Five Characteristics of a Successful Entrepreneur

Muhammad Ijaz - Inbound Professor and Principal at Kips College with a focus on English literature. Also an expert in digital humanities, law and literature, political theory, early modern literature, global studies, and the history of political thought.
Five Characteristics of a Successful Entrepreneur

The facts remain that an upward of 75 percent of startups will fail. This statistic is what makes people fascinated with those who manage to weather the first few years to run multi-million dollar companies. What then about the mind of an entrepreneur makes them succeed?

Characteristics of a Successful Entrepreneur

Following are some of the most common yet most sparkling characteristics of a successful Entrepreneur:

1. Put in the hard work

The American dream is based on hard work- when you do that and will achieve anything you wish. It is why those who make it in life cite sleepless nights and working long hours as part of their success. They give up night outs and downtime and channel that time and energy into their venture. It takes a lot of sacrifices initially but what pushes people forward is know that it will pay off big time.

2. Ability to see things differently

Loving what you do also means not letting this deter you. When a challenge comes, it means finding a solution, even when things are bleak. Such an attitude carries with it the willingness to always want to see things differently. It does not mean that the entrepreneur will not be stressed, frustrated or discouraged; they will choose to push through these emotions and problem solve.

3. The passion

Nike ads have hammered in us the concept of just doing it. It reminds us that to succeed, we have to push through the pain and tears to be the best we can. The underlying message is not to do it blindly or use sheer willpower to get us to where we want. We need to have a passion for what we do. If you’re going to start a food brand or a soffit company, you ought to do it with a heart of love. Passion keeps an entrepreneur going when funding dries up or when they make their first significant loss. Without it, they give up because it is what helps them weather harsh storms.

4. Delayed gratification

Even with hard work and passion, there are a lot of things that entrepreneur have to forgo initially. Will they purchase that expensive watch or put on back the money into the business to acquire a better procurement or HR system? Will, they hit the snooze button or wake up knowing that when the company is off the ground, they can dictate their working hours? Entrepreneurs who make it big have to forgo what their peers are getting or doing for the sake of their business.

5. Appetite for risk

Everything in life carries with it a risk. Entrepreneurs know this and are not afraid of stepping out and making bold moves. They don’t let the fear of mistakes stop them because they perceived that their calculated risks would pay off. Those who make it also think if failure differently; for them it is a lesson learned and an opportunity to improve.

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