Achieving success as an entrepreneur requires grit, means, courage, and the proper characteristics. No two entrepreneurs have the same journeys to success; however, there are many recurring patterns and events that can indicate the likelihood of a business owner reaching success or catapulting into failure.
In regard to entrepreneurial success, some of the most common questions revolve around the top characteristics of a successful business owner. Thankfully, the following characteristics can be attained and practiced by any business owner who is serious about accomplishing success in their field.
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In any field of self-employment, resourcefulness is a vital characteristic for any business owner to weather the storms of entrepreneurship. Make no mistake: there are many benefits to being in business for yourself; however, challenges and setbacks are inevitable, at least some of the time.
Challenges and setbacks can make or break an entrepreneur. During these times, the levels of resourcefulness that a business owner has will determine whether or not they succeed or fail. One great example of entrepreneurial resourcefulness includes using various technological tools such as ezClocker.
The time tracking tool known as ezClocker comes with multiple benefits. The tool allows employers to keep track of the time that their workers are putting in; ezClocker also helps with logging time, invoicing, and more. Not only can resourcefulness help entrepreneurs push ahead of challenges and setbacks, but being resourceful can also prevent certain obstacles in the first place.
Bill Gates is one great example of a successful entrepreneur who demonstrated resourcefulness and reaped the benefits. Many people don’t know that Gates’ first roadway data company called Traf-O-Data was a giant bust; the product just didn’t sell, but this didn’t stop Gates from pushing ahead of this setback and going on to co-found Microsoft Companies.
Just like resourcefulness, focus is a critical characteristic for any successful entrepreneur.
In order to successfully run a business, you have to be able to consistently devote your attention to the most important task(s) at hand. Oftentimes, this means drowning out the external noise and remembering the most pressing priorities.
The absence of focus breeds disaster for any entrepreneur. Successfully running a business comes with many responsibilities and demands; the fulfillment of these responsibilities and demands will hence determine whether or not an entrepreneurial endeavor reaches or misses success.
Shark Tank star and entrepreneur Richard Branson has certainly benefited from remaining focused in the business world. Despite struggles with poor grades, dyslexia, and bad test scores, Branson remained consistently focused on his goals, leading to his creation of Virgin Records.
There are too many stories to cite of entrepreneurs who have faced doubts or discouragement from others. Sadly, this is quite common, especially when you’re in the beginning phases of running a business.
For the above reasons, determination is an absolutely essential characteristic for any successful entrepreneur. The determination to win, accomplish goals, and fulfill tasks is what turns a novice business owner into an experienced and successful business owner. Furthermore, determination gives entrepreneurs the power to continue pressing ahead, even in the face of skepticism, doubts, and pushback from others.
One of the best testaments of the power of determination is Oprah Winfrey. In spite of Winfrey struggling from poverty and a rough upbringing, she worked her way up from a job at a radio station to having her own talk show and producing TV series.
Entrepreneurs with reasonable levels of open-mindedness are much likelier to achieve success than their closed-minded counterparts. In business, things do not always go according to plan.
A client may change their mind or a business partner may present a different strategy. Whatever the case may be, the abilities to hear out others, consider different perspectives, and even improvise are much easier for open-minded entrepreneurs.
Being open-minded doesn’t mean that you should never stand your ground as a business owner. However, open-mindedness does entail the willingness to listen to the people around you and make adjustments when doing so is appropriate.
Hans Christian Anderson serves as a great example of an entrepreneur who achieved massive success, thanks to his open-mindedness. Andrews always has an affinity for the arts, although, when he sought to make a career out of acting and singing, it didn’t work out.
This didn’t discourage Anderson, though; he later became one of the most well-known fairy tale writers. Ultimately, Anderson achieved success because he remained open-minded and did not give up on the arts, but instead made necessary career adjustments.
The world of entrepreneurship is innately competitive. Businesses across the globe are competing to win over consumers and grow their enterprises.
Just as resourcefulness and open-mindedness are important characteristics of a successful entrepreneur, so is competitiveness. Although some people associate competitiveness with negative connotations, there is nothing innately wrong with the interest and drive to compete against others.
Many great ideas have stemmed from competitiveness. In order for an entrepreneur to weather the storms that come with self-employment and drawing in customers, there must be a healthy desire to be the best. Wanting to be the best in business drives entrepreneurs to not only outperform the competition, but also ensure that their own business is in the best position.
The story of J.K. Rowling is a great example of how competitiveness can lead to massive success as an entrepreneur. Rowling’s writing of the popular Harry Potter series has outsold countless other book sagas and reached levels of acknowledgment that many authors only dream about.
An entrepreneur who lacks humility is unlikely to be a successful entrepreneur for any substantial period of time.
In business, there will be times where mistakes are made or when a customer is unhappy. Times such as this are when the importance of humility materializes. A humble entrepreneur will not have an issue acknowledging when they’re wrong or congratulating someone else who is right.
Humility is such an important trait for successful business owners because it breeds professional longevity. Very few people truly want to work for an arrogant employer; customers, especially, will also tire of giving their money to a business that they perceive as unwilling to hear their concerns.
One of the most important characteristics for any entrepreneur to possess is humility. In the long run, a business owner with fair levels of humility will be able to build and maintain a successful establishment. This characteristic combined with others, such as competitiveness, determination, focus, etc., is a great package for any successful entrepreneur.
Facebook CEO Mark Zuckerberg is a great example of the extent to which humility breeds successful entrepreneurship. Since Facebook coming under fire after issues with its data management, Zuckerberg has delivered congressional testimonies multiple times; the Facebook CEO has also worked hard to ensure that users of the site feel comfortable and secure.