What are the Four Characteristics of Successful Entrepreneurs?

Entrepreneurs are the backbone of the free market system. They risk their life savings to start businesses, conceiving an idea that might completely flop. If they succeed, they change the world for the better. They create jobs and provide goods and services that people want or need.

But what makes for a good entrepreneur? What do you need to be successful in business? Which characteristics separate entrepreneurs who build multi-billion dollar companies from those who fail miserably?

Here is the list. If you are seriously considering becoming an entrepreneur, I strongly recommend also read this book about all the hows of a first-time business owner (click on this affiliate link to check the price).

1. Planning capacity

The first characteristic that needs to be developed by anyone who wants to be an entrepreneur is the ability to plan. An idea only comes out of the paper if a plan is established, with very clear deadlines and goals.

Thus, the entrepreneur needs to be aware of where he is, where he wants to go and what needs to be done to achieve the expected results. This can be done by creating action plans, including with the help of specialized professionals.

So, if you want to develop your entrepreneurial profile, plan, monitor, correct and review. Evaluate the product of your actions and don't be afraid of making mistakes or changing a plan, if it isn't bringing what was planned.

2. Initiative

It's no use having a good idea if you don't have the initiative to put it into practice. Many entrepreneurs dream of opening a business and creating a successful brand capable of positively impacting people's lives.

However, it takes initiative and action to start an enterprise. You cannot expect your employees and business partners to go out to market in search of the best suppliers or new customers.

Procrastinating on launching a service or product in pursuit of perfection is one of the biggest mistakes an entrepreneur can make. Keep in mind that “made is better than perfect” and here we are not suggesting that you offer a semi-finished product, but rather, we are calling your attention to the terrible flaw of perfectionism, which is without a doubt the biggest villain of entrepreneurs when it comes to the execution of ideas.

3. Persistence

Difficulties are part of the entrepreneurial journey. If we think more broadly, difficulties are found in any path. So don't worry when unexpected things happen that put your business off the rails. This will happen several times and you need to be prepared to handle this type of situation.

Thus, it is no use giving up in the face of the first, second, third or fourth difficulty. If you look for the biography of great entrepreneurs around the world, you will notice that much of the success they achieved is related to their ability to persist and not give up in the face of obstacles.

Along with persistence, the successful entrepreneur must be adaptable, whether in the market against competitors, new technologies and everything else that can impact the day-to-day of the business and the company's results.

4. Leadership

Some entrepreneurs often claim that their characteristics are execution rather than leadership. This confusion that it is not possible to be a leader just because the entrepreneur likes to work and prefers to “get their hands dirty” is very common, but it is fraught with misunderstandings.

You may very well be a person who works hard and enjoys getting the job done, and still have leadership traits. Leadership, by the way, is a primordial aspect that must be developed in any entrepreneur.

When undertaking, you will be ahead of an idea and a dream, you will be the only one responsible for making this idea come out of the paper and happen, and this will demand the ability to lead.

A good leader knows how to listen, has the humility to recognize the importance of the employees who work in the company, as well as the ability to stimulate and motivate the team.