What are the key personal traits of a successful entrepreneur?

Answer 1

1. The ability to compromise.
You have to be able to appreciate many different points of view. A customer demand, for example might seem unreasonable, but by accomodating a point of view unlike your own, might bring an insight that benifits your company. I have a saying: In the Art of Compromise, 75+75=100.

2. You need to take a long view.
Seeing how something benefits you in the short term without considering the long term effects will result in missed opportunities. I had a nasty difficulty in a construction contract where I could have justifiably sued the other party. I instead negotiated a less than ideal settlement, but instead preserved my business realationship which continues to bring profitable business.

3. Confidence
If you expect others to believe in you, you must believe in yourself.

4. Knowledge
Knowledge is a lifelong quest. Observe. Read and do research. Take school and on-the-job training

5. Organization
For a company to grow, the people involved have to be organized. Clutter adds stress and hazards. Have a plan and communicate it to others.

6. Integrity
A most misunderstood concept. I define it as a combination of Attitude, Honesty, Character, and Compassion. It is a relationship you have with yourself that keeps your "self" intact and uncorrupted.

7. Service.
Sharing your succes and knowledge with others by mentoring. Giving of your time and money to your family and community.
-Campo

Answer 2

I believe that the first successful trait of any entrepreneur is the willingness to take risks.

The second related trait is the intelligence to weigh the possible outcomes of any proposal and come up with a proper decision based upon information uncovered during a discovery phase. Being able to concretely define your proposal is one half of the battle. Knowing where to find your information is often the other half of the battle.

The third is the flexibility, or agility, to make appropriate decisions as things come up to mitigate the risks associated with the current endeavor.

The fourth trait, and not any less important than the other three, is the ability to socially network and involve others by convincing them of the credibility of your current vision, possibly gaining their critical support for the project.

Lastly, an entrepreneur has to possess some sort of obsessive ambitious drive that borders on insanity. There's no good reason for why someone would want to devote 99% of one's time to possibly becoming a successful entrepreneur in an extremely competitive field when they could work 8 hours a day, collect a paycheck, and spend the other half of their day with a family or collection of tightly-knit friends.

Accumulation of wealth means nothing if you really can't enjoy the money because you're too busy accumulating more or holding onto what you have.

Answer 3

1) Self-motivation. Studies have shown that successful people get less than 7 hours of sleep a night.

2) Self-discipline. Personal indulgence when it hampers your work performance must be eliminated. You must make actions that promotes your goals a habit.

3) Well defined goals. How can you be successful if you don't even have something to be successful about? This includes a road map. What must you do in 5 years? In 1 year? In 1 month? In the next week? Tomorrow? TODAY?

4) Prioritize. Once you have a road map, now you must create a business plan. OMYG! You actually must do some paperwork!!! all those technical writing classes in college will do you good.

5) Time management. Part of prioritizing. Don't push an idea or question to the side simply because you are too "busy" to think about it NOW... You'll forget about it and later it will bite you in your tender spot.

6) Control of your emotions. Not Mr. Spock, but not Bones either! Use your mind and guile to get the job done. Remember it's just business - don't let your competitors manipulate you, turn the tables and manipulate them.

7) Biofeedback. Admit mistakes - maybe not to everyone else, but at least to yourself. FIX PROBLEMS NOW!!! Something is amiss, don't get emotional, and don't procrastinate - get 'er done! Most of all learn from both your successes AND your failures. We are all human - but an entrepreneur will only make the same mistake ONCE!

8) Enjoy what you do. This is not necessary to being a successful entrepreneur, but it IS the most important item in having a successful LIFE.

Good luck to you. I hear Mr. Trump is a BIG Task Master!!!

*Whip snap* Now get back to work!

Answer 4

I would say that there is definitly a need for more "open lines of communication" in the workforce than there has ever been before.With such a diversified cross section of people , a successful entrepreneur should be ready to "speak",and" listen ",to the workforce they have chosen to get their product out the door at an acceptable rate,and quality.If they cannot do this ,they will have a problem in the overall morale of the people ,that is necessary and required,in order for them to do a job to the best of their ability.When a workforce of people feel that "their" input ,and concerns no longer count... they feel that they've become a mere "number",or "a payroll deduction",and are "expendible ".When this happens,people lose the "caring" aspect,and "pride" in their work, and the quality of the product will surely drop segnificantly.When the people in the workforce feel they can approach upper management,and be heard,and taken seriously,then they are more apt to come up with ways to make a job easier,safer,and faster,which in turn ,injects the pride of a job well done,and the ability for them to say"I helped build that",and be proud of it.The more pride a person has in their ability to do a good job for a company, the better the morale,and the willingness,of an employee to go the extra 10 %,which in the long run,benefits the company. Having a workforce a company can trust to get a job done well,and not have the turnover of disgruntled employees,that make a company look bad on the surface to possible new employees,makes for a quality,and quantity combination,that can't be beat.

