10 Characteristics of a Successful Entrepreneur

10 Characteristics of a Successful Entrepreneur

10 characteristics to being a successful entrepreneurBeing an entrepreneur is harder than it sounds. Being the boss may sound like the best job in the world, and it is; However a 60+ hour work week, with the buck stopping at you for EVERYTHING can loose its charm pretty quickly. So to help you navigate these tough waters, we’ve created a list of 10 characteristics to being a successful entrepreneur.

1. Write a Business Plan- Think of it as a road map to success, complete with stops along the way like organization, product/service viability, marketing, advertising, service area, profit & loss analysis, and breakeven point.

2. Be organic- Be You and make it into a niche market. Consumers are often attracted to the more “authentic” sellers. Be proud of the characteristics that distinguish you from your competition. Do it better, say it better, sell it better.

3.Be Resilient & Flexible- These 2 points are KEY characteristics to small business success! Entrepreneurs must Bounce back from failure, and take rejection. If there is a common critique, a true entrepreneur takes this constructive criticism, and can turn it into a stronger selling point for their company.

4. Be the Expert- Get smart on what works . Your business is a reflection of yourself; know everything you can about your business. Consumers want answers, especially if it is in a new field.

5. Ask for help- Being the boss can be tricky, and you are responsible for all assets of your business. But that doesn’t mean that you should know everything in the world. No one is perfect; ask for help, find a business mentor, coach, or friend and use them to find a solution to an issue your struggling with.

6. Management skills- Be prepared to wear a lot of hats. As an entrepreneur, you will manage accounts, control costs, customers, inventory, and employees. Remember, attitude reflects leadership, motivate employees and you’ll have happier customers.

7. Equity & Control- Money is key to any business, but how do you get it? The most common route is through the bank, most banks want to see that you are ponying up some of the dough. This proves to them that you have a vested interest in the success of the business.

8. Drive to work- on average, startup entrepreneurs pull 60 hours a week, to add insult to injury, 9 in 10 business fail within the first 5 years. In order to succeed you have to work for it, work towards a stride, tap your drive, and set goals.

9.Passion for success- In order to succeed in business, you must be passionate about what your doing. Set your passion on fire and temper it with goals, resilience, and drive.

10. Be honest- Take time to valuate what’s working. Examine the sacrifices you’re making; are they short term and for the greater good or have they become something else.

Do you have a characteristic that you would add? If so share it in the comments.

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