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Last Updated on April 1, 2021

13 Characteristics of Highly Successful Entrepreneurs

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13 Characteristics of Highly Successful Entrepreneurs

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.

1. Creative

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.

2. Passionate

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.

3. Self-Motivated

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.

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Take these 8 Steps to Continuous Self Motivation Even During the Difficult Times.

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.

5. Confident

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.

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6. Optimistic

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.[1] 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.

7. Visionary

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.

8. Goal-Oriented

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.

9. Risk-Taker

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.

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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.

Here’re 6 Ways to Be a Successful Risk Taker and Take More Chances

10. Curious

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.

11. Flexible

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,

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“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.

12. Resourceful

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.

13. Persistent

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.”

Final Thoughts

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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MoreTips For  Entrepreneurs

Featured photo credit: Humphrey Muleba via unsplash.com

Reference

More by this author

Rich Perry

Rich is a Communication Strategist who helps entrepreneurs craft their message and empower them to deliver it.

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Last Updated on January 13, 2022

15 Best Places for Expats to Live (And Why)

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15 Best Places for Expats to Live (And Why)

Many of us dream of living abroad but can often be scared to make such a big change to our routine lifestyles and leave our home countries behind. Daunting as it may be, living abroad can be a rewarding and fulfilling endeavor and can give you the quality of life you have been looking for.

From a warmer climate to a more easy going way of life, there are many foreign countries favored by expats who stay for a long time – and sometimes forever. Taking into consideration livings standards, opportunities and social aspects, here are our top 15 best places to live as an expat and why.

1. Thailand

A hot spot for expats, the ‘land of smiles’ as it’s commonly known offers expats a tropical climate, a huge array of sandy beaches and islands to explore, and a rich culture. The cost of living in Thailand is extremely low, and when combined with the friendly tax system means that disposable income can be very high.

Bangkok, Thailand’s capital city, offers expats great employment opportunities.

2. Switzerland

Another popular destination for expats, Switzerland offers exciting employment packages and a high standard of living. It’s great for those who love the outdoors, as there are many beautiful lakes, mountains to hike in and skiing in the winter. The school standards for expats are also excellent, making it appealing for those with children. English is also widely spoken so day-to-day living can be stress free.

Unemployment in Switzerland is low and expats moving here don’t need to worry too much about finding a job before they arrive.

3. Australia

Many foreigners who visit Australia don’t want to leave as it offers a great quality of life, beautiful beaches and a warm climate. Making friends in Australia is easy too, due to the lack of language barrier and the large number of expats who already live here. Australia is a great place to move to if you have children because of its wide range of schooling possibilities and recreational outdoor activities.

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Low population levels and high quality of life are two of the main reasons expats choose Australia as a place to live.

4. Singapore

Expats in Singapore can benefit from generous financial packages, great career opportunities and low tax rates. Although education is expensive here, it is rated one of the top places for raising children abroad due to the quality of the education system and the array of schools.

Public transport such as buses and MRT (Mass Rapid Transit) are cheap and very reliable in Singapore.

5. South Korea

South Korea offers expats a unique range of opportunities and a very different way of living. Jobs for expats are easy to find and usually very well paid, with apartments provided by the employer on the most part making living costs even lower. There are also many tight-knit expat communities in South Korea, making it easy to socialize and meet new friends. The excellent education system is also a pro for families wanting to move to this culture-rich country.

South Korea has a cheap public healthcare system and offers great medical care, with most doctors speaking English.

6. New Zealand

New Zealand is constantly on the lookout for skilled workers to expedite to the country – especially those under the age of 30 – and skilled migrants can be granted a stay for up to five years. It offers a good climate and although income levels can be lower than other countries, quality of life is high, with its awe-inspiring scenery, low crime rate and state sponsored healthcare.

New Zealand is great for those looking for a laid back and active outdoors lifestyle.

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7. Canada

Its national healthcare system, friendly locals and very high quality of life are just a few of the reason expats choose Canada as a place to live. It’s very welcoming to expats and skills shortages encourage foreigners to move here in order for the country to grow economically. It’s easy for expats to feel comfortable quickly in Canada due to its multicultural environment.

Canada was largely unaffected by the economic crisis, making it a very popular country for expats.

8. Qatar

Qatar is becoming increasingly popular among expats with an estimated 500 new arrivals every day. The salaries are generous and are tax free too, making disposable income very high. Car and housing allowances are part of many remuneration packages, and education for your children and airfares are often included.

The cost of living is lower in Qatar than in other UAE countries but salaries can still be just as generous.

9. Hong Kong

Where east truly meets the west, this bustling island has a population of over seven million people. If you’re looking for a fast-paced environment and an active nightlife, Hong Kong is definitely the place to be. Benefits for expats include its advanced healthcare system and elevated standards of schooling for children, along with great employment opportunities. The cost of living in Hong Kong can be high, so trying to negotiate a housing allowance with your employer can be beneficial.

Hong Kong is great for those looking for high incomes and career advancement.

10. Japan

As an expat destination, Japan offers a rich culture and a chance to experience a very different day-to-day life. Currently around two million expats live in Japan, and in the larger cities such as Tokyo a large portion of the population speaks English. English speakers are also in demand and there are a large number of opportunities for language teachers, especially in the capital.

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Japan offers a high standard of living for expats and a good education system for those with children.

11. Spain

Spain is a very popular destination for expats due to the high temperatures and year-round sunshine. EU residents don’t require a visa to work here, meaning the move can be a lot easier. Skilled foreign workers also continue to be in demand with jobs such as engineering, customer service, skilled trades and language teachers widely available.

A huge 14% of Spain’s population are expats from a variety of foreign countries.

12. Dubai

Two of the main attractions of moving to Dubai are the tax-free salaries and the warm climate. Some of the most popular jobs for expats are in construction, banking, oil and tourism. You can also enjoy a busy social life in Dubai as the expat community is thriving. Although it can be an expensive country, the tax-free salary means you experience a higher quality of life than in other countries.

You will need a work permit, residence visa and an Emirates ID card to live in Dubai as an expat.

13. Germany

Germany is one of Europe’s most populous countries, with around 82.4 million people. It’s a lively and inexpensive country to live in as an expat, and if you have children the education system is great and healthcare is to a high standard. An estimated 250,000 expats live in Germany currently, with the numbers rising every year.

If you are already an EU citizen, you don’t need a visa to live and work in Germany.

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14. The Netherlands

The Netherlands is a great place for expats who love the outdoors. Cycling is one of the main modes of transport and looking after the environment is widely recognized. There are a lot of English speakers in the Netherlands too, but learning the language can work to your advantage and make day-to-day life that little bit easier. Skilled expats can also benefit from a tax-free allowance equivalent to 30% if they meet the correct criteria.

It is often more important to be able to speak fluent English than to speak Dutch when looking for employment in the Netherlands.

15. China

China offers expats great employment opportunities with little competition. Those who embrace the culture and decide they want to live in China long term can see a host of employment opportunities as its economy is growing rapidly every year. Economists predict it will overtake the US as the world’s largest economy by 2018. China also offer expats low living costs and high disposable incomes, which is why many look to live here for a higher quality of life.

Shanghai and Beijing are the most popular destinations for expats who live in China.

Featured photo credit: Saulo Mohana via unsplash.com

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