Thinking about becoming an entrepreneur, but unsure if you’ve got the right skills or mindset?
The dream of becoming an entrepreneur lies within many of us. Knowing that business ownership isn’t an easy or quick route to success is good, but actually understanding the personality traits, skills and background that goes into becoming a successful entrepreneur is a bit trickier.
What follows is a list of entrepreneurial traits common in many (but not all) successful entrepreneurs. How many of them do you possess already? Which ones should you work on more before taking the plunge and becoming an entrepreneur?
Risk Takers Successful entrepreneurs are risk takers, and they weigh every decision before committing. More so than the rest of the population, risk taking is an inherent part of business ownership, as staying ‘safe’ rarely pays off in the long run. Still, these risks aren’t taken blindly: careful research and previous experience are all taken into account, first.
Started Early Most successful entrepreneurs became entrepreneurs at a young age. Whether it was from a paper route, babysitting, helping their parents run the family business, or working at the corner store down the street, successful entrepreneurs learned in their childhood and/or adolescence why money is important and how to earn it.
They Take Cashflow Seriously Tied to how money makes the world go round is the knowledge most successful entrepreneurs have with regards to spending and saving. They know how much money they have and how much they need to earn in order to break even, reach a goal, pay a bill or take their business to the next level.
Professionalism Being professional is a key to successful entrepreneurship as well. No matter what their circumstance or situation – be it working from a small desk in a cubbyhole at home to the library or a rented space in an office building – business owners know that no matter what, professionalism is key. Even though they may have a kid screaming in the background, debts looming or other major stressors, their clients, the media and their suppliers would never know. Outside influences are not a distractor.
Competitive Another key trait of successful entrepreneurs is their competitive nature. Childhood pursuits such as high grades or sports are an indicator of this competitive streak, as is the need to excel in all aspects of their lives. In fact, many successful entrepreneurs sleep and eat less than their non-business-owning counterparts, making sure to focus on items that need their attention with dogged determination.
Self Confidence This dogged determination also lends itself to other important entrepreneurial trait: self-confidence. Spending a lot of time alone working is paramount to business success, and someone who isn’t sure and secure in who they are won’t do well in the world of business. This also means that most entrepreneurs understand sacrifice and how in the short-term hard work will pay off with long-term rewards.