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Small Business Insight

Traits of a Successful Entrepreneur

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Success, as an entrepreneur, can be described in many ways. Some people feel that earning a sustainable income through your entrepreneurial prowess is the epitome of success, while others believe that you must earn a certain dollar amount of money consistently to be successful. Regardless of your definition of success for entrepreneurs, there are a few traits that successful entrepreneurs all seem to have in common. These are a few that top that list.

Humility
Forbes describes humility as one of the most important and most often underrated traits for an entrepreneur to possess. What’s the big deal about humility? Successful entrepreneurs need people to work for them and to work with them. It is much easier for you to find these people to work with you if you are humble when dealing with them.

Intellectual Curiosity
In fact, successful entrepreneurs tend to have appetites that are almost insatiable when it comes to gaining new knowledge. They are constantly reading, studying, and learning – always seeking out innovative ways to improve themselves, their businesses, and the world around them. Many of them wake up earlier than the general public in order to have time to read books, read newspapers, and study the industries they work in to see where they can make changes and improve.

Empathy
While some will find this as curious as humility among leading entrepreneurs it is equally necessary. You have to be able to relate to others to get them to buy products or work with and/or for you. By fine-tuning your sense of empathy, you can relate better to others. More importantly, as an entrepreneur you can understand the problems people face so that you can present better options to help them solve their problems. The most successful entrepreneurs are those who are dedicated to helping others solve their problems. Empathy is critical for this process.

Desire to Help Others
As mentioned above, many of the most successful entrepreneurs have a driving and sincere need to help others. Whether this occurs by mentoring other people in business or by solving problems for customers, those who truly desire to help others will often find their good works and efforts are repaid in abundance and success.

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Most successful entrepreneurs have taken many risks to get where they are in their fields. It’s another one of those things that is fairly critical for success as an entrepreneur. After all, there is no such thing as a risk-free business venture. It takes guts and a little bit of a gambler’s spirit to put yourself out there day after day when trying to build a successful business. That’s one thing that almost all entrepreneurs share.

The key to success for entrepreneurs is that you have to be willing to fail in order to succeed. It might seem a little twisted or convoluted, but that doesn’t make it any less the truth. Not only do you learn from your failures, but if you’re not willing to take risks that may result in failure, then you’re not growing and expanding your business. This risks stagnation and permanent failure for your entrepreneurial endeavors – something no entrepreneur wants to see happen due to risk aversion.

Attention to Detail
Entrepreneurs don’t become successful by accident. They plan. They plot. And then, they pay attention to every little detail to make sure that they can repeat their personal formulas for success once they identify them. Few things in the world happen by accident and success is not on that list – at least not success as an entrepreneur. Be prepared to plan, work, and adjust your plans on a daily basis as these are all essential traits of an entrepreneur.

Tenacious
When the going gets tough, entrepreneurs have to keep putting one foot in front of the other until they’ve achieved their dreams and reached their own personal pinnacles of success. This takes a great deal of tenacity when inevitable setbacks occur. Fortunately, most entrepreneurs have an abundant supply of tenacity that will serve them well on rainy days for their businesses.

Confidence
Entrepreneurs are leaders. People need to see confidence from their leaders. Even when facing moments of doubt, confidence remains one trait common among entrepreneurs as it encourages others to follow them wherever they may lead. It also takes confidence to take the big risks that are sometimes necessary so that entrepreneurs can break through barriers to find the success they seek.

While there is no set formula or one-size-fits-all solution that defines one person as an entrepreneur and another person incapable of finding success in this field, these are the traits of an entrepreneur that many successful business leaders share. Where do you fall on the scale of these essential skills?

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