What kind of person becomes a successful entrepreneur and what characteristics must a successful entrepreneur have? Are we all born with these entrepreneurial traits or can they be learned?
We would be covering in our series of posts, the most common characteristics of successful entrepreneurs. These are traits that entrepreneurs, venture capitalists, psychologists, and academics believe to be important to achieve entrepreneurial success.
It is highly unlikely that anyone person is exceptionally strong or weak in all of these categories. They are a guide only. As you read through the posts, think of how these characteristics relate to your life.
Continuous Goal Setting
Ability to set clear goals that are challenging but attainable; ability to continually re-evaluate and adjust goals to make sure they are consistent with your interests, talents, and values, as well as your personal or business needs. Rather than being content with reaching goals, successful entrepreneurs continue setting new goals to challenge themselves.
Successful entrepreneurs are steadfast in pursuit of an aim; constant persistence; continuing to strive for a goal despite temporary obstacles; strong determination to reach goals regardless of personal sacrifice.
The entrepreneur must understand basic principles by which a business survives and prospers. That means comprehending the roles management, partners, and employees must perform to maintain a viable business. Although the entrepreneur must be in control of overall goals, he or she can’t perform each task without help. Awareness of the function of personnel in marketing, accounting, tax, financing, planning and management, and how to deal with them, is therefore required.
If a prospective entrepreneur is bored or baffled by the administrative side of business, he or she is not likely to be successful. An alternative is to find a trusted partner who has the aptitudes described.
Dealing with failure
Disappointed but not discouraged by failure; ability to use failures as learning experiences so that similar problems can be avoided in the future; attitude that setbacks are only temporary barriers to your goals; strong capacity to build on successes.