« Back to Blog
What traits are the most important for entrepreneurs?
From the future technology giants who dropped out of college to change the way people communicate to the small town coffee shop owner who started his or her own business when everyone told him or her not to, entrepreneurship is a critical part of the American business landscape. However, going out on your own and paving your own path isn't for everyone. It takes a special set of attributes to envision a dream and follow through with it to the end.
Motivation and confidence are key
Confidence and self-motivation may be the most important aspects for an entrepreneur to be successful. According to a recent ProOpinion poll of business professionals, 33 percent of those surveyed pointed to self motivation as the most important personality trait for success as an entrepreneur, while 29 percent answered that confidence was the most crucial.
About 33% of professionals rated self motivation as most important."
Other business professionals who took the survey responded that toughness, risk-taking and a unique perspective were key. About 13 percent pointed to "tenacity" as the most important trait, while 11 percent said it was "willingness to fail."
"Understanding your limits" and a "healthy disrespect for the rules," were chosen as the most important trait by 5 and 2 percent, respectively. About 7 percent of the business professionals thought a different trait was more important for entrepreneurs.
Skills critical to entrepreneur success
While confidence and motivation might be key personality traits for someone looking to start a small business or launch an empire, it's far from the only skills he or she will need.
If you consider yourself an entrepreneur, and you have the personal characteristics you need, here are a few skills you should develop to ensure your success.
Fundraising and investment
A great idea for a business is nothing without the right financial backing. When you first start out, you'll have to make sure you can sell your business to the right people, whether they're bankers doling out small business loans or venture capitalists looking for the next Snapchat.
Once you get your funding to start, it's important to keep an eye on your finances and invest that money wisely, whether into personnel, property or equipment. Even if you're using a team or accountants, make sure you learn basic accounting to know how your business is running.
Getting to know your peers and idols is critical to the success of any business. As an entrepreneur, you are your business' brand. You need to make connections with others in the business to grow and improve.
"Getting to know your peers and idols is critical to the success of any business."
While you'll likely make a few rivals as your business grows and takes up more market share, you could also meet mentors, investors and collaborators. Hone your professional socialization skills through experience and classes.
From hiring to delegating, identifying talent and managing people is a crucial skill for an entrepreneur at any level. While many people don't have the innate skills to manage others to be their best, learning leadership skills can be critical to your business' success.
There are many ways to lead others, so find one that is already suited to your strengths and work to improve it. Leading often means providing a great example, being accountable for everything, establishing clear short- and long-term goals and giving employees support to thrive.
Whether to your employees, other businesses, your clients or the general public, communicating clearly and effectively is crucial. You need to be able to display your confidence in your business through everything from memos to advertising. Communication is a skill that can be learned in the classroom as well as in the real world. Take your time to learn about what media and messages are most effective for your new business.
Learning the trends
The ability and willingness to learn and adapt can help sustain success within your business for years. Whether you're learning about the newest way to advertise or acquiring a new technology that could benefit your business, keeping up with the industry trends and changes in your sector will pay off time and time again. Take courses and follow the news closely and critically.
Like what you read? Great. Our blog is packed with FREE b2b content and meaningful research data aimed to help business professionals . It's free to join, all you have to do is enter a few details below.
« Back to Blog