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Published on March 3rd, 2014 | by Pete

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5 Traits of a Successful Entrepreneur

Entrepreneurial ventures are filled with uncertainty, trials and tribulations, and a lot of hard work. It’s little wonder, therefore, that the role of entrepreneur is not suited to everyone and that many enterprises end in failure. However, it’s not all doom and gloom. Don’t forget that figures such as Larry Page, Oprah Winfrey and Milton Hershey were all entrepreneurs once upon a time. Below you’ll find five traits that took these individuals to the top:

1. Risk-Taker

Whether it’s quitting your day job or making that initial investment, at some point in your life as an entrepreneur, you will have to take a risk. Many people baulk at the idea because their risk tolerance is simply too low. Australian businessman Ron Bakir famously took a leap of faith with only $120 in his pocket as he moved from Sydney to the Gold Coast in order to set up a mobile phone retail business. His subsequent success is a testament to the power of taking a risk.

2. Passionate

When Richard Branson gives you advice, you should take it. In response to a question from an aspiring businessperson, he had the following to say, Follow your heart; do something you are really passionate about. A genuine love for what you do is ultimately what will get you through the tough times, when profits and revenue seem like alien concepts. Additionally, customers are bound to respond positively; remember: enthusiasm is contagious.

3. Confident

No matter what your business, you will have to engage in selling. Selling your service or products to customers, selling your business to investors or even selling your idea to your partner. All great salespeople have one thing: confidence. If you are perceived as being timid or unsure, why would anyone listen to you, let alone believe what you have to say? As rail magnate Edward H. Harriman once said, It is never safe to look into the future with eyes of fear.

4. Persistent

If every successful entrepreneur had given up at the first or even tenth sign of difficult times, the world would be a very different place. Instead, we have the story of people like Jill Blashack Strahan, who began her food gourmet business using personal savings, her backyard shed and a pool table. Even when she was behind on her mortgage payments, she shrugged off her doubts and recommitted. Tastefully Simple is now a multi-million dollar company.

5. Seeks Advice

Despite owning jets, exclusive cars and even islands, it’s amazing how successful businesspeople often sound humble. Humble about their beginnings, their journey and even their success. This is because they are collaborators; they see the value in working with and listening to others and being open-minded. They don’t credit themselves entirely for their success. Australian business mogul Dick Smith was quoted as saying, To be successful you must surround yourself with capable people and ask lots of advice. It worked for him and it can certainly work for you.

From Ron Bakir’s risk-taking to Jill Blashack Strahan’s persistence, there are certain characteristics that will aide you in your quest for entrepreneurial success. Do you possess all of the above features? Which entrepreneur can you most relate to? Let us know by leaving a comment below.

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One Response to 5 Traits of a Successful Entrepreneur

  1. moneystepper says:

    I think that I have got 2-5 sorted, but need to start taking some more risks. Time to get crazy…! :)

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