Lots of people set out to become entrepreneurs. Some succeed and many fail. So what does it take to become a successful entrepreneur?
In order to answer this question, I had to think about not only the successful entrepreneurs that I know, but the very best. What does it take to be an extraordinary entrepreneur?
The five traits that I feel make up extraordinary entrepreneurs are adaptability, confidence, focus, openness, and perseverance.
1. Adaptability
Entrepreneurs know how to adapt as conditions change; and things are always changing. Many of you are familiar with the famous quote from the philosopher Heraclitus of Ephesus, “The only thing that is constant is change.”
Being an entrepreneur often creates a tumultuous and chaotic environment, but extraordinary entrepreneurs know how to weather the storm.
As a business owner, you regularly face disruptions that are unavoidable and out of your control. An example would be a new technology that threatens to make your business model obsolete.
Great entrepreneurs are experienced with facing tough business situations and making key business pivots to stay on track.
2. Confidence
Another trait successful entrepreneurs share is confidence; both in themselves and the decisions that they make. Oftentimes, important decisions need to be made quickly; there is no room for error or doubt.
As the business owner, you are the be-all and end-all. When things get tough, your team will turn to you and expect you to step up and make the right decision to keep the business heading in the right direction.
Having confidence in yourself and your decisions will prove vital to your success as an entrepreneur.
3. Focus
Great owners know what to focus on in business. There are so many distractions throughout the day. Meetings, phone calls, and email can all clog up your schedule.
Successful entrepreneurs know what is important and what they need to focus on to actually get the things that matter done in their business. If you go to work and leave your email open, answer every phone call, and allow anyone to disturb you, then you will probably not get anything done that actually matters.
For me, tasks that I am presented with typically fall into three categories: (1) tasks I should delegate, (2) tasks I should dismiss, and (3) those tasks that I should work on.
I start my day by looking at my task list and prioritizing it so that I get the most important tasks done. I schedule my day out and stick to my agenda.
Understand what you should work on in your business and which tasks you need to delegate or dismiss. Focusing on mission critical tasks is a great way to spend your time.
4. Openness
One of the key traits that I feel great entrepreneurs have is openness. Successful business owners need to be open to: new ideas, criticism, and feedback from employees.
Entrepreneurs who are close-minded typically won’t perform as well as those who are open. Being closed typically creates a “my way or the highway” business environment. Employees in a closed business environment will focus on pleasing the boss rather than the customer.
An open business environment challenges that status quo. It supports iteration and innovation. Owners who create an open business environment in turn create extraordinary businesses.
To make your business as successful as possible, create an open environment that supports innovation and growth.
5. Perseverance
Extraordinary entrepreneurs know how to fight through tough situations no matter what. Starting your own business is incredibly hard work; having a small business that actually succeeds is not as common as many think.
You hear endless stories of wildly successful entrepreneurs who were originally denied funding by lots of investors, or those who couldn’t get a job or didn’t get into college. Entrepreneurs know how to persevere through difficult times.
The only truth I know about being an entrepreneur is that you will get beat up more than once. You will be shut down, laughed at, and told “No” over and over. Extraordinary entrepreneurs never give up, they never stop believing in themselves, and they never stop trying.
Extraordinary entrepreneurs know how to survive through extremely tough times.
Some Final Thoughts On Extraordinary Entrepreneurs
You have probably heard the saying “great entrepreneurs are not made, they are born.” I disagree with this. Extraordinary entrepreneurs get great by learning from experience and never giving up.
The thing with entrepreneurship is there is no one right way to do it; it’s not like a math problem that has one correct answer. Learning to run a small business is also something that is not taught in enough colleges. I’m glad to see more and more colleges adding entrepreneurship to their curriculum, but it is a difficult thing to learn from a textbook and class setting.
If I had to give any advice to an aspiring entrepreneur, it would be to find a business consultant who has had success in your area. Many successful business owners will tell you that their coaches or mentors had a significant impact on their career as an entrepreneur.
I’m sure I missed some other traits of great entrepreneurs because I can think of a few like leadership and the ability to inspire. But now it’s your turn.