Every morning when your alarm goes off!
How do you react, do you enjoy getting ready for work?
Do you feel like you are contributing to something every time you seat at your work desk?
In order to be successful at entrepreneurship or starting a business, loving everything about waking up to start a new day is key to your creativity. New days bring new ideas, and keeps your brain function to it's full capacity.
To help you understand what I do and what other entrepreneurs practice as a way of life, here are 20 powerful traits of most successful entrepreneurs, after a long investigative review and analysis.
1. Passion & Motivation should be imminent
If there's one word that describes the fundamental trait in most entrepreneurs, it would be passion for what they do.
To really know if you can be an entrepreneur, you should be asking yourself these questions;
- Is there something that you can work on over and over again, without getting bored?
- Is there something that keeps you awake because you have not finished it yet or on time?
- Is there something that you have built and want to continue to improve upon, again and again every single day?
- Is there something (Work) that you enjoy the most and want to continue doing for the rest of your life?
Your demonstration of passion towards your work and motivation will determine your success in any entrepreneurial venture you decide to persuade. From building and implementing a prototype, to pitching your idea to investors, success is a function of passion, determination and patience.
2. Risk-Taking to your Advantage
Entrepreneurs are risk takers ready to dive deep into a future of uncertainty. But not all risk takers are successful entrepreneurs, that's just how life works. So, here is what differentiates a successful entrepreneur from the rest - in terms of risk?
Successful entrepreneurs are willing to risk time and money on unknowns, but they also keep resources, and plans for dealing with "the unknowns" in reserve. When evaluating risk, a successful entrepreneur will ask himself/ herself, is this risk worth the cost of my career, time and money? And, what will I do if this venture doesn't pay off in the long term?
3. Self-belief, Hard work & Disciplined Dedication towards work
Entrepreneurs enjoy what they do everyday. They believe in themselves and are confident and dedicated to their project as an extension of who they are.
Occasionally, they may show stubbornness in their intense focus and faith in their idea(s). But the flip side is their demonstrated discipline and dedication in making sure everything is strategically done to bound success.
4. Adaptability & Flexibility in the process
It’s good to be passionate or even stubborn about what you do in life. But being inflexible about client or market needs will lead to failure in the long term.
Remember, an entrepreneurial venture is not simply about doing what you believe is good, but also making a successful business out of it for your time and investments.
A Market needs are dynamic: changes are a recurring phenomenon. Successful entrepreneurs welcome all suggestions for optimization or customization that enhances their offering and satisfies client and market needs.
A product you develop for yourself alone may qualify as a hobby, but a product for the market should satisfy market needs and generate revenue for profits or if an NGO funds raised.
5. Understand Your Offering – And Its Market standards
Entrepreneurs know their product offering in and out as they work on their products daily. They also know the marketplace and its dynamics inside and out. Remaining unaware of changing market needs, competitor moves and other external factors can bring even great products to failure.
6. Money Management to profitability
It takes time to get to profitability for any entrepreneurial project. Until you get there, capital is limited and needs to be utilized with smarts to keep you business moving in a positive direction.
Successful entrepreneurs realize this mandatory money management requirement and plan for present and future financial obligations. Even after securing funding or going fully operational, a successful businessman keeps a complete handle on cash flows, as it is the most important aspect of any business as it grows.
7. Planning (But not Over-planning) in every situation
Entrepreneurship is about building a business from scratch while managing limited resources (including time, money and personal relationships) everyday.
It is a long-term commitment, and attempting to plan as much as possible at the beginning is a noble impulse to getting there in the long term. In reality, however, planning for everything and having a ready solution for all possible risks may prevent you from even taking the first step.
Successful entrepreneurs do keep some pain drive in motion, but more importantly they maintain a mindset and temperament, capable of dealing with unforeseen possibilities.
Do a feasibility analysis; identify time and capital thresholds; take the deep dive with your limited resources. If your thresholds are crossed, look for alternatives and be prepared to take the next exit.
8. Networking Abilities
How do you tap your network for solutions? Many people seek comfort in commiseration: friends, colleagues and neighbors are happy to complain with you about "the global slowdown,” poor demand, or unfair competition; but that won't improve the bottom line.
What do successful entrepreneurs do?
They reach out to mentors with more experience and extensive networks to seek valuable advice that can help them with growth. Having such networking abilities, including more experienced mentors, is a key characteristics of some successful entrepreneurs.
9. Being Prepared to Take the Exit
Not every attempt will result in success but don't beat yourself. The failure rate of entrepreneurial projects is very high (Failing as an entrepreneur is a learning process in order to succeed).
At times, it is absolutely fine to take the “practical” exit route and try something new, instead of continuing to make sunk cost investments in the same project.
Many famous entrepreneurs weren't successful the first, second, third time around. But they had the serenity and foresight to know when to cut their losses.
10. Most Entrepreneurs Doubt Themselves – But With Reservations
You may ask yourself, am I an entrepreneur? And the very question may put you in doubt about the answer.
