Who are Successful Entrepreneurs?
The common understanding of successful entrepreneurs sees them as being those who start up businesses that become highly profitable for the entrepreneur. Successful entrepreneurs are typically seen as those who make a very large profit from undertaking a start up business from scratch. The successful entrepreneur may create financial success for themself by selling the business for a very large sum of money, or by continuously growing the profits of that business. Often, financially “successful” entrepreneurs are seen as those who have made millions of dollars from their endeavour. Certainly, the financial success of the business can signify that an entrepreneur is successful.
However, there may be other definitions of “success” that entrepreneurs may have for themselves, which is beyond just the making of a million dollars or more. Many entrepreneurs may consider themself successful if they create a business that enables them to be financially free and personally independent. Some entrepreneurs may consider “success” to be more in terms of the value that the business provides to society, measured in terms of the positive economic development, social impact or environmental benefit that the business contributes to the world. Many entrepreneurs also consider “success” to be in terms of sustainabililty of the venture and the legacy that is makes and leaves in the achievement of its business mission.
While there are several viewpoints of what makes is a “successful” entrepreneur, the financial success of a business, nonetheless, remains one of the most fundamental criteria that determines success in entrepreneurship.
10 Characteristics of the Best Entrepreneurs
There are a number of characteristics that are common to the best and most successful entrepreneurs in society. The following list can help you develop your own entrepreneurial traits to increase your chances of success.
Successful entrepreneurs are highly enthusiastic about their business. They must be in order to take initiatives and risks that many other people would not undertake.
Entrepreneurs will face many obstacles and hurdles, so they must be driven to persevere. Persistence is a major trait of successful entrepreneurs who continue to work on their business regardless of the many challenges.
Entrepreneurs who are successful are very focused on setting goals and achieving them for their business. They set ambitious goals, take action, measure their outcomes and change course until they achieve what they want.
Entrepreneurs will start up a business from scratch. Thus, they need to be imaginative in order to create something great out of nothing.
The best entrepreneurs constantly ask questions in order to find gaps in the market and to find solutions for those gaps through their business operations.
Successful entrepreneurs are open to try new technologies or to come up with new ideas and technologies in order to serve the customer faster, easier and cheaper. That’s why the trait of innovation is key for top entrepreneurs.
The best entrepreneurs not only follow the facts and figures. Often, they listen to their intuition, which enables them to see business opportunities that many people do not see.
Failues, criticism and negative thinking will be a major challenge for aspiring entrepreneurs. Fortunately, it’s comforting to know that successful entrepreneurs have also faced these, but the top entrepreneurs have conditioned their mind so well that their positive mental attitude helps push them forward despite the odds.
Successful entrepreneurs have an innate desire to build a business. They are builders, and it is through business that they can express this trait from a start up to a growing and thriving business.
The most successful entrepreneurs do not build their business all on their own. Entrepreneurs can only do so much with their limited time, energy and knowledge, so they need the help of a team. Top entrepreneurs know how to assemble a team, manage them and empower them to achieve the business’s goals together.