It takes a special kind of person to start and run a successful business. Not everyone is suited for the life of an entrepreneur. So, what are the characteristics that set them apart?
It all starts with the determination to succeed. It requires steadfast belief in yourself, your new service or product/offering, and your core team to create the new business you pursue. It also requires the flexibility, perseverance and patience to recognize you may well hit bumps along the way, but you will still find a way to achieve.
Types of Entrepreneurs
Is there just one type of entrepreneur? Absolutely not. Depending on which source you prefer, there are between four and seven different types of entrepreneurs. From innovators to hustlers, builders to opportunists, there are many styles of entrepreneur with some very important core characteristics:
- A never-ending belief in their concept, idea, product or service
- A keen ability to focus on attracting, adding and developing great talent
- An extensive knowledge and study of their industry, consumer demand and trends to best align the new offering for maximum success
Traits for Success
Can anyone learn the characteristics to succeed? Entrepreneurs do seem to have common, inherent qualities such as risk-taking and confidence. Gallup, for instance, identifies 10 traits that entrepreneurs share including determination, delegation and disruption. Their traits and tendencies can be nurtured in the right environments to draw them out. If not encouraged, they will be kept tucked away, never to be uncovered or realized.
Finding the Right Team
Not every successful entrepreneur embodies all these traits, but the secret is being able to find the right partners and build the right teams to fill the gaps in your talents. Being a leader who can recruit and empower talented team members will go a long way toward ensuring success.
Another powerful trait shared by successful entrepreneurs: curiosity. They never stop learning, continually studying industry trends, changing consumer preferences, and other market factors. Initial success is not a stopping point. Any entrepreneur who stops learning is dead in the water — to foster success, cultivate your curiosity. Keep learning and plan for the future.