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9 Traits of A Successful Entrepreneur

Successful

A truly successful business is comprised of many factors ranging from a viable concept to a solid business plan. However, perhaps the most crucial factor is an entrepreneurial attitude.

A great entrepreneur isn’t afraid to step up and take control to turn their vision into a reality. Challenges and setbacks are viewed as possibilities that fuel their passion and creativity.

Here are the top 9 characteristics you can develop to become a successful entrepreneur:

1. Curiosity

A successful entrepreneur has a great sense of curiosity. This trait inspires them to look for and explore new opportunities that arise from their ventures.

An entrepreneur understands the importance of innovation and improvement. They don’t rest on their laurels and aren’t afraid to step out of their comfort zones. Part of an entrepreneur’s drive is to continue asking the hard questions, gather feedback, and explore alternative options which can unveil valuable new and re-imagined ideas.

2. Adaptation

Running a successful business is not a set and forget process. An entrepreneur understands that challenges and new opportunities will present themselves at any time and often when least expected.

As it’s near impossible to prepare for every twist and turn, a successful entrepreneur will proactively evaluate situations and implement necessary changes for swift course correction and maintain business momentum.

3. Risk Tolerance

Naturally, there will always be some level of risk when starting a new business, and risk should never be ignored.

Rather than be held back by risk, a great entrepreneur learns to assess and tolerate risk and potential setbacks. They see them as challenges and ways to define their business, so they stand out from the crowd. Instead of fearing risk, an entrepreneur assesses, re-defines, measures and moves ahead while taking the necessary steps to remove, reduce and mitigate these risks.

In doing so, an entrepreneur maintains control, adapts to change and challenges, and guides the business while ensuring that the reward remains greater than the risk.

4. Strong Decision-makers

While an entrepreneur manages and navigates the course of their business, they will inevitably face difficult decisions on a regular basis. 

A successful entrepreneur doesn’t shy away or procrastinate when making critical decisions. That doesn’t mean they always have the right answers, but they do have the ability to confidently assess the situation and make swift decisions when needed, without the dreaded analysis paralysis.

5. Network Know-how

Entrepreneurs understand the importance of networking and continually strive to master the art of making genuine connections with people that can add contributions to their business.

Meeting new people opens doors to resources and knowledge that might be lacking in their business. It offers the opportunity to; see what other like-minded business owners are doing, learn from the success of others, promote their products and meet potential new clients. It also places them at the forefront to discover new and innovative business opportunities.

A great entrepreneur will also connect others they know, even if it’s of no apparent benefit to themselves. Not only is it an excellent opportunity to help someone else, but the favour could well be returned, with interest, in the future.   

6. Embrace Failure

In addition to managing risk and making calculated decisions, entrepreneurship requires a certain level of comfort with failure. New businesses fail all the time for a variety of reasons, some preventable, others not so much. An entrepreneur understands that every failed business teaches some critical lessons and will add to their toolbox for future ventures.

Many risks can be avoided with careful planning and action; however, some are beyond your control. A successful entrepreneur is aware of this uncertainty, but their desire to learn, grow and ultimately succeed always outweighs their fear of failure.

7. Team Builders

A great entrepreneur is acutely aware of their strengths and weaknesses. Rather than being held back by their shortcomings, they attract and build relationships with people with complementary skills. They create robust, structured teams to help them create their vision.

As a business evolves, the entrepreneurial business owner will continue to monitor their team’s performance, assessing areas to add new skills and talents to their existing team. They are masters at building strong, progressive teams with shared common goals to boost and strengthen the company culture and bottom line.

8. Perseverance

While many successful entrepreneurs accept the possibility of setbacks, they refuse to give up. It’s often the lessons learnt from roadblocks and setbacks that an entrepreneur uses to come back bigger and better.

Taking what is learnt from failed experiences, they reassess, adjust and integrate these lessons into their venture. They continue to persevere through all the challenges until their end goals are achieved.   

9. Focus

While the early stages of launching a venture are critical to long-term success, an entrepreneur remains focused on the long-term goal. Early success is celebrated, but their eye is always on the future.

Great entrepreneurs establish their long-term goals from the start. They will practise daily habits and tasks that ensure they stay focused on their end goal. These daily rituals are even more powerful and useful when the going gets tough and staying focused is critical.

By continually developing these characteristics and combining them with good old-fashioned hard work consistently, entrepreneurs give themselves the best chance of achieving their dream of ground-breaking success.

If you need help harnessing your inner entrepreneur to build an innovative, hard-working and capable team, then Numble can help. Call Kim on 1300 852 575, or email hello@numble.com.au