Characteristics of Successful Entrepreneurs

1. Full of determination
To be a successful entrepreneur it is important to set clear goals along the way. Growing
business, increasing sales and hiring new employees require several micro-goals within
them to be executed successfully. This type of workload and challenge is enough to stop
many people from pursuing the entrepreneurial career path. One has to be determined
from the beginning to be successful. If one isnt fully determined there is a good chance
to crumble under the pressure.

2. Risk Taking
Some of the most successful entrepreneurs took major risks, and they paid off in a big
way. Entrepreneurs are risk takers ready to dive deep into a future of uncertainty. But
not all risk takers are successful entrepreneurs. Successful entrepreneurs have will to
risk time and money on unknowns, but they also keep resources, plans and bandwidth
for dealing with unknown in reserve. When evaluating risk, a successful entrepreneur
always thinks that is this risk worth the cost of career, time and money? And, what will
he do if this venture doesnt pay off?

3. 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. They 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. When most focus on the
challenge, a successful entrepreneur focuses on the finish line and the end reward.

4. Craves learning
Industries constantly change and evolve. Only those that are also growing through
constant learning will stay ahead. There will always be competitors trying to surpass.
There will always be someone claiming to be the next greatest thing. A successful
entrepreneur always stays sharp, through constant learning about the competitors and
the industry.

5. Understands failure is part of the game

Failure is one of the secrets to success, since some of the best ideas arise from the ashes
of a shuttered business. A successful entrepreneur knows that failure is part of success.
He will take those failures and use them as learning experiences. Real world experience,
even failing, will teach more than what one would ever learn in a classroom.
6. Passionate
Passion fuels the drive and determination required to be successful. If one isnt fully
passionate about what he/she is doing the added stress and obstacles will build up on
shoulders and eventually be responsible for collapse.

7. Adaptability and Flexibility

If entrepreneurs had the ability to see what was hiding around each turn it would make
it much easier, but unfortunately that is not the case. There can be surprises around
every corner, even with a well thought out plan and strategy. A successful entrepreneur
is extremely adaptable and has ability to respond quickly in any situation. Its good to be
passionate or even stubborn about what you do. But being inflexible about client or
market needs will lead to failure. 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.

8.Money Management
Successful Entrepreneur must have excellent money management skills. Poor financial
decisions, such as overspending or allocating funds to less important tasks can quickly
ruin a business. It takes time to get to profitability for any entrepreneurial venture. Till
then, capital is limited and needs to be utilized wisely. Successful entrepreneurs realize
this mandatory money management requirement and plan for present and future
financial obligations (with some additional buffer). 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.

9. Networking Abilities
A large collection of business cards and a huge contact list doesnt make an expert at
networking. Building value-based relationships that are truly meaningful is what
networking is all about these are the relationships that lead to business opportunities
and long-term relationships that are mutually beneficial. Constantly networking with
people that can not only help my business currently, but also have the potential to help
you in the future as well.

10. Ability to sell and promote

Knowing how to sell is an absolutely essential part of being a successful business owner.
If you cant express what it is that makes your product or service a solution to a
problem, you will be in for a rough ride.
11. Planning (But not Over-planning)
Entrepreneurship is about building a business from scratch while managing limited
resources (including time, money and personal relationships). It is a long-term
commitment, and attempting to plan as much as possible at the beginning is a noble
impulse. 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
have a mindset and temperament to capable of dealing with unforeseen possibilities.

12.Creativity and Persuasiveness

Successful entrepreneurs have the creative capacity to recognize and pursue
opportunities. They possess strong selling skills and are both persuasive and persistent.
Are you willing to promote your business tirelessly and look for new ways to get the
word out about your product or service?

13. Interpersonal Skills

Entrepreneurs are always comfortable while dealing with people at all levels. During the
course of their action, they come across a cross section of individuals with whom they
have to deal. They interact with raw material suppliers, customers, bankers etc. for
different activities. As successful entrepreneurs, they should be persons who like
working with others possessing the much-needed quality of interpersonal skill to deal
with people.

14. Time orientation

Entrepreneurs anticipate future trends basing upon their past experience and exposure.
They stick to the time pragmatically while doing their jobs.

15. Leadership
Entrepreneurs should possess the quality of leadership. Leadership is the ability to exert
interpersonal influence by means of communication towards the achievement of goals.
Entrepreneurs as the leaders should provide the necessary spark to motivation by
guiding, inspiring, assisting and directing the members of the group for achievement of
unity of action, efforts and purpose.

16. Internal Locus of Control

Successful entrepreneurs believe in themselves. They do not believe that the success or
failure or their venture will be governed by fate, luck or similar forces. They believe that
their accomplishments and setbacks are within their own control and influence and that
they can affect the outcome of their actions.
17. Tolerance for Ambiguity
Star up entrepreneurs face uncertainty compounded by constant changes that
introduce ambiguity and stress into every aspect of the enterprise. Setbacks and
surprises are inevitable. A tolerance for ambiguity exists when the entrepreneur can
deal with the various setbacks and changes that constantly confront him or her.

18. Integrity and Reliability

Integrity and reliability are the glue and fiber that bind successful personal and business
relationships and make them strong. Integrity and reliability help build and sustain trust
and confidence among investors, partners, customers and creditors. Small business
entrepreneurs in particular find these two characteristics crucial to success.

19. Tolerance for Failure

Successful Entrepreneurs use failure as a learning experience. In adverse and difficult
times, they look for opportunity.