Five Qualities of a Successful Entrepreneur
Updated: Oct 26, 2020
So… you want to be an entrepreneur? Well, buckle up. This ride could get bumpy.
There is nothing we like more than the entrepreneur. (Ok, you caught us… we like bacon, like way more than entrepreneurs.) But for real, there is nothing better than a motivated individual or team trying to accomplish something big.
The path is not always full of sunshine and rainbows though. Being an entrepreneur takes a ton of work and energy. Most of the time you will fail, and if you manage to get something right, you’ll probably fail again soon after.
If you are committed to your entrepreneurial dreams, then there are a few things you need to know. This list is not exhaustive and Lord knows we haven’t learned everything. But, we hope this will give you an idea of what a successful entrepreneur looks like.
1. Successful Entrepreneurs are Self Aware
We’re pretty sure that the biggest key to any successful venture is Self-Awareness. If you think you can sell fried chicken to PETA activists, but you really can’t, then your idea and business will fail. Without self-awareness, you cannot make good decisions. Without self-awareness, you cannot see your weaknesses. Without self-awareness, you cannot accurately find or fix problems in your organization. No entrepreneur can be perfect. Every person on earth has weaknesses. If you are not aware of yours, if you can’t find people to complement those weaknesses, then you are in for a long rough ride as a so-called entrepreneur.
2. Successful Entrepreneurs Are Great Listeners
Whether you are opening a new retail store or selling bags made out of cow poop on Instagram, a great entrepreneur must learn to listen to the market and their customers. If no-one is buying your organic cow poop bags, there is a reason. We’ve seen leaders and entrepreneurs who believe that their way is the only way. They think their product or service is the best, but when no one buys it they don’t pivot or adjust. The only way to succeed as an entrepreneur is to listen to your customers, to the market, and to others who have come before. Don’t get so set in the “your way or the highway” mentality. Trust us… it won’t end well for you.
3. Successful Entrepreneurs Are Focused
Focus is key. So many leaders and entrepreneurs fail because they focus on things that don’t really matter. As an entrepreneur, you should be constantly prioritizing tasks that matter over ones that don’t. When you get bogged down in the weeds or you’re simply putting out the latest fire, you can’t spend your time moving forward.
4. Successful Entrepreneurs Are Doers
They say the best leaders are the best learners. There is no doubt there is some truth to that. Learning is a valuable skill, but sometimes learning can become nothing more than a crutch. The best and most successful entrepreneurs are those who have mastered the art of DOING. You can attend every conference, read every John Maxwell book, but all of the knowledge in the world means absolutely nothing if you don’t put it into action. Actions speak louder than words. That is easy to say but harder to implement. Without taking action you will be forever stuck learning from others, never to take charge of your own destiny!
5. Successful Entrepreneurs Are Consistent
According to a recent study, more than 11,000 new businesses start every day all across the world. Over 90% of those new endeavors will fail. So how can you possibly make it? Be consistent. There are so many entrepreneurs who start a project, work on it really hard, and then give up because they lack the skill of consistency. Consistency is commitment. If you commit you will become consistent with your work and you will start seeing results. Consistency will keep you passionate and motivated about what you are working on and help you become part of the 10% that make it in the long run.
As you already know, there is no magic formula for success. There is no Gary Veynerchuck genie you can rub for advice whenever you need it. But you can do this. Becoming an entrepreneur and finding success is one of the greatest feelings you can experience. Just go out there and get it!!