Even if you don't have the coverage of Elon Musk, but have the courage to ask yourself intimidating questions – Can I do this? Do I want to do this? – you have the intends to be an entrepreneur. Instead of worrying about fitting the image of the an entrepreneur, check in with your gut. Is it on board with your mind?
11. High level of confidence
Entrepreneurs that have a high level of confidence are able to get the job done even under the most stressful conditions life has to offer.
Entrepreneurs understand that big challenges breed big rewards.
This is the same mentality that allows successful entrepreneurs to spot an opportunity when most just see a possible challenge with no solution. When most focus on the challenge, a successful entrepreneur focuses on the solution and ways to solve this problem for others.
12. Craves learning to keep improving skills
As an entrepreneur, you have to stay sharp, and that requires constant learning. Industries constantly change and evolve but only those that are also growing through constant learning will stay ahead and succeed. You will always have competitors combating you to get ahead, so you have to keep the speed.
There will always be someone claiming to be the next greatest thing.
Staying sharp and learning constantly, will enable you to stay ahead and avoid getting passed. Read books and wake up earlier in the morning to read industry news to see what's trending. Do everything you can to constantly learn and absorb new information.
13. Ability to sell and promote
If you watch the TV show Shark Tank then you have certainly heard Mark Cuban tell entrepreneurs on several occasions that "knowing how to sell is an absolutely essential part of being a successful business owner. If you can’t express what it is that makes your product or service a solution to a problem, you will be in for a rough ride".
If you, the creator, can’t explain it, then who will? Start asking yourself this question!
One of the defining traits of entrepreneurship is the ability to spot an opportunity and imagine something where others haven't.
Entrepreneurs have a curiosity that identifies overlooked niches and puts them at the forefront of innovation and emerging fields. They imagine another world and have the ability to communicate that vision effectively to investors, customers and staff.
15. Self-belief is key
Self-confidence is a key entrepreneurial trait carried by most successful entrepreneurs. You have to be crazy-sure your product is something the world needs and that you can deliver it to overcome the naysayers, who will always deride what the majority has yet to validate.
Researchers define this trait as task-specific confidence. It's a belief that turns the risk proposition around--you've conducted enough research and have enough confidence that you can get the job done that you ameliorate the risk.
16. Rule-breaking to some degree
Entrepreneurs exist to defy conventional wisdom. A survey in 2015 by Ross Levine of the University of California, Berkeley, and Yona Rubinstein of the London School of Economics found that among incorporated entrepreneurs, a combination of "smarts" and "aggressive, illicit, risk-taking activities" is a characteristic mix.
This often shows up in youth as rebellious behavior, such as pot-smoking. That description would certainly hold true for some of the most famous entrepreneurs of recent years.
In fact, simply starting a business breaks the rules, as only about 13 percent of Americans are engaged in entrepreneurship, according to a Babson College report. Doing what the majority isn't doing is the nature of entrepreneurship, which is where the supply of inner resources comes in.
17. Dream big
Successful entrepreneurs have the ability to envision a new reality and the will to bring it to fruition. They have crazy big dreams, even though to some these dreams may not be realistic or practical. But it is the big dreamers who really succeed.
They are possibilities thinker who believe there are possibilities and are not limited b commonly held boundaries. They look beyond to ask the “what ifs” questions. They look for answers and solutions and aren’t daunted by challenges. In fact, they relish challenges.
18. They are results-driven
Successful entrepreneurs are passionate about results. They want their actions to have a direct impact on results. They want the job done.
They also have the ability to conceptualize the whole of a business; not just its individual parts, but how they relate to each other. They are individuals who always come up with new ideas.
Entrepreneurs love to be in charge and be their own boss. They want to be in control. They carve their own path, relying on their own talents, instincts and skills. They don’t take orders from anyone and do not need validation from superiors judging them whether they are worthy of a promotion or capable of handling more responsibilities.
Entrepreneurs move and make decisions on their own, without waiting for someone to push them. While being in charge can be daunting at times, the rewards of seeing the results of all the hard work are tremendous.
20. Power to accumulate wealth
Entrepreneurs appreciate what money could bring to their lives – and embrace it. They know that financial success can afford them with opportunity, freedom, and well-being.
Entrepreneurs view starting their own businesses as an opportunity to earn far more than they could ever from working for some other company. Win, lose or draw, entrepreneurs want to be masters of their own financial destiny.
Successful entrepreneurs strongly believe in themselves. In fact, many of them are supremely confident individuals. However, their strong belief in themselves doesn’t necessarily mean that they don’t experience self-doubt.
Entrepreneurs do! They experience fear, but instead of running away from their fears, they embrace what they fear the most and just plod on.
Personal qualities and their correct demonstration with the right stakeholders are the determining factors for success or failure as an entrepreneur. A realistic self-assessment checklist against these suggested guidelines will ensure you take the right steps in the right direction to succeed in business.
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Divine Tumenta is an entrepreneur and professional digital marketing expert who has worked in digital marketing for more than 8 years. He is currently founder and CEO of backlinkfy.com and a go to consultant for startups and small businesses in the USA.