Not everyone is cut out to be an entrepreneur. For instance, if you prioritize stability and a regular paycheck, then entrepreneurship might feel too risky for you. Here are seven traits of entrepreneurs that can help you decide if you have what it takes.
1. Huge Self-Motivation
Successful entrepreneurs tend to give their all and then some more. Words such as intense, driven, and tireless describe them. Even if you do not feel this way in general, a specific idea or concept can motivate you immensely. It can be enough to propel you beyond the finish line.
2. Not Afraid of Failure
Many entrepreneurs do not fear failure. They see the possibility of failure as sometimes necessary or as a worthwhile tradeoff for the entrepreneurship journey. One reason they do not fear failure is that they do research and make calculated risks. They enter businesses and projects with the mindset of, “Nothing ventured, nothing gained.”
Not being afraid of failure ties in with self-motivation because it can apply to entrepreneurs spurred by a certain idea or project. Their passion for the cause may be so consuming, they see the possible outcome of failure as worth it.
Entrepreneurs do not pretend to know it all. In fact, they embrace not knowing it all. They are extremely curious people. They constantly try to learn more about what interests them, and that knowledge boosts their confidence.
They take many approaches to learning, for example, furthering their business education online, attending conferences to learn material and cultivate contacts, chatting with customers and end users, volunteering, or joining the local chamber of commerce.
Good entrepreneurs often understand the value of supportive peers and networks. It is rare to be able to bring a business to fruition all by yourself. Various people must be involved at all levels, both in the personal and professional spheres. Entrepreneurs have a lot of contacts and resources that they nurture.
5. Competitive, Collaborative Spirit
The desire to do well and “win” is a defining trait of entrepreneurs. That is not to say they are sore losers. Many are gracious and respectful of rivals and competitors. They welcome the competition because it helps them better themselves and their products or services. Competitors can even serve as resources and collaborators.
6. Serial Innovation
A good number of entrepreneurs keep innovating and innovating. They are serial entrepreneurs who embrace change. They build onto their leadership skills, previous successes, proven concepts, and existing support networks to keep innovating.
Leaders keep the end goal in mind at all times and strive toward it no matter the grunt or dirty work required. They understand that work is often not fun but love doing it anyway. Successful entrepreneurs build good teams and earn members’ trust. They are usually good communicators and leaders.
Each entrepreneur is different, but many have traits such as high self-motivation, curiosity, competitiveness, and leadership in common. Starting a business requires a lot of effort, and these traits help entrepreneurs get through long days and nights.