Advertising
Advertising

10 Key Characteristics of a Successful Entrepreneur

10 Key Characteristics of a Successful Entrepreneur

Countless millions dream of one day achieving their commercial dreams by making it as a successful entrepreneur, yet most people who foray into the business world for the first time often do so without adequate preparation.

Despite the many allures of becoming a successful entrepreneur, you’ll have many hurdles to surmount before you can claim victory. And entering into the market without doing your homework is a surefire way to doom your prospects before you even really get started.

So, what do you need to make it as an entrepreneur in a tight market? And why do so many fledgling business gurus fail to achieve their dreams?

Here are 10 key characteristics of an entrepreneur to review before starting your own company:

1. Organizational Skills Are Key

For many entrepreneurs, life is a take-it-as-it-comes adventure, wherein they roll with the punches instead of planning things out well-ahead of time. This is a dangerous path to tread, as countless business endeavors have failed due to a lack of foresight.

Furthermore, rapid changes to the market conditions you’re operating in can seldom be weathered without ample preparation. So focusing on your organizational skills now will surely help you later down the line.

Nevertheless, most entrepreneurs struggle with honing their organizational talents because they’re so caught up in the daily grind of running their company from the big-picture perspective, which seldom if ever permits you to plan the nitty-gritty details of your commercial future. That’s why it’s important to set some time aside for planning purposes or consider hiring an assistant to help you manage your hectic schedule.

Hiring someone to keep track of your calendar, meetings, and other crucial deadlines isn’t always easy for entrepreneurs trying to cut down on the operational costs of doing business, yet having a dedicated professional help you bolster your organizational talents will pay off in the long run.

You won’t be able to model the way for your employees without adequate organizational skills, so don’t let them fall on the backburner as you seek commercial success.

2. An Innovative Mindset Is Mandatory

Some entrepreneurs who think their organizational skills are highly refined may be breathing easy, but the truth of the matter is that, there are other key characteristics you’ll need to possess if you want to succeed, too, such as an innovative mindset.

Being able to foresee and tap into disruptive changes which are hurtling your way is more important now than ever before, especially since digital technology has rendered virtually every industry ripe for operational overhauls. Whether you’re a small business, budding corporate empire, or small time crafts shop, there’s a good chance innovation is heading your way for better or for worse.

Advertising

It’s thus imperative to master the art of appealing to emotions[1] in an effort to help your ideas cut through the noise and receive the attention they deserve.

An innovative mindset is insufficient in and of itself unless you have the savviness to pass off your innovative ideas as being desperately needed. So spend some time honing your appealability if you want innovation to be a friend rather than a foe. This is why it’s also crucial to focus on…

3. Empathy for Everyone

Most businesses don’t start out because people want to turn the world into a better place, but rather, in the pursuit of profit so that you can earn an honest living for yourself.

For many entrepreneurs, honorable intentions and helping people must come second to profits because a failure to earn a buck means bankruptcy and an inability to help anyone ever again.

Nevertheless, it’s important that you don’t allow profit motives to consume your entire entrepreneurial personality, as those business leaders who find success most easily are empathetic and capable of connecting with people on a deep, emotional levels.

Empathy is worth speaking at length about, because it’s something that most entrepreneurs lack. By honing your empathic abilities and opening yourself up to the experiences of others, you’ll quickly find an ability to cultivate deep employee loyalty to your commercial cause. Furthermore, your workers will understand that they can approach you as a friendly source of inspiration when they’re down rather than treating you as a harsh boss to be avoided whenever there’s bad news.

Genuine empathy is good for business because it humanizes your otherwise robotic commercial operations and gives customers, workers, and investors alike plenty of reasons to have confidence in your leadership abilities.[2]

If you’re struggling to lure in new customers, your inability to exercise empathy could be the root cause of your issue. Given that so many entrepreneurs struggle with empathy, making it a key characteristic of your personality is a fantastic way to stand apart in the marketplace while luring in the best and brightest of workers.

4. Interpersonal Communication Skills

You don’t have to be a business mastermind to understand that a strong communicative arsenal is needed to survive and thrive for long in the cutthroat commercial marketplace. What too few entrepreneurs realize, however, is that some forms of communication are more valuable than others, and that interpersonal communication must rise above all else if you want to succeed as an entrepreneur.

Interpersonal communication is face-to-face communication, which is crucial to remember. There’s such thing as technologically intermediated interpersonal communication, wherein you’re talking face-to-face over video services, but the real deal entails you and the person you’re communicating with seeing one another in the flesh.

