To succeed as an entrepreneur you need to possess certain characteristics. Besides being a natural go-getter, you also need to be willing to take risks and occasionally fail. Some of the most successful businesses have come out of epic failures. We spoke with multiple company Founders and CEOs in a wide variety of industries to share with us personality traits they believe make a successful entrepreneur.
Passion
Passion may be the most universal personality trait of an entrepreneur. When you love what you do, you’re going to put in the long hours necessary to make your business succeed. Also, if you’re not passionate about your own business, then it’s going to be very difficult to get anyone else excited about it.
“Passion breeds passion,” says Derin Oyekan, Co-Founder of Reel Paper. “If you want others to follow your vision for your company, you need to get them to join in on your enthusiasm.”
Strong Work Ethic
Entrepreneurs are hard workers, plain and simple. They’re usually the first to the office, and the last to leave at night. They work when they get home and even on weekends. Their business is like their child in a sense. They’re constantly nurturing it, in hopes that it will grow and thrive.
Creative
“Creativity is a must for those that want to start their own business. There’s a lot of competition out there, and new businesses must be original to survive. Without a creative mind at the forefront of a company, it will be hard to stand out among competitors,” says Max Spielberg, President of Genexa.
Being creative is also a great personality trait when it comes to solving problems. Sometimes you need someone to look at a situation from a different perspective. Creative thinkers oftentimes have creative solutions.
Self-Motivated
When running your own business, you need to be able to motivate yourself. No one else is going to do it for you. Your company should be your passion, meaning you should be the one who’s motivated enough to see it succeed at all costs.
“In order to scale your business successfully, you need to look within yourself to put in the long hours, hire the right team, problem solve, and inspire others to help you achieve your ultimate vision,” says Rym Selmi, Founder of MiiRO.
Easy-Going
At first, this characteristic might seem odd. Easy-going isn’t usually the first thing that comes to mind when you think of an entrepreneur, but it’s important for business leaders to sometimes go with the flow. At times you’ll have to scrap your original idea and start with something new.
It’s important that you’re not so rigid in your leadership style, that you can’t accept a new idea or a different approach. If you still don’t like the term easy-going, think of adaptable instead.
Eager to Learn
In order to be a successful entrepreneur, you need to be a jack of all trades. The best way to achieve this is by being eager to learn. Don’t be afraid to get your hands dirty, figuratively speaking.
“Ask questions. Hire people who know things that you don’t. Be willing to learn all the ins and outs of a business,” says Benjamin Smith, Founder of Disco. “At the end of the day, whether your business succeeds or fails, is all on you.”
Disciplined
Being disciplined means holding yourself accountable. When you don’t have a boss driving your business objectives, you need to figure out a way to do it yourself. When you’re self-disciplined, you’re less likely to procrastinate and more likely to get the job done. You have to make decisions quickly and take action in order to propel your business forward.
Self-Aware
“Being self-aware allows you to give, receive, and apply thoughtful feedback. You’re aware of both your strengths and your weaknesses. You know that you don’t have all the answers, and that’s okay,” says Tri Nguyen, Co-Founder, and CEO of Network Capital.
“You’ve hired a diverse team that is made up of people who can answer the questions that you can’t. A company is more likely to succeed when it has a self-aware leader in charge,” says Nguyen.
Resourceful
If you’re a resourceful person, you’re able to achieve lofty goals that seem out of reach. You’re able to problem-solve solutions to issues that arise, as well as creatively scale your business. Entrepreneurs are going to face challenges that they’ve never faced before, and the best way to overcome them is to be inventive.
Have Integrity
“Your reputation is more important than your paycheck, and your integrity is worth more than your career,” says Ryan Freitas, Senior Director of Product Design at Coinbase. Having integrity lets you establish a company with a good reputation, which is crucial for success. Consumers want to work with a business that they value and trust. They’re not going to be loyal to you if they don’t respect you.
Empathetic
You must be able to connect with others on a genuine level if you want your business to succeed. Whether you’re communicating with your employees or your customers, you need to be empathetic to their needs.
“By understanding that your team may need a break from time to time to recharge, you’re creating a healthy work-life balance for your employees which in turn will create a productive and efficient company,” says Charlie McKenna, Chef & Founder of Lillie’s Q. “Likewise, by anticipating your customer’s needs, you’re able to deliver a higher level of customer service, which will encourage customer loyalty and referrals.”
Communicative
Having excellent written and verbal communication skills is key to being a successful entrepreneur. You must know how to communicate effectively, not only with your staff but with your clients as well.
Most people who are skilled at communicating are also skilled at listening. Through active listening, you’re able to truly hear what others want and need. You can then take that feedback and communicate it to others in a constructive manner.
Decisive
Leaders have to make decisions all day long. Some decisions are more difficult than others, but it’s imperative to be decisive. If you go back-and-forth on every decision that lands on your desk, then you’ll never get anything done.
“Entrepreneurs get to decide the trajectory of their business. They have their hands in every pot, so to speak,” says Roman Taranov, CEO of Able. “The saying, ‘with great power comes great responsibility,’ is true. And with that power, you need to be able to make tough decisions and stand by them.”
Confident
“Being confident allows you to forge ahead when those around you don’t believe in your vision,” says Craig Carter, President & CEO of Jack Mason. “Not everyone is going to like your idea, and that’s okay, but you need to be confident enough to not let that deter you.”
Confident leaders stand behind their ideas no matter what. If they need funding and the first few investors turn them down, they keep looking until they find someone that does want to invest. Confidence allows you to be courageous, persistent, and not give up.
Risk-Taker
“Running your own business comes with risks. Being able to take calculated risks is a great skill to have because it allows you to learn valuable lessons that will help your business down the road,” says Adam Reed, CEO of Crown and Paw.
“It also allows you to make choices that will differentiate yourself from your competitors, which is critical in saturated industries. Some companies’ greatest successes came from huge risks,” says Reed.
Persistent
Successful entrepreneurs are persistent, even when they encounter obstacles or failures. They don’t let anything get in the way of their success. If they hit a roadblock, they find a way around it.
If they try something and it doesn’t work, they don’t let that deter them. They’re willing to try something else instead. An entrepreneur’s willingness to learn from their mistakes and keep persisting until they reach their goal, is the reason their business will prosper.
Team Builder
“In order to be successful, you can’t just rely on yourself. You need to surround yourself with a great team and then actually use them,” says Rahul Khatri, Co-Founder and CXO of Stoggles. “Encourage your employees, create a culture where people aren’t afraid to speak their minds.”
The best companies have leaders who know how to build up the people around them. They know that their employees are integral to their company’s success.
Visionary
“An entrepreneur is someone who has a vision for something and a want to create,” says David Karp, Founder of Tumblr. Every company starts with a vision. The best leaders not only have a vision, but an ability to inspire others with their vision.
Their desire to want to change things for the better should encourage others to want the same. A true visionary will know how to get from step a to step b. They’ll be able to see the finished product, well before it comes to fruition.
