3 Traits of Effective Entrepreneurs


Insights for ProfessionalsThe latest thought leadership for Management pros

Tuesday, May 16, 2017

There are many traits that are shared among some of the most effective entrepreneurs and ways you can develop your own skills to help your business plan.

Article 2 Minutes
3 Traits of Effective Entrepreneurs

To be a successful entrepreneur, you need to be able to overcome the variety of challenges and obstacles that may get in your way. Launching a business and helping it grow from a small startup to a much bigger enterprise can be incredibly difficult at times.

This is why there are certain traits that many of the most effective and successful entrepreneurs share, though it's important to remember that many of these skills can be learnt with enough determination.

Here are just three of the most common traits that entrepreneurs have:

1. Resilience

If you are going to overcome the challenges that will get in your way, including many people turning down your idea or discrediting it altogether, you need to have a thick skin. Entrepreneurs have to be resilient enough to get knocked down repeatedly, dust themselves off and do it all over again the next day.

This shouldn't be confused with dismissing constructive criticism, as it's likely that you'll need to tweak your business model almost constantly throughout your first few years. However, you need to be able to tell the difference between people not wanting to back your business and criticism that is actually guidance on how to improve it.

2. Flexibility

Whether you are launching a startup or operating a massive organization, you need to be flexible enough to adapt to any changes that may happen in your business. This is especially important for entrepreneurs as the early stages of starting a company are the most challenging, and where you need to make the most alterations.

Most successful entrepreneurs will tell you that their current plan is completely different from their original business model. This evolution will continue to happen throughout your career but it's important that you are prepared to modify your idea when it makes sense to. Often this is the result of customer feedback or a change in the business climate, but can make a substantial difference to your success.

3. Self-belief

Any entrepreneur needs to have the self-belief that their business will work. Of course, everyone has days where they want to give in and question why they don't just have a nice 9-5 job, but you need to have the confidence in your idea to get back on the horse the next day.

There will be knockbacks, disappointments and just plain rough days, but you need to have the passion and self-belief to know that the world needs your idea. It's important that this belief is supported by research and insight wherever possible, and that you're able to overcome the criticism you're faced with.

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