Do you want to run your own business? Do you see yourself as the boss, making big decisions, and earning a lot of money?<\/p>\n\n\n\n
These all sound nice but it\u2019s also a lot of work. <\/p>\n\n\n\n
Starting your own business is backbreaking work. Anyone who claims it\u2019s easy is lying or isn\u2019t really running a business. <\/p>\n\n\n\n
As an entrepreneur, your hours will be long and you\u2019ll have to deal with new challenges and problems everyday. If your heart isn\u2019t in it, you will lose money and fail.<\/p>\n\n\n\n
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\n\n\n\n9 Traits of Successful Entrepreneurs Worth Following<\/h2>\n\n\n\n
1. High Tolerance for Risk<\/h3>\n\n\n\n
Being an entrepreneur means foregoing a steady paycheck\u2014 at least until your business takes off and stabilizes.<\/p>\n\n\n\n
Many entrepreneurs risk their own savings to bootstrap their business. Barbara Corcoran<\/a>, one of the hosts at Shark Tank, used a $1000 loan to start the Corcoran Group real estate company, which she sold for a cool $66 million exit profit in 2001.\u00a0<\/p>\n\n\n\n
2. Organized Planners<\/h3>\n\n\n\n
Successful entrepreneurs are good planners. They plan for the year, the quarter, and the months and days in between. <\/p>\n\n\n\n
Planning helps them assess current resources, research competitors, create goals, and delegate tasks to run the company. A well-researched strategic plan can make the difference between hitting your annual sales goals and failing spectacularly. <\/p>\n\n\n\n
Entrepreneurs also create methods, procedures, and policies for how things are done in their organization. That\u2019s how they scale and delegate their sales, operations, marketing, customer service, and almost every business process without things going haywire.<\/p>\n\n\n\n
3. Tenacious and Resilient<\/h3>\n\n\n\n
Three out of four startups fail, according to a different study by Harvard Business School lecturer Shikhar Ghosh<\/a>. As sad as it sounds, many entrepreneurs will fail on their first attempt to start a business.\u00a0<\/p>\n\n\n\n
What went wrong? <\/p>\n\n\n\n
What can I do better next time? <\/p>\n\n\n\n
What\u2019s a good alternative in case this problem happens again? <\/p>\n\n\n\n
These are the kind of questions a resilient entrepreneur will ask himself. <\/p>\n\n\n\n
4. An Inquisitive Mind<\/h3>\n\n\n\n
Nokia was once the top mobile phone company worldwide, until Apple came along. Industries evolve and consumer demands change all the time. If you\u2019re not constantly learning and improving, you will get left behind. <\/p>\n\n\n\n
Entrepreneurs need to stay sharp if they don\u2019t want to be overtaken by their competitors. Read books on leadership or sales, take courses, and keep up with changes in your industry. <\/p>\n\n\n\n
Better yet, make sure your employees receive continuous training to improve their skills too. <\/p>\n\n\n\n
Related read: 10+ Best Business Books for Aspiring Entrepreneurs<\/a><\/p>\n\n\n\n
5. Passion<\/h3>\n\n\n\n
For outsiders, it\u2019s easy to assume that many entrepreneurs go into business for the money. Yes, a big payoff sounds great but you\u2019ll soon doubt if it’s worth it once you see all the work involved.<\/p>\n\n\n\n
Prof. Jay Friedlander, who teaches sustainable business at Babson College and College of the Atlantic says, \u201cMost entrepreneurs I know believe they will change the world. There\u2019s an excitement and belief in what they\u2019re doing and that gets them through the hard times.\u201d<\/em><\/p>\n\n\n\n
Passion for your business\u2019s product, service, or mission is an excellent source of intrinsic motivation that can sustain your company\u2019s profits takeoff. <\/p>\n\n\n\n
John Roulac, founder of Nutiva, was passionate about the uses of hemp for sustainable agriculture. He launched Nutiva in 1999 to create a new market for Canadian hemp farmers, but he often had trouble with the US Customs who associated his products with marijuana. <\/p>\n\n\n\n
The first two years of his business were tough but his passion for hemp kept him going, even when the Justice Department ruled that hemp products were in the same category as heroin. <\/p>\n\n\n\n