Answer 5

Once the goal is established, the entrepreneur's role is to bring the right people on board, put them in the right seats, and give them just enough motivation to motivate themselves and bring others on board. Then they're to step back and promote the achievements of those whom joined the team and are making the dream happen. Thirdly, a successful entrepreneur must have the unwaivering courage to succeed in the presence of naysayers. From my own personal experience with brainstorming ideas - for every one person that believes in your product, there will be at least 2 more that do not because they cannot see the vision of your ultimate goal (or as some may call it - the "big picture"). Courage will inspire the ability to take the necessary risks to make your business successful.

Answer 6

Too many people believe that if you work hard at something enough anything is possible. However, with an entrepreneur the reality is different.
No matter how hard you work if you can't see that "IT" quality, you won't succeed. True entrepreneurs see what others don't then maximize it to a global level.
They make people want whatever their service or product is. They make people aspire to do better, be better, and inspire others to do the same thing.
Now, I am not saying that hard work isn't apart of it; it is. What I am saying is that entrepreneurs take everything one step farther. Their vision is far more encompassing that that of the average person. They see possibilites where others don't.
In summary, I believe that a entrepreneur is a leader, a visionary, and most of all an example that people should aspire to be.

Answer 7

1. Being a Goal Setter
2. Knowing Your Strengths and Weaknesses
3. Maximizing Opportunities
4. Know Your Business/ Know Your Competition
5. Effectively Manage Budgets and Finances
6. Never Settle for Second Best
7. Enjoy your Business
8. Hard Work Willing
9. Get Help When Necessary

If you have these traits, there is no reason why you cannot become a very successful entrepreneur.

Answer 8

I am currently trying to grow a business. And while there are many important trait here are some of the most critical traits that I have to continually draw upon:

1. Persistence - The ability to believe in your ideas and keep trying even when it seems like your are in a hopeless moment, is essential for an entrepreneur, many entrepreneurs will fold at this point.

2. Open - Sometimes the best ideas and business opportunities I have gotten have come from areas I never thought were possible. Always be open to new ideas and possible areas for expansion.

3. Hard work - While its great to to talk and say you can make the best thing that everyone wants with a huge profit margin. But doing the work and getting ahead of the competition is extremely important to be successful.

Answer 9

Often times it is through our failures that we learn what works and what doesn’t work. A successful entrepreneur knows s (he) can’t do everything alone and relies on intelligent motivated people to help them accomplish their goals. Don’t be intimidated by people or tell Trump “This is the Apprentice, not the apprenti.” Embrace the strengths that others posses and build a relationship with those people. ..Hire those people! A successful person doesn’t give up when blocks are in the road, but doesn’t feel defeated if a idea or plan isn’t accomplished (they don’t waste time trying to continue something after if is known that the something will not workout). Most of all, a successful entrepreneur must be a good leader. Good leaders listen to (and learn from) those they are leading.

Answer 10

A kind personality. A nose for math. Not too pushy, but provides all the information the customer needs. You have to have good grammar, which I can tell by the way you typed your question. I know that I always look for an entrepreneur who can answer questions thouroughly and accurately. I also like it when even if they are waiting on another person, they can be polite and ask for another few seconds to answer a question. Ahh, politeness. A very fine key in being sucessful. Always be polite, and speak clearly. Get accross your point, without all the "umms" and "hmms". Those are some things that I notice about a good entrepreneur.

Answer 11

In all the years that this author has been working with start-up businesses I can honestly say that there is no such thing as a typical “Entrepreneur”. Many articles attempt to answer the question; “Is entrepreneurship right for you?” And, many proclaim to have the answer listing characteristics such as decision making skills, planning and organizing skills, motivation and being a self starter.

While many of these guides ring somewhat true they should be taken with a grain of salt. The number one characteristic that sets apart those who start a business from those who don’t is determination.

The real question should not be “Is entrepreneurship right for you?” but, “Are you determined to learn how to be an entrepreneur and follow through?” Which is the number two key trait is the willingness to learn. Because so few business owners are "born entrepreneurs" they have to learn by immersing themselves in the myriad of resources available on and off the web. This includes networking with other entrepreneurs, investors, and business support services (for example technical assistance programs such as SCORE and SBDC). This also includes surrounding yourself with people who are smarter than you...as any honest business owner will tell you; they didn't do it all alone.

Number three trait is a solid business plan or business model with quality market research to back it up and a genuine business opportunity. Business planning serves four main functions: Raising Capital, Strategic Planning, Feasibility Testing, and Opportunity Discovery. Entrepreneurs who take the time to go through the process have a greater chance of success then those who do not.

The number four trait is access to capital. Unfortunately, this is where many businesses come up short. In my experience lack of adequate capital it is the number one reason why businesses fail. The number two reason is overly optimistic sales projections (which coincidentally leads to a lack of capital).

The fifth trait is a sense of what good marketing is (overt benefit) and a sales orientated personality. No...this doesn't mean you have to use a greasy or hard sell approach. But in some ways you have to have a "silver tongue" in negotiating with customers (especially in B2B) and know how to overcome objections.

The sixth and final is a keen eye for numbers. Business is all about "cash in and cash out" which means you have to know what your cash position is today and what it will be tomorrow. This means knowing how to read financial statements, reviewing them monthly and analyzing trends to make sure your business is heading in the right direction.

Good Luck to All

Mr BizPlan