businesses started in 2014 made it to their second year. This rate continued to decrease dramatically in those early foundation years and dropped to a staggering 56% survival rate by year five. Considering these statistics, it is evident that there is no guarantee for business survival let alone achieving massive success.
Knowing that the odds are against them, how do the biggest achievers maintain such a high level of optimism? Whether innate or learned behavior, winners know that having an optimistic outlook will bring more opportunities and take them further than drudging in pessimism. They believe that things will work in their favor because they are confident in their skills and trust that they have the ability and resources needed to overcome obstacles that come before them.
A defining characteristic of entrepreneurship that all highly successful entrepreneurs share is the ability to see with vision, not just sight. This means being able to peer into the future and clearly visualize what will be, seeing it in the mind as if it were already a reality.
Just as the master mason can visualize the magnificent cathedral while standing in front of blocks of stone or the artist who can see the beautiful portrait before the first brushstroke, the visionary entrepreneur can realize the profound impact of their work long before it comes to fruition.
Successful entrepreneurs know the importance of focusing on their goals. They know how to set proper goals and they can channel their attention and efforts towards attaining them. This characteristic is not exclusive to entrepreneurship, all endeavors require you to be goal-oriented to be successful.
Every day we are bombarded by countless shiny objects and distractions trying to steal our attention. These entrepreneurs know how to avoid distractions and have mastered the self-management skills needed to be productive and get things done. When you are the business owner, achieving company goals is a primary responsibility. Realize that nobody is going to do it for you. If you want to succeed, then you must be willing to put the necessary attention and energy towards achieving your company’s goals.
Going into business for yourself is a risky undertaking because there are no guarantees. Even if your business is just a side hustle right now, there is a great investment of time, money, and resources that can strain personal and family relationships.
Despite the possible risks, entrepreneurs are willing to stay the course because they know that the potential for reward is that much greater. Some entrepreneurs even regard this as a thrilling experience in the way a rock climber might scale the side of a mountain.
Entrepreneurs have a desire to solve problems. They know that people have pain points and struggle in certain areas of life and are looking for solutions. It is a deep level of curiosity that helps entrepreneurs find these valuable solutions.
In addition to solving problems, entrepreneurs also want to help find better ways of doing things and design more effective methods that yield greater results. They study how things work and then dream up ways to improve them.
A few years ago, if you wanted to rent a movie then you had to get into your car and drive down to the local Blockbuster to pick one out. But then, a few folks got curious and wondered if there was a better way to rent movies. Netflix was born, and the rest is history.
As noted above, there can be many uncertainties in business, so entrepreneurs need to be flexible in their approach.
Famed success author Zig Ziglar said,
“Be firm on principles but flexible on methods.”
Essentially, while it is important to be firm on what we want, we should also be flexible with how we attain it. Sometimes, it becomes necessary to adjust the course, take a detour, or try various approaches to find the best way to move forward.
Along with being flexible, another characteristic of entrepreneurship is being resourceful. Successful entrepreneurs can think outside the box to solve issues. These people are the MacGyver’s of the business world. They might not always have the exact tool for the job, but they will always use ingenuity to get the desired results.
The last on this list of characteristics of entrepreneurship is persistence. Successful entrepreneurs do not let up, and they will never give up either. They will keep going until they win. Once they win, they will keep going until they win again and again.
The most successful entrepreneurs understand that it is impossible to win every time, but they continue to move forward because that is the only way to ensure future victories.
Sir Winston Churchill once said, “Success is the ability to go from one failure to the next with no loss of enthusiasm.”
Take some time today to consider how these characteristics of entrepreneurship rank in your life. Can certain areas be improved upon and further developed? If so, determine how to advance these areas so you too can achieve greater successes in business and life.
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Featured photo credit: Humphrey Muleba via unsplash.com
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