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Dec 23, 2019 · Successful business owners, regardless of industry, share a few critical traits that set them apart from the rest of society. Leveraging these skills allows them to turn their business ideas into...
- Forbes Coaches Council
- Sammi Caramela
- Willingness to take chances. Business owners who are willing to take chances tend to achieve more than those who play it safe. “Successful businesses may be established enough to follow stable business processes, but they’re also bold as well as risk-taking,” said Jake Smith, managing director of Absolute Reg.
- Unique value. Providing customers with unique value helps businesses stand out from their competitors, said Reda Elmardi, CEO of Strong Chap. “We can’t all have the cheapest prices, but you can surely emphasize other aspects of benefit,” Elmardi added.
- Tenacity. To both reach and retain success, businesses must have tenacity, or determination, and persistence in the face of conflict. “Tenacity will allow you to withstand the toughest of times and also fully embrace the best of times,” said Christopher Grozdon, CMO of DASH-SEO.
- Customer-centric approach. Many businesses get swept up with their own personal goals and lose sight of those who matter most: their customers. “One thing successful businesses have in common is … a strong customer focus,” said John Stevenson, marketing specialist at My GRE Exam Preparation.
- What Is Entrepreneurship?
- 10 Characteristics of Successful Entrepreneurs
- How to Develop The Qualities of An Entrepreneur
While entrepreneurship is commonly thought of as the process of starting a business, there are several nuances to consider. In the HBS Online course Entrepreneurship Essentials, entrepreneurship is defined as “the pursuit of opportunity beyond the resources currently controlled.” An opportunity can be a myriad of things, but the course describes it...
1. Curiosity
Successful entrepreneurs have a distinct personality trait that sets them apart from other organizational leaders: a sense of curiosity. An entrepreneur's ability to remain curious allows them to continuously seek new opportunities. Rather than settling for what they think they know, entrepreneurs ask challenging questions and explore different avenues. This is validated in the online course Entrepreneurship Essentials, where entrepreneurship is described as a “process of discovery." Without...
2. Willingness to Experiment
Along with curiosity, entrepreneurs require an understanding of structured experimentation, such as design thinking. With each new opportunity, an entrepreneur must run tests to determine if it’s worthwhile to pursue. For example, if you have an idea for a new product or service that fulfills an underserved demand, you’ll have to ensure customers are willing to pay for it and it meets their needs. To do so, you’ll need to conduct thorough market research and run meaningful tests to validate y...
3. Adaptability
Entrepreneurship is an iterative process, and new challenges and opportunities present themselves at every turn. It’s nearly impossible to be prepared for every scenario, but successful business leaders must be adaptable. This is especially true for entrepreneurs who need to evaluate situations and remain flexible to ensure their business keeps moving forward, no matter what unexpected changes occur.
There’s no right or wrong way to be an entrepreneur. Characteristics and behaviors like experimentation, persistence, and innovation can be developed with time, experience, and training. As long as you possess the entrepreneurial spirit, you'll be able to seize opportunities and overcome challenges throughout your journey. Are you interested in lea...
- Vision. The ability to see the big picture is what drives entrepreneurs forward and helps them turn their visions into reality. Many would-be business owners dream of building thriving enterprises capable of capturing a sizable share of their target markets, but only those with focused ambitions and the ability to think creatively can succeed.
- Creativity. An essential characteristic of successful entrepreneurs is the ability to think creatively and devise original solutions to problems. Innovative solutions to market problems are often discovered by successful entrepreneurs as they exercise their imaginations.
- Passion & Determination. Entrepreneurship is a challenging journey, and passion for a business idea is one of the most important features of entrepreneurship because it helps overcome obstacles and persist in the face of adversity.
- Innovation. Entrepreneurship involves not only starting new businesses but also fostering innovation within existing organizations. Entrepreneurs often introduce new products, services, processes, or business models that bring novel solutions to market needs or problems.
- Determined and Future-Focused. Can You Self-Motivate? Motivation is key to being a successful business owner. Without a boss keeping you on your toes, it’s down to you to get up in the morning and get to work.
- Open-minded and Humble. Ego and overconfidence are common start-up killers. You can’t afford to be vague in your vision or believe you can survive on reputation alone.
- Adaptable and Resourceful. Do You Seek to Learn? Are You Flexible? Successful entrepreneurs are willing to seek and accept advice from experts and mentors.
- Opportunistic and Smart with Risk. Do You Know When to Take and Avoid Risks? Small business ownership is inherently risky. But with smart thinking, your small business can yield great success.
May 9, 2024 · These traits enhance business operations and leadership effectiveness and significantly improve personal well-being and the quality of relationships outside of work. By integrating these essential traits, entrepreneurs can create financially successful, sustainable, and fulfilling businesses.
People also ask
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As a business owner, you should expect to play a role in accounting, marketing, sales, operations, and human resources, all while executing on your vision. Successful business owners know their areas of strength and are grounded with a general understanding of business functions vital to running a successful company.
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