Starting your own business venture can be frightening and not everyone is aware of what it takes to be an accomplished entrepreneur. Those who do succeed tend to exhibit similar mindsets and display particular traits vital to business success.
21 Traits of Inspired Entrepreneurs
We have done the research on the most vital personality and behavioural traits displayed by inspired entrepreneurs.
Tenacity is persevering, committing to an idea or a plan and sticking to it. A successful entrepreneur persists, strives for the top and keeps going despite the odds.
Being tenacious in all aspects of life is a key trait of an inspired entrepreneur.
2. Street smarts
Often being simply intelligent is not enough to succeed in an entrepreneurial endeavour. Some people just instinctually understand customers and how a business is meant to function.
Usually this translates to learning organically on the job and getting out to talk to your customer base rather than being stuck in a cubicle all day.
An inspired entrepreneur is a leader. They have to be able to motivate others, to encourage them to perform better and to follow the entrepreneur to business success.
Leadership is a vital trait for a good entrepreneur because if you cannot inspire others to adopt your ideas, you cannot inspire them to purchase your product.
Successful entrepreneurs are innovators; they do not follow the crowd but branch away, always looking to improve on a product or a service.
This is often why people become entrepreneurs in the first place – they see something extraordinary which does not exist yet and follow that vision to business success.
A good business person should always know when to step back and know that they’ve done wrong. If a customer is unhappy with your product, it will do you no good to ignore their comments simply because you believe they are wrong.
An inspired entrepreneur is able to accept fault and apologise for a service or product that does not meet the standards of their customers.
Desire and instinctual grasp of the industry is a great start for a successful entrepreneurship but nowadays, it is just as important to have in-depth knowledge of business gained from tertiary education.
A good entrepreneur is educated but more importantly than that, they love to learn, to absorb knowledge and subsequently evolve their practices and improve their business plan.
An inspired entrepreneur stands out from the crowd, they do not seek to emulate the majority – they aim to stand out.
They have a certain uniqueness, both in themselves and in the product or service that they offer.
The old cliché “the sky’s the limit” may sound tiresome, but to a good entrepreneur, business ideas may go even beyond that.
Ambition is arguably the catalyst for any budding entrepreneur, it is the desire to see how far they can push their ideas and improve on their own personal and professional business standard.
Entrepreneurs seek to defy conventional wisdom. Among some of the most successful entrepreneurs today, a combination of smarts and aggressive behaviour is a characteristic mix.
As many entrepreneurs fail within the first few years of starting a business, simply to succeed in an entrepreneurship is defying the rules.
10. Ability to prioritise
Being able to break down your necessary tasks and assigning them into a hierarchy based on their importance to your business is vital for any entrepreneur.
Especially when undertaking an entrepreneurship on your own, having the ability to prioritise efficiently can prevent you becoming completely overwhelmed with your day to day work.
A creative idea and an interest in starting a business are insufficient. An inspired entrepreneur has to live and breathe what they do, they have to love it to such an extent that if the venture fails, they may be temporarily at a loss for what to do next.
Such is the desire and drive required to succeed in business.
A vital part of entrepreneurship is being able to deal with failure on a repeated basis. Even more important, however, is not to let failure bring you down.
Resilience is being able to get up and keep going despite the hits taken.
Being able to adapt to change and roll with the punches is crucial for any business.
It is not unheard of for an entrepreneur to constantly evaluate their business plan or sometimes change it completely in order to adjust themselves to the standards and trends of the industry.
14. Risk taking
An entrepreneur cannot be complacent. Tying in to rule-breaking behaviour as mentioned previously, a successful business owner has to be willing to take risks and wager his future on even greater success.
That is, a good entrepreneur knows when to take calculated risks which will have the most beneficial outcome.
15. Solution orientated
A vital trait in business is being able to see every challenge as a problem that must be solved.
An inspired entrepreneur does not back down when a trial presents itself, instead they try to figure out how to resolve it.
Successful entrepreneurs constantly concentrate on their business plan and the tasks required. They do not stray and do not give up.
They are focused on the central idea of the business as well as the main professional and financial goals.
A good entrepreneur is able to mobilise any and all available resources to achieve their goals.
They are able to make the most of the limited resources they have or inspire others to assist them.
Ambition should never be overshadowed by what is realistically possible. Therefore, a successful entrepreneur is often pragmatic and sensible, able to keep a level head during stressful situations.
Entrepreneurs are effective communicators, able to influence the people they meet and explain what they require clearly and concisely.
Likewise, successful entrepreneurs are also efficient networkers both in-person and online via social media.
A good entrepreneur maintains order and cleanliness within their business. They know exactly whether to locate a receipt for a business expense from several months ago and when a scheduled meeting is coming up.
When starting your own business, it often helps to be meticulous with your records and it is this trait that could ensure your success.
Self-confidence is an essential trait for a successful entrepreneur. You have to be absolutely sure that the product or service you provide is what the world needs and that you are able to provide it.
However, it is not blind self-confidence that is required but instead task-specific confidence where you can feel that you are able to deliver based on prior experience and collected knowledge.
The combination of these traits and behaviours results in a dynamic personality that is aware of her strengths and how to compensate for her weaknesses and thus understands what it takes for an entrepreneurship to succeed.