Entrepreneurship is not for everyone. It starts with an idea and unfolds into a lifestyle that can be demanding yet equally rewarding. Business professional Donald Dirren recently discussed the key traits of successful entrepreneurs.
“Successful entrepreneurs tend to have similar goals and personality traits,” Dirren said. “It’s the type of person who is willing and motivated to take an idea and turn it into a full-grown business.”
The following are several traits most successful entrepreneurs possess.
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Entrepreneurs Are Risk-Takers
A key trait you’ll find among successful entrepreneurs is that they’re not afraid to take risks. The concept of starting a business is a risk in itself.
Entrepreneurs are forced to take risks because they don’t have extra time to waste avoiding potential failure. Successful entrepreneurs are the types of people who go all in and don’t look back.
They’re Persistent
“Successful entrepreneurs don’t wait for luck to come to them,” Dirren said. “They create their good fortune through persistence in working toward a clear goal.”
Billionaire entrepreneur Michael Bloomberg once stated that the harder a person works, the luckier they become. He was persistent in building relationships with clients, coming back day after day to find out what it was that his customers needed.
Donald Dirren described that persistence among entrepreneurs can be seen in many forms. They will continue showing up to work every day, even after the biggest entrepreneurial setbacks.
They Have a Desire for Lifelong Learning
There is no end to education for entrepreneurs. They have open minds and are willing to be lifelong students. Successful entrepreneurs will never state that a goal can’t be reached or something can’t be done.
According to Harvard Business School, owning and operating a business means you’re willing to take part in structured experimentation. A successful entrepreneur runs countless tests per day to determine if certain opportunities are worth pursuing.
They’re Decisive
Successful entrepreneurs aren’t afraid to make difficult decisions. They’re also not afraid of taking the blame when those decisions don’t work out as desired.
An entrepreneur is a leader, and that means he or she is decisive. The answers may not always be correct, but they are willing to make tough decisions and follow them through.
They Have an Ability to Adapt
The COVID-19 pandemic proved how important it is for business owners to adapt. They were forced to take businesses online in a matter of days and alter services at the drop of a hat.
Successful entrepreneurs found these transitions easier than those who are afraid of change.
There’s no way to prepare for every scenario that will present itself in business, so a successful entrepreneur must be willing to evaluate and adapt.
They’re Leaders and Team Builders
A successful entrepreneur needs a knowledgeable and hardworking team behind him for support. He or she understands that they have weaknesses, and those weaknesses can be supported by others. Successful entrepreneurs can’t do everything on their own, and they understand that.
They’re OK With Failure
Success is often preceded by failure. Successful entrepreneurs are OK with that.
Roughly 75 percent of startups fail. These failures are due to a variety of factors that can or cannot be prevented.
A successful entrepreneur understands the possibility of failure is present and continues to pursue his or her goal anyway. Many times, these failures are required for the entrepreneur to adapt and propel the business forward.
They Remain Focused on the Long-Term
A successful business is not built in a day. A successful entrepreneur must remain focused on day-to-day operations as well as long-term goals.
Entrepreneurship includes starting a business, but it also involves seeing that business through to success years or even decades down the road.
Dirren and Entrepreneurship
Donald Dirren is a successful financial planner with decades of experience in the trials and tribulations of entrepreneurship. He is the owner and operator of two independent brokerage firms.
Dirren explained that not everyone is cut out for the demands of entrepreneurship, but those who pursue their dreams are setting themselves up for a career that is as personally fulfilling as it is profitable.