Entrepreneurs who don’t actively labor to refine their interpersonal communication skills will find themselves struggling to succeed in a number of crucial commercial areas, not least of which include employee recruitment and retention.

Advertising

You may think your employees are dreading a face-to-face sit down with the boss, but the truth of the matter is that human beings need human contact if they’re to remain happy, healthy, and productive. Introducing yourself to your workers in a normal human fashion and frequently engaging them in a face-to-face manner will bolster your personal ties while making it easier for you to read body language and other important cues that are lost in the midst of tech-intermediated communication.

In other words, try to remember that digital communication skills aren’t the only thing that matters.

5. Self-Discipline and Management Skills

Far too many entrepreneurs spend too much time worrying about the company’s well being and too little time looking after their own health. It may seem obvious, but failing to take care of your body and mind through a wholesome self-discipline will surely be your downfall sooner rather than later.

The human body can only deal with so much stress, and the long hours that most entrepreneurs work will inevitably be their undoing unless some downtime is scheduled in.

Take some time to familiarize yourself with self-management techniques which can enable you to make the most out of both your downtime and productive hours. Take caution not to approach your personal downtime like a business endeavor, however. Far too many entrepreneurs don’t know how to go into “off mode,” and refuse to gain the wholesome self-discipline sometimes required to force yourself to take a break.

Remember that too much stress can destroy your abilities to make it as a successful entrepreneur, and soon you’ll be approaching self-management with a new appreciation for its importance.

6. You Must Be an Avid Reader

Lots of struggling business owners laugh at the idea of reading books in their downtime, mostly because it’s a time-consuming process that takes them away from their commercial pursuits. Even those who would love to pick up a book every now and again confess that the hectic nature of their daily schedules often prevents them from turning the pages of their favorite novel, magazine, or short story.

It’s nevertheless imperative for entrepreneurs who want to achieve success to read as often as possible, as a voracious appetite for the literary word is one of the common denominators of success in any walk of life.

There are two major reasons to read more in your everyday life: the first is that it will broaden your horizons by introducing you to new and exciting perspectives, and the second is that it will likely increase your overall lifetime earnings.

While most people understand that reading makes you more intelligent, few of them appreciate the extent to which bookworms out-earn their non-reading colleagues. An extensive study found that boys who were surrounded by books from a young age grew up to become men who earned more, on average, than their peers who didn’t have such robust literary roots.[3]

Besides bolstering your paycheck or accounts on bitcoin, becoming a bookworm will also help you hone your writing skills and ability to analyze complex texts. What’s more, reading is incredibly cheap and easy; with a free library card being the only thing you need to enjoy what’s essentially a limitless volume of classical texts and modern marvels of the literary world.

Advertising

Finally, books just make you appear smarter than the average bear, and those who have a hefty leather companion tucked under their arm give off an intelligent vibe. If you want to become a successful entrepreneur, start bringing a book with you wherever you roam.

7. Learn How to Delegate

Another key characteristic of entrepreneurial success is the ability to delegate, as even the savviest business owners can’t do everything by themselves.

If you’re incapable of learning the hidden talents of your employees so that you can delegate specialty work to them when the need arises, you’ll fail to ever maximize the potential of your workforce, something all successful business owners must do sooner or later.

Delegating isn’t always easy for entrepreneurs, especially those who started from the bottom by themselves before clawing their way to the top of the dogpile. But a failure to let someone else take control every now and then can lead to stress-related burnout.

Avoiding burnout is essential if you want to make it as a business leader, as there won’t be anyone else ready to take the reins of your company if you suddenly find yourself overworked and incapable of leading.

Learn how to cultivate talented workers and turn them into clever managers, and your job as an entrepreneur will be much easier than if you tried to do everything yourself.

Take a look at this guide and learn how to delegate: How to Delegate Work (the Definitive Guide for Successful Leaders)

8. Being Decisive Is Key

Many people dread being forced to make an important decision. After all, what if you mess up and the consequences of your poor choice continue to haunt you for years to come?

While it’s perfectly natural to fear making a crucial mistake whenever a major decision must be made, entrepreneurs who find themselves incapable of being decisive when it counts the most are inevitably leading their business towards failure.

As the leader of the enterprise, it’s your role to make the tough calls when the budget starts dwindling and the deadline starts approaching. Some things can and should be delegated to others, but when it comes to being a decisive leader, all would-be entrepreneurs need to stand up and learn how to be decisive.

