Most new entrepreneurs ask themselves what it takes to succeed at least once. Studies have revealed that there are certain characteristics that are common among entrepreneurs who are successful. Those characteristics are described below.

Self-Motivation. Most people wait until someone else tells them what to do. That’s the way our society is organized.  If you examine truly successful people you will find that they have a high level of self-motivation. This applies to any calling in life. A person who speaks several languages learned those languages using their initiative. Someone who masters a sport and excels in it, does so through their motivation and determination. We can only achieve success if we like what we do and if we do it using self-motivation and commitment.

Burning Desire. Successful entrepreneurs almost universally report that they want to be their own boss so badly they can “taste it”. This desire propels them to do what needs to be done – regardless of how pleasant or unpleasant the task is. 

Initiative. “If it’s to be, it’s up to me” is the motto in the entrepreneurial world. Nothing happens unless you make it happen. Initiative is a daily, even an hourly, matter. There are all sorts of things that require action. Many unsuccessful business people procrastinate about taking action on critical matters.

High Energy Level. Successful entrepreneurs just can’t sit still for a minute. They must always be doing something.

Perseverance. Successful entrepreneurs are determined to win, to be successful. They keep going when the going gets tough. Even roadblocks and dead ends don’t discourage them. They just learn to adapt and change and revise their goals so they can ultimately achieve success.

Responsibility and Self-Discipline. Winners realize that if they are to be successful, they are the only ones who can make it happen. No one else is going to do it for them. Until you accept full and total responsibility for your future, you’ll not have much of one.

Problem Solver. The person who is not able to face problems and solve them in stride, without allowing them to affect him or her personally, will be unhappy in entrepreneurship.

Ability to Work Without a Lot of Help. As an entrepreneur, particularly a beginning one, you have little support, such as secretaries, accounting department, marketing representative. You’re it! Some people just cannot operate on their own. They have been pampered too long. 

Thrives on Ambiguity. Structure and certainty are seldom found in the entrepreneurial world. You must exist and prosper in an environment that is confusing and has few answers. While others are frozen into inaction by the confusion, entrepreneurs plunge into the maelstrom with confidence that somehow they will find ways to cope with whatever problems they encounter.

Persuasive. Successful entrepreneurs must persuade other people to do all sorts of things for them: lend them money, work hard for them, buy from them, and sell to them on favorable terms. Persuasion is their main tool. If you are not adept at the art of persuasion, then make certain that you have someone on your team who is. You must have selling skills in your organization.

Understands the Value of Money. It is difficult to be successful in business if you pay too much for the things you buy and fail to get enough for the things you sell.

Self-Confidence. It takes a great deal of self-confidence to break away from the pack and go it alone. So it is not surprising to find that most successful entrepreneurs are very self-confident. They believe in themselves and have confidence that somehow they will solve whatever problems arise. They don’t become paralyzed with fears. 

Market Awareness. One of the most significant discriminating characteristic of an entrepreneur is his or her sensitivity to market opportunities. It is true that many people can be surrounded with tremendous market opportunities, yet fail to perceive their existence. One mark of entrepreneurs is that at every turn they see an opportunity to make some money.

Goal Setting Practitioner. Successful entrepreneurs set goals, put them in writing and develop step-by-step plans to achieve them.

Recently Published

Top Picks

Key Takeaways: Albert Einstein’s theory of general relativity has been remarkably successful in describing the gravity of stars and planets. However, gaps in our understanding start to appear when we try to apply it to extremely small distances, where the laws of quantum mechanics operate. A new study, published in Nature Astronomy, has now tested […]
Key Takeaways: Digital money is a form of currency that uses computer networks to make payments. It is not the digital nature of cryptocurrencies that differentiate them from digital money, but how they ensure the ownership of digital property that mark them as transformational. The Counter Currency Laboratory, a new initiative based in the Department […]
Key Takeaways: For many people, Buddhism appears to be uniquely compatible with modern lifestyles and world views. Buddhist mindfulness has influenced many schools of contemporary psychology. Buddhist philosophy embraces constant change and the inherent impermanence of all things. The 19th century Burmese monk Ledi Sayadawtravelled the nation teaching meditation and founding study groups. The forms […]
Key Takeaways: Elon Musk proposed a range of controversial changes to the Twitter platform. One of the ideas was to charge US$8 a month to obtain a verified status. The paid verification change has already been rolled out in several countries, including Australia, under the Twitter Blue subscription service. Musk’s proposal is not only misguided […]

Trending

I highly recommend reading the McKinsey Global Institute’s new report, “Reskilling China: Transforming The World’s Largest Workforce Into Lifelong Learners”, which focuses on the country’s biggest employment challenge, re-training its workforce and the adoption of practices such as lifelong learning to address the growing digital transformation of its productive fabric. How to transform the country […]

Join our Newsletter

Get our monthly recap with the latest news, articles and resources.

Latest Titles

Login

Welcome to Empirics

We are glad you have decided to join our mission of gathering the collective knowledge of Asia!
Join Empirics