Do You Have What It Takes? Top 15 Characteristics of Successful Entrepreneurs

What does it take to be a successful entrepreneur? Check where you feel strong today and where you can improve moving forward. Take into account that while some people are born with certain skills and personality, you can learn and improve through training and practice.

1.      Are you a visionary?

You have a clear vision of your business direction. You know exactly what problem you want to solve or the need in the market that you want to fill. You know the direction you want your company to follow and you have a defined strategy and plan to achieve your medium and long term goals. Your vision may evolve and change over time, but it is there and you know it.  

 2.      Are you self-confident?

You trust yourself, your ideas and abilities to accomplish anything you set out to do, no matter how difficult it is.

 3.      Are you motivated, committed and passionate about your business or project?

You enjoy what you do and you do not mind working hard, and putting in the extra hours needed for your project or business to succeed. You are not tired of trying and trying again. Motivation, commitment and passion help you overcome any fears and push you to reach your full potential. You are enthusiastic and optimistic, and you spread this to others.

 4.      Do you embrace risk?

There is no success without risk, and you know that managing a business and making it grow implies accepting and managing risks. You face situations in which you need to take difficult decisions that could negatively affect your business but you know when a risk is worth taking.

 5.      Are you able to manage and motivate people and staff?

You know how important is to be able to work with others. You care about your team and you take time to motivate, encourage and develop them. You believe in your team and you demonstrate that you trust them. If you want to learn more about managing and motivating your team have a look at the following articles: Managing Your Team Effectively, Managing Employees and Getting Your Team in Place, Tips for Retention Strategy.

 6.      Are you an effective communicator?

You are able to share your ideas, passion and motivation of your project or business internally (with your team and colleagues) and externally (with your customers and stakeholders). You know how to send clear and concise messages to your audience. You also listen to other peoples’ opinions and views, and you are able to empathize with others. If you want to learn more about how to communicate effectively have a look at the following article: Communicating Effectively.

 7.      Are you flexible and adaptable to change?

You know that in a business things never go exactly as planned. You are flexible to adapt to the needs of your customers and the changes and demands of your business environment. You are not afraid of the unknown, and you take advantage of changes to transform them to business opportunities. As an entrepreneur you deal with a large number of tasks and issues, and you are able to switch easily from one activity to another. If you want to learn more about Managing Change have a look at the article: Managing Change.

 8.      Are you a leader?

You pursue transformation and change through innovation. You like to take initiative and be proactive. You inspire others. People admire you, and you are able to influence others with your actions.

 9.      Are you a good negotiator?

You will face many situations in which you will have to buy and sell products and services to run your business. You know how to get good deals from suppliers, and you are able to offer competitive deals to your clients. If you want to learn more about negotiation skills have a look at the articles: Develop Negotiation Skills and Closing the Sale.

 10.   Do you know how to raise funds and manage money?

You understand your finances.  You know, plan and control where your money goes. You are aware that no one will invest in a project that seems unlikely to succeed. You know that the better you manage finances the better decisions you will make. You also know how to choose among small business funding sources or how to obtain long-term and short-term financing for your business needs.

 11.   Are you able to network effectively?

You make networking a useful business tool: you use your network to get market information, create strategic alliances and access new business opportunities. You look for ways to expand your network and you take care of the contacts you already have. If you want to learn more about how to manage your network effectively, take a look at the following article: Network Effectively.

 12.   Are you a persuasive person?

You do not tire of promoting and improving your business, and you are able to convince others of the value you provide and that your business is worth the investment risk. If you want to develop your skills, consult these tips for persuading people.  

 13.   Do you know how to identify and take advantage of opportunities?

You are constantly looking for opportunities that can benefit your business. You are always alert of the changes in your business environment and think of ways to benefit from them before your competitors do.

 14.   Are you able to deal with failure?

You know that any business goes through ups and downs and that not every attempt will result in success. You do not view failure as the end of the journey. You analyze and learn from failures in order to avoid making the same mistakes in the future.

 15.   Are you patient?

You do not focus solely on short-term profits or objectives. You know that it takes time to profit from any entrepreneurial activity, and you are ready to wait for it. You set up long-term goals and prepare to successfully achieve the. If you want to learn more about how to set goals for your business have a look at the following article: Set Goals for Your Business.