Roulac could\u2019ve been bankrupted by this new ruling. Instead, he sued the Drug Enforcement Administration (DEA) with the help of Dr. Bronner\u2019s soap and other natural-product entrepreneurs. They won the suit two years later and Nutiva has since expanded into other natural healthcare products.<\/p>\n\n\n\n
Related read: 50+ Best Entrepreneurship Quotes to Inspire, Motivate, and Encourage<\/a><\/p>\n\n\n\n
6. Willingness to Ask for Help<\/h3>\n\n\n\n
Many entrepreneurs are jack of all trades with knowledge in many parts of running a business. But they know their limitations and aren\u2019t afraid to ask for help. Successful entrepreneurs know that it\u2019s more productive to delegate a task to someone who can do it faster and cheaper.<\/p>\n\n\n\n
7. Budget Conscious<\/h3>\n\n\n\n
It doesn\u2019t matter if you\u2019re bootstrapping your business from your own savings or you have millions at your disposal in venture capital funding. Whatever your financial situation is, you won\u2019t last in business if you have poor money-handling skills.<\/p>\n\n\n\n
Good entrepreneurs know how to track their profits and expenses. They also know how to allocate money for emergencies, expansion, and other business expenses. <\/p>\n\n\n\n
When it comes to business, poor financial decisions won\u2019t just ruin your personal credit score. It can also leave you in terrible debt. <\/p>\n\n\n\n
Create a clear financial plan for your business. List all your monthly operating expenses and income. Make sure it balances out. If you\u2019re bootstrapping, create a separate budget for your personal expenses and make sure they don\u2019t mix with your business expenses. Not only is this confusing come tax season, but taking money to pay for personal expenses is an easy way to run out of funds.<\/p>\n\n\n\n
Related Read<\/strong>: Incubator vs Accelerator: Which One Is Right for Your Startup?<\/a><\/p>\n\n\n\n
8. Good Salesmanship<\/h3>\n\n\n\n
If you want to start a business, you need to learn how to sell. <\/p>\n\n\n\n
Need funding? You\u2019ll need great persuasion skills to convince investors.<\/p>\n\n\n\n
Need suppliers? You\u2019ll need to learn how to negotiate the best payment terms.<\/p>\n\n\n\n
Need customers? You\u2019ll need to know how to show them the benefits of buying your products and services.<\/p>\n\n\n\n
Need employees? You\u2019ll need to sell them in on your vision, especially if you want top talent but can\u2019t afford to pay like Google.<\/p>\n\n\n\n
Even if you don\u2019t see yourself selling your products or services in the long run, you need to know how to do it yourself first. Otherwise, how will you train people to do it for you? And how will you know what to improve on your products if you don\u2019t talk to customers?<\/p>\n\n\n\n
Related read: 3 Reasons Why Every Entrepreneur Should Pitch Ideas on Goodwall<\/a><\/p>\n\n\n\n
9. Adaptable<\/h3>\n\n\n\n
Entrepreneurs need to adjust according to the market. Sometimes, these adjustments won\u2019t just be for new features or pricing. In some cases, you might have to come up with a whole new concept and start from scratch.<\/p>\n\n\n\n
It sounds like too much work, but many entrepreneurs will tell you that their current business is different from what it was when they started. This happens for many reasons. <\/p>\n\n\n\n
It could be because the demand isn\u2019t as big as they originally projected, or that their initial idea might\u2019ve been great but not cost-effective. It could be other things, too. As an entrepreneur, you have to go with the flow to stay in business. <\/p>\n\n\n\n
For instance, Hyungsoo Kim<\/a>, creator of Eone, initially created a braille wrist watch to help blind people tell time.\u00a0<\/p>\n\n\n\n
Which of the Characteristics of an Entrepreneur Do You Want to Cultivate First?<\/h2>\n\n\n\n
To recap, here are nine traits of successful entrepreneurs:<\/p>\n\n\n\n
- Tolerance for risk<\/li>
- Good organization skills<\/li>
- Resilience<\/li>
- Inquisitive and curious<\/li>
- Passion<\/li>
- Willingness to accept help<\/li>
- Budget conscious<\/li>
- Good salesmanship<\/li>
- Flexibility<\/li><\/ul>\n\n\n\n
Related read: 25 Inspiring Quotes and Business Tips from Successful Female Entrepreneurs<\/a><\/p>\n\n\n\n