These tips can help you make better decisions: 5 Tips for Lightning-Fast Decision Making

Advertising

9. Analytical Problem Solving

Far too many entrepreneurs dismiss the importance of analytical problem solving because they mistakenly believe that crunching the numbers is best left to someone else. True entrepreneurs, so this logic goes, focus on big-picture scenarios and don’t allow themselves to get bogged down crunching the numbers.

In reality, however, analytical problem solving is a key characteristic of the successful entrepreneur because we now live in a data-driven age where collecting and analyzing tidbits of information is an essential part of most commercial activities.

Whether you’re selling insurance, designing new software, or working in a myriad of other sectors, having analytical problem solving skills will help you make sense of the ever-growing flurry of numbers that pervades the business world. With big data analytics becoming an ingrained part of the market, these analytical skills will only grow more and more important towards the long-term wellbeing of your entrepreneurial pursuits.

Yes, even entrepreneurs need analytics,[4] so don’t shun that which you don’t understand if you want to earn a profit someday.

10. Eagerness and Spirit

Finally, entrepreneurs can’t discount the importance of eagerness and sound spirit when it comes to pursuing commercial success. As the entrepreneur, an important part of your job is to inspire others and lead the way by example, so having a spring in your step everywhere you go is important.

It’s not always easy to smile when the world around you is full of misery, or when new business hurdles. But remaining optimistic in the face of adversity is the quintessential characteristic of any successful entrepreneur.

Don’t let temporary setbacks put you permanently behind. Eagerness and high spirits are often the last weapons to which entrepreneurs resort to in their darkest hours, yet remaining confident and bold at all times is the real key to success.

Whether things are looking sunny or sour, a positive disposition will carry you far in the commercial arena while inspiring your employees to take heart and keep working their hardest.

The Bottom Line

Entrepreneurs must be self-disciplined, flexible, and capable of relying on others when it’s necessary to delegate. Above all else, however, the key characteristic of successful entrepreneurs is an ability to roll with the punches without ever losing the smile on your face.

More Articles About Entrepreneurship

Featured photo credit: Austin Distel via unsplash.com

Reference

More by this author

Chris Porteous

The CEO of Grey Smoke Media / My SEO Sucks, helping entrepreneurs to grow their businesses.

Effective vs Efficient: What’s the Difference Regarding Productivity? 6 Qualities of a Charismatic Leader Top 15 Management Skills Successful Managers Have 25 Important Investment Books Every Entrepreneur Needs to Read 11 Reasons Why We Fail to Achieve Our Goals

Trending in Featured

1 The Pros and Cons of Working from Home 2 How To Study Effectively: 7 Simple Tips 3 7 Simple Rules to Live by to Get in Shape in Two Weeks 4 5 Practical Ways to Get Over a Mental Block 5 How to Learn Something New Every Day and Stay Smart

Read Next

Advertising
Advertising
Advertising

Last Updated on September 28, 2020

The Pros and Cons of Working from Home

The Pros and Cons of Working from Home

At the start of the year, if you had asked anyone if they could do their work from home, many would have said no. They would have cited the need for team meetings, a place to be able to sit down and get on with their work, the camaraderie of the office, and being able to meet customers and clients face to face.

Almost ten months later, most of us have learned that we can do our work from home and in many ways, we have discovered working from home is a lot better than doing our work in a busy, bustling office environment where we are inundated with distractions and noise.

One of the things the 2020 pandemic has reminded us is we humans are incredibly adaptable. It is one of the strengths of our kind. Yet we have been unknowingly practicing this for years. When we move house we go through enormous upheaval.

When we change jobs, we not only change our work environment but we also change the surrounding people. Humans are adaptable and this adaptability gives us strength.

So, what are the pros and cons of working from home? Below I will share some things I have discovered since I made the change to being predominantly a person who works from home.

Pro #1: A More Relaxed Start to the Day

This one I love. When I had to be at a place of work in the past, I would always set my alarm to give me just enough time to make coffee, take a shower, and change. Mornings always felt like a rush.

Now, I can wake up a little later, make coffee and instead of rushing to get out of the door at a specific time, I can spend ten minutes writing in my journal, reviewing my plan for the day, and start the day in a more relaxed frame of mind.

Advertising

When you start the day in a relaxed state, you begin more positively. You find you have more clarity and more focus and you are not wasting energy worrying about whether you will be late.

Pro #2: More Quiet, Focused Time = Increased Productivity

One of the biggest difficulties of working in an office is the noise and distractions. If a colleague or boss can see you sat at your desk, you are more approachable. It is easier for them to ask you questions or engage you in meaningless conversations.

