We deal with a lot of small and medium size businesses and many of these ventures start out as a one-man/woman shop with a flare of entrepreneurial spirit. Everyone at some point of their life wants to live the American dream and be their own boss. It comes down to the big question. Do you have the traits of a successful entrepreneur?

Many have them and don’t even know it. Many don’t have them but develop them over time. It really depends on your professional goals and objectives. Some enjoy working for a corporation with thousands of employees and taking a piece of the pie. But many want the whole pie for themselves and branch out into the world of small business.

Here are the top ten traits of a successful entrepreneur:

1. Entrepreneurs have a different mind set. Their brains are always spinning for new ideas and new ways to create innovation amongst their competition. They want to be the leader and not the follower and they will do what it takes to get there, no matter how much failure comes along the way. Sooner or later, they will find their pot of gold.
2. Entrepreneurs have a broad knowledge of business. When you run your own business, you might be the one who does payroll, sales, cleans the office, does the actual business work and anything else that keeps the company up and running.
   Entrepreneurs learn a lot on the job and by default gain a broad scope of the business world.
3. Entrepreneurs are not afraid of risk (at least they won’t admit it!). They can’t be. If you want to make millions, you must be willing to put yourself on the line. You know the old saying, “You can’t win the lottery if you don’t buy a ticket.”
4. Entrepreneurs like to drive innovation. They love to differentiate themselves from the pack. Whether it is a niche product or service, entrepreneurs keep their brains churning for the next big idea. Their minds never sleep. Sooner or later, after enough trial and error, something sticks and when it does, it can be one huge payday.
5. Entrepreneurs know their industry/market. The do the necessary research about the industry they are in and the industries that are involved in the line of business they do. They are well-informed on market trends and the behavior of the people who do business within these markets.
6. Entrepreneurs know their competition. They have scoped out their local competition and beyond. In order to innovate, an entrepreneur has to know what his/her competitors are doing in order to build a successful business. By studying your competition, you can gain valuable knowledge on how surpass what they are doing.
7. Entrepreneurs know their strengths and more importantly their weaknesses. All entrepreneurs have certain business strengths. Most entrepreneurs are unique in the skills they possess. They know how to utilize their strengths to maximize their productivity. Entrepreneurs also know their weaknesses and know that it’s important to get help in their areas of weakness. If you are not competent in the area of research, outsource it. If you don’t know about accounting and payroll, hire someone to do it. Focus on your core strengths and not your weaknesses.
8. Entrepreneurs have a plan, kind of! Entrepreneurs know exactly what they want when they set up in the business world. They have a broad scope of how to get where they want to go and how to be successful. This plan often changes due to the nature of the entrepreneur’s mind always spinning and new ideas coming into play. Entrepreneurs often have the thought of, “we’ll take care of it when it happens.” Often they don’t plan for the short term and things can become stressful and hectic but their end goal of success is always in mind.
9. Entrepreneurs know when to step out or sell. When things are not going well, entrepreneurs know when to fold the cards. They know indicators of selling a business and cutting their losses and they also know when to just shut down shop and move onto the next venture. Many people keep thinking things will turn around with a business. Entrepreneurs know when the market is dry and their idea has fizzled.
10. Entrepreneurs have a passion for business. They love the idea of business and creating a sense of need in the market. Entrepreneurs also love to keep themselves informed in the business world and they make sure to keep up on the latest trends, research, products and services as well as strategies. They love the challenges of business and this is what motivates them to keep working until they hit their huge payday. They love what they do and they will make sure they are successful no matter what circumstances arise. They are leaders.

Bookmark It

Hide Sites

• Does your Website Have a Positive ROI?
• Create A Successful Small Business
• 50 Business Startup Questions To Ask Yourself Before You Dive In Head First
• To Degree or Dis-the-Degree…That is the Question!
• If You’re Just Starting A Business - Go Niche!

Trackback URI | Comments RSS