10 Traits of Successful Entrepreneurs

We can learn a lot from successful entrepreneurs. In a past issue of Inc Magazine, there was a mention of the 10 traits of entrepreneurs as identified by Gallup. Here are the 10 traits with my take on each.

Knowledge – I love this word because all of us have to perform with the talent we have. Apart from that, we can also enhance our talent with knowledge. We only act on what we know and once we increase our knowledge base the chances of our success increase exponentially. Read broadly, identify experts in your field, connect with them, and document what you learn.

Risk – I think everyone knows that to get different results than what we are getting now it is important to take risks. The level of risks taken by each person is different. So obviously self-awareness helps in ensuring you don’t take a risk that is not aligned with the person you are.

Delegation – Top people know where they need to focus and they build great teams with awesome people to work on the other activities. Delegation is the key to a successful leadership journey. No one person can do everything and if someone does try that it leads to complete burnout.

Independence – I take this to mean that you are self-reliant. You take complete responsibility for your career and you know what it takes to win in your marketplace. You look to yourself for the solutions in your life.

Confidence – We are all going to make a lot of mistakes in our official and personal lives. The champions learn not to dwell on those mistakes for too long. They quickly bounce back so make sure the bounce-back time for you is short. Only if you are totally confident in your abilities can you succeed big. Here is my article on how to develop self-confidence. 15 Ways to Develop Self-Confidence

Determination – This is all about grit. Any successful pursuit will be met with failure and rejection. Unless you are so vested in what you want to see or to put it another way unless you are totally invested in your vision you will not be able to sustain for the long term. Determination is the key skill of every successful person. I also think we should learn to pivot if something is not working out.

Profitability – The purpose of a business is to create a customer. However, to go further in your business and keep your team happy you need to ensure it is profitable. Keep focusing on the top line and bottom line.

Disrupt – It was the Austrian economist Joseph Schumpeter who coined the term “creative destruction.” This was when an existing industry or product is disrupted with a superior product. Digital photography replaced film photography. Then there was disruptive innovation where a company comes with a cheaper, inferior product, and it is ignored by market leaders. This is what happened to the disk drive industry. Now in the blue ocean shift the authors talk about something called non-disruptive creation. For example, Tony Robbins created the life coaching industry when it did not exist. The point is leaders need to be disruptors and they can choose either of the methods.

Selling – The ability to move others and make them interested in your products is the key sales skill. Sales would be one of the keys to a successful 21st-century career. Improve your communication skills, and speaking skills and give people the attention they deserve. Finally, the icing on the cake is to develop excellent listening skills. You also have to be very knowledgeable about your product to sell well.

Relationships – Relationships are everything in business. You can get the first sale but what takes a lifetime of repeat business is to maintain relationships with everyone at every level. As a leader, it starts with your ability to get along with people and then that attitude is picked up by your team. So, give importance to the relationships in your business and life.

There you have it the 10 traits that can help all of us on our life journey. Thanks for reading this post.

The views expressed in this article are my own and do not represent my organization. Thanks for reading this post.