Working from home allows you to shut the door and get on with an hour or two of quiet focused work. If you close down your Slack and Email, you avoid the risk of being disturbed and it is amazing how much work you can get done.

An experiment conducted in 2012 found that working from home increased a person’s productivity by 13%, and more recent studies also find significant increases in productivity.[1]

When our productivity increases, the amount of time we need to perform our work decreases, and this means we can spend more time on activities that can bring us closer to our family and friends as well as improve our mental health.

Pro #3: More Control Over Your Day

Without bosses and colleagues watching over us all day, we have a lot more control over what we do. While some work will inevitably be more urgent than others, we still get a lot more choice about what we work on.

We also get more control over where we work. I remember when working in an office, we were given a fixed workstation. Some of these workstations were pleasant with a lot of natural sunlight, but other areas were less pleasant. It was often the luck of the draw whether we find ourselves in a good place to work or not.

Advertising

By working from home we can choose what work to work on and whether we want to face a window or not. We can get up and move to another place, and we can move from room to room. And if you have a garden, on nice days you could spend a few hours working outside.

Pro #4: You Get to Choose Your Office Environment

While many companies will provide you with a laptop or other equipment to do your work, others will give you an allowance to purchase your equipment. But with furniture such as your chair and desk, you have a lot of freedom.

I have seen a lot of amazing home working spaces with wonderful sets up—better chairs, laptop stands that make working from a laptop much more ergonomic and therefore, better for your neck.

You can also choose your wall art and the little nick-nacks on your desk or table. With all this freedom, you can create a very personal and excellent working environment that is a pleasure to work in. When you are happy doing your work, you will inevitably do better work.

Con #1: We Move a Lot Less

When we commute to a place of work, there is movement involved. Many people commute using public transport, which means walking to the bus stop or train station. Then, there is the movement at lunchtime when we go out to buy our lunch. Working in a place of work requires us to move more.

Unfortunately, working from home naturally causes us to move less and this means we are not burning as many calories as we need to.

Moving is essential to our health and if you are working from home you need to become much more aware of your movement. To ensure you are moving enough, make sure you take your lunch breaks. Get up from your desk and move. Go outside, if you can, and take a walk. And, of course, refrain from regular trips to the refrigerator.

Advertising

Con #2: Less Human Interaction

One of the nicest things about bringing a group of people together to work is the camaraderie and relationships that are built over time. Working from home takes us away from that human interaction and for many, this can cause a feeling of loss.

Humans are a social species—we need to be with other people. Without that connection, we start to feel lonely and that can lead to mental health issues.

Zoom and Microsoft Teams meeting cannot replace that interaction. Often, the interactions we get at our workplaces are spontaneous. But with video calls, there is nothing spontaneous—most of these calls are prearranged and that’s not spontaneous.

This lack of spontaneous interaction can also reduce a team’s ability to develop creative solutions—there’s just something about a group of incredibly creative people coming together in a room to thrash out ideas together that lends itself to creativity.

While video calls can be useful, they don’t match the connection between a group of people working on a solution together.

Con #3: The Cost of Buying Home Office Equipment

Not all companies are going to provide you with a nice allowance to buy expensive home office equipment. 100% remote companies such as Doist (the creators of Todoist and Twist) provide a $2,000 allowance to all their staff every two years to buy office equipment. Others are not so generous.

This can prove to be expensive for many people to create their ideal work-from-home workspace. Many people must make do with what they already have, and that could mean unsuitable chairs that damage backs and necks.

Advertising

For a future that will likely involve more flexible working arrangements, companies will need to support their staff in ways that will add additional costs to an already reduced bottom line.

Con #4: Unique Distractions

Not all people have the benefit of being able to afford childcare for young children, and this means they need to balance working and taking care of their kids.

For many parents, being able to go to a workplace gives them time away from the noise and demands of a young family, so they could get on with their work. Working from home removes this and can make doing video calls almost impossible.

To overcome this, where possible, you need to set some boundaries. I know this is not always possible, but it is something you need to try. You should do whatever you can to make sure you have some boundaries between your work life and home life.

Final Thoughts

Working from home can be hugely beneficial for many people, but it can also bring serious challenges to others.

We are moving towards a new way of working. Therefore, companies need to look at both the pros and cons of working from home and be prepared to support their staff in making this transition. It will not be impossible, but a lot of thought will need to go into it.

More About Working From Home

Featured photo credit: Standsome Worklifestyle via unsplash.com

Reference

Read Next