The Qualities of an Entrepreneur – My Top 10
The qualities that every Entrepreneur has in common are numerous and I have chosen what I know as the top 10 qualities and characteristics that are present in all entrepreneurs.
Think of some entrepreneurs you know, people who have achieved great success in their lives, and consider what keeps them going and doing so well. Many of them have made it through thick and thin, and for many, their desire to succeed has been the product of need and desperation. I believe that when someone is really desperate, they will do anything to make things better and the strength of this determination blows away any limiting factors or limiting beliefs.
The Qualities that Every Entrepreneur Has, from 1 to 10:
1. A vision
They know what they want, they visualize themselves doing it. So you have the ‘What’ and you have to work to make the ‘How’ happen. They do it by networking furiously; it’s rare for a true entrepreneur to have a conversation with someone without a purpose. They may not even realize they are doing this, their natural curiosity to learn about people and thereby learn what people want is inherent in every entrepreneur. So the next time you feel like you’re being questioned at a social gathering, just think, “Is this person just being nosy, or is this a businessman thinking about his next venture?”
2. In belief
All entrepreneurs strongly believe in their ability, although many successful people have said that they often had no idea what they were doing from one day to the next. Their inner belief is what led them to success, they knew that whatever obstacle they encountered, they would not stop at it. Subconsciously, they know that obstacles are what drives them and figuring out how to do it and eventually getting around or overcoming them is their main motivator. Your belief, conscious or not, is what drives you forward all the time.
3. Courage: They face their fears and just do it.
All entrepreneurs have courage, even if they won’t admit it to themselves or anyone else, but they have it in abundance. They may appear confident, but deep down they are shaking with nerves and anticipation, but at least they take action. That is what puts an entrepreneur above the rest, they are always taking action. They don’t spend a lot of time studying for them, they learn everything they need to enable them to take the right action and they just do it.
4. Ambition and Determination
Every successful entrepreneur has ambition and determination, although I have to say that determination is the main factor of the two here. While they have ambition and lots of it and know they want better for themselves and their families, just knowing it is not enough. Determination, that steely drive they have that drives them to constantly make things happen is what separates an entrepreneur from his usual business person.
5. Patience and perseverance
Every entrepreneur has patience and perseverance, although entrepreneurs may have fewer of them than other normal people. This is because his vision, along with his belief and determination, pushes them towards their next goal every time. All entrepreneurs know however that success is not overnight, they know it requires effort and they know they will make mistakes in the process. What they never do, however, is lie down and play the victim when something doesn’t go as planned. They take advantage of that obstacle as a learning process for the next time and use the learning from that to propel them into their next challenge.
6. Creativity and Innovation
Entrepreneurs are by nature creative and innovative. You can even see this quality in young children. Some children receive financial rewards for doing chores, some children receive financial support from their parents for doing nothing, and some children look for ways to earn their own money. These are the entrepreneurs of the future. Obviously this group is much smaller than the first two mentioned there, but that’s down to how their parents were raised. Your parents were probably raised on the philosophy that “someone tells you to do something and pays you for it.” The enterprising child sees opportunities to make money all the time and acts on them. They make the decision and don’t expect someone else to make the decisions for them.
Entrepreneurs are nothing but persistent. They know their idea is a good one and the timing may not be quite right, the location may not be quite right, their marketing approach may not be quite right, but they WILL FIND a way to make things happen.
8. Results oriented
Most entrepreneurs won’t take no for an answer. When faced with this response, they may ask the question “Do you know someone who might be interested, who would you suggest I talk to?” etc They never allow one door to close without another being slightly ajar. If they can’t immediately find that ‘person who does it’, they will find the ‘person who knows a person who does it’. They are not always motivated by dollar signs, but by that great sense of accomplishment that comes with a successful outcome. They will always surround themselves with like-minded people, other action takers and have little time for those who ‘talk for the sake of talk’. Prove not declare should be your motto!
Entrepreneurs must have integrity and not having this quality would be a slight contradiction in the current definition of an entrepreneur. Yes, they can be quite ruthless, but this will not be intentionally to run over people, but mainly because they are very impulsive. Because they are so interested in people and learning about them, they treat them with respect because entrepreneurs know that without the backing of people, i.e. their potential customers, their planned venture will never materialize. That is why you see many of the most successful people on this earth being described as modest, humble, good listeners, kind, caring and always willing to lend a hand to help others. These qualities cannot be bought, they are inherent and true entrepreneurs have them in abundance.
10. Customer focus
Every entrepreneur knows that without their clients they are nothing. Many regular business owners know this too, so what separates the entrepreneur in his approach to customers. The main thing is that an entrepreneur really values and appreciates each customer; they know the power of ‘word of mouth’ marketing over any other paid medium and this is what they strive for. They want their product or service to be ‘people’s product or service of choice’ because of what it does for them, because of the value it brings to them over anything else. They are constantly evaluating their competitors and coming up with something better, less expensive but not less valuable and is exactly what their customers want and need at the moment. Budget airline owners are prime examples of ‘putting and keeping your customer first’. Certainly those in the UK and Ireland refuse to give in to government or elitist pressure, they put their customers above all else.
The qualities of an entrepreneur are endless, but I chose the ones I know are the 10 most obvious and the 10 I know separate an entrepreneur from a normal business person.