Traits of Successful Entrepreneurs

An entrepreneur is a person having entrepreneurial ideas and makes those ideas come into existence. He or is the person who works for big organization and businesses and make their businesses grow faster with his knowledge and experience (Setia, 2018). So for being an entrepreneur is not an easy job, there have to be characteristics or rather the qualities which make him called a successful entrepreneur. Successful entrepreneurs have many traits including great communication, collaboration, networking, learning, problem-solving, and self-discipline and most of these traits have helped them in achieving their goals and success in their enterprises.

One of the most critical skills of successful entrepreneurs is having good communication skills. The key to being a successful entrepreneur is to know how to communicate with people in general (Abdullah, Hadi & Dana, 2018). This is the case because entrepreneurs will be working with people every day be it their team or clients and to their teams, they have to make sure as much as possible that they see their vision, understand the vision, and know what they need to be doing to help them achieve that vision. Successful entrepreneurs have concise and crisp communication for all of their interactions with clients, partners, prospects, and peers. This significantly helps them grow their networks in terms of partnership deals, business opportunities, growing network facilities, and future employees. Good communication helps them in conveying the right message and expanding their horizons of public relations.

Another critical trait for successful entrepreneurs is self-discipline. They always do the right thing at the right time. It is human nature to easily get distracted, demotivated, or even stop completely (Amornpinyo, 2018). Discipline goes a long way. A disciplined person is likely to have more rewards in his personal and professional life. It is a psychological state where people have conditioned their minds to react in a certain pattern and do something despite their mood, the prevailing environmental conditions, and a lot of other things that can affect them on their journey. Discipline is what gets entrepreneurs to where they want to go. Nothing is ever achieved by chance or lack of consistency. They have to stay disciplined throughout.

Also, successful entrepreneurs know how to network effectively. This is an important aspect of winning in the real world. Successful entrepreneurs are always willing to meet people. At the end of the day, they will meet the right people that will put their careers on the map (Herron, 2020). If no one knows them, their influence will be limited and a lot of doors will remain closed that could be wide open with a little networking. Every entrepreneur needs a little help going from point A to point B. There are tonnes of people out there that can help them get there, some who have already taken the same journey and have an experience rather than theories on how they came to be at a better stage of their careers.

Successful entrepreneurs have the ability to learn new skills. This is the most important trait when the question of survival comes into play. Sound knowledge of the specific field, a sound understanding of business norms and procedures significantly help in building a long-lasting company. As an entrepreneur knowing the basics of each field like finance, law, and others help in a growing business, and mastering those skills helps in the future. A company’s survival will depend on new skills (Setia, 2018). Nonetheless, there will be a time when the company will not be in a position to pay someone for his expertise, then the entrepreneur’s ability to learn new skills will help the company to survive. Successful entrepreneurs also never stop learning. The world changes every day, especially the online world. The most successful entrepreneurs out there never stop learning or acquiring skills. Also the ability to continue learning means they can adjust to new trends easily which can help their businesses tremendously.

Collaboration is also a critical trait for successful entrepreneurs. For collaboration, two parties must share the same purpose and be willing to work together. Thus entrepreneurs must possess complementary skills to support each other. They will need common guiding principles before collaborating which means clearly stated guiding principles would help them to counter conflict in the future (Amornpinyo, 2018). While people are in the same company they must work as a group and must not be split up in the call of a third party. Internal problems must not be shared with external parties that could split the company. The bonding with partners and peers, and customers will decide how far one can go in one’s destiny. A good relation with stakeholders determines the credibility of the company when competition comes into play.

Lastly, successful entrepreneurs have a problem-solving mindset. A conscious effort of putting the mind into the solution side rather than thinking towards the question side is a problem-solving mindset demand (Setia, 2018). Successful entrepreneurs have mastered the art of decomposing a problem and revealing growth opportunities. They can identify a problem within the organization, and figure out effective and creative solutions. For solving a problem effectively and within limited time and money they always ensure that where there are putting their efforts contribute directly to solving a problem of the company. Other traits of successful entrepreneurs include perseverance, efficiency, and innovation.

In conclusion, there are many traits of successful entrepreneurs including good communication skills, self-discipline, networking, problem-solving, collaboration, and the ability to learn new skills.  These traits are the inevitable part of an entrepreneur’s life.         As an entrepreneur, one must see and evaluate how these skills and values could contribute to his journey before actually starting the career. Many times people possess those skills but they lack a sense of purpose. Therefore, all the traits significantly help entrepreneurs in their journey to success.

References

Abdullah, N., Hadi, N. U., & Dana, L. P. (2018). The nexus between entrepreneur skills and successful business: a decompositional analysis. International Journal of Entrepreneurship and Small Business, 34(2), 249-265. Doi: https://abs/10.1504/IJESB.2018.092029

Amornpinyo, N. (2018). The Characteristics of Entrepreneurs with Successful and Sustainable Small Businesses in Northeastern Thailand. Pertanika Journal of Social Sciences & Humanities, 26(1).

Herron, L. (2020). Do skills predict profits?: a study of successful entrepreneurship (Third Edition). London: Routledge.

Setia, S. (2018). Personality profile of successful entrepreneurs. Journal of Economics, Business & Accountancy Ventura, 21(1), 13-23. Doi: 10.14414/jebav.1004