6 Common Characteristics of Successful Entrepreneurs

Last modified 07 June 2022
Categories: Entrepreneurship
Estimated reading time: 3 minutes
6 Common Characteristics of Successful Entrepreneurs

Many of us call ourselves ‘entrepreneurs’, but do we have what it takes to be categorised as a ‘successful entrepreneur’? A successful entrepreneur doesn’t just refer to monetary gains – it is also about the journey to success and your enjoyment of that journey. If you’d like to know what it takes to get to the top, trying to adopt the following 6 characteristics of successful entrepreneurs should be your first step.

1. Embrace Risk

The ability to embrace risk is one of the most important characteristics of successful entrepreneurs and business people alike. Risk is inevitable, and if you never embrace it then it is almost impossible to innovate. Those who take calculated risks are more likely to succeed than those who don’t risk at all. Of course, not all risks are worth taking, but as T. S. Eliot once said ‘Only those who will risk going too far can possibly find out how far one can go’.

2. Morning People

We hear it a lot, but studies have found that morning people are likely to be m  ore successful in their careers in comparison to those who stay up very late. Of course there are successful people with other sleeping patterns, however as Elite Daily suggests, http://elitedaily.com/money/9-reasons-morning-people-successful/681717/ morning people are generally more efficient, have more energy and have a clearer mind to accomplish more with their day.

3. Passion and enjoyment

Whilst it is wonderful to follow a current trend as a business opportunity, unless you are passionate about the subject, you are likely to struggle. Passion is an essential characteristic for entrepreneurs; it helps you to persevere when times are tough and your keen interest allows you to see things from unique angles. Enjoyment is also critical; the more you find the business enjoyable, the more you will put in to it. Follow what you are interested in, and it will be much easier to innovate and succeed.

4. Goal setting

The ability to set and adhere to goals is another one of the common characteristics of successful entrepreneurs. If you have constructed a business plan which details the objectives of your efforts, you are much more likely to stay on track and strive for greater things. Those with well-thought-out goals written down remains focused, and tend to avoid running into confusion later down the track.

5. Manage money wisely

Of course, without money, your ideas will not be able to come to life. Cash flow is essential to every business, therefore someone who manages it wisely and efficiently is more likely to succeed. If managing finances isn’t your strong point, ensure you seek out the advice of professionals to evade possible future issues.  

6. Always focus on the customer

Last, but certainly not the least of the characteristics of successful entrepreneurs is the ability to always focus on the customer. Without the customer, your business does not exist. Your main priority should always be to satisfy the customer’s needs, and innovate to suit their demands. At the end of the day it is not necessarily about making the most advanced product, it is about providing something to the market that the customers want. Everything you do in your business must be focused on the consumer, including the product, policies, processes and advertising.

What do you think?

Do you think that there are other characteristics of successful entrepreneurs that should be added to this list? If you’re an entrepreneur, which of your characteristics do you believe has helped you get to where you are? Join the conversation and comment your views below.

This article was written by Laura Hutton on behalf of the Australian Institute of Business. All opinions are that of the writer and do not necessarily reflect the opinion of AIB. The following sources were used to compile the article: Brainy Quote 

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