13 Common Characteristics of Highly Successful Entrepreneurs

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By: Site Engineer, Staff

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These characteristics we are talking about are all interrelated. One characteristic leads to the other and that does not mean that every entrepreneur must possess all of them before he performs. Since different disciplines and environment require different handling, it means that knowledge, versatility, and experience must be very important to the entrepreneur, to be able to handle the situation adequately and maturely.

1. Leadership

A good leadership quality in an entrepreneur is very important in the successful discharging of his duties. A good entrepreneur should not be too rigid or dogmatic in his pattern of leadership. He should blend democratic leadership entrepreneur should get along well with others, and be responsive to suggestions and criticisms if he should lead effectively well.

2. Self-Confidence

Entrepreneurs with high internal locus of control tend to feel that they control their fate largely through their own efforts. In contrast, individuals with an external locus of control view their fate as mainly determined by outside forces and luck. This means that an entrepreneur believes in himself and not on fate. An entrepreneur always sets his goals and objectives, goes all out to achieve them without minding any obstacle on the way. He converts all stumbling stones before him into stepping stones towards achieving his success. He is always confident, independent in thought and optimistic in his actions.

3. Future Oriented

The ability to be visionary and focused is an attribute a good entrepreneur should possess. He should have foresight and perception of the future because an entrepreneur does not work for today alone, but for tomorrow mostly. All his investments are for future; so he should have a clear focus of what he wants the future to be like, with a continuous growth in his investments.

4. Originality

Entrepreneurs are always original and unique in their thoughts, innovations, and creations with knowledge and versatility. An entrepreneur can only stand out when he is thorough, original and unique in his way of doing things. Take, for example, the popular artists, it is only those of them that possess these qualities and characteristics are being noticed and admired, while those who are ordinary and normal are seen as that. It is outstanding that captures the interest. Always endeavor to stand out in anything you do.

5. Task Oriented

A task or result oriented entrepreneur must equally be goal oriented. An entrepreneur in achieving results must set clear and measurable goals. For the result to be achieved, an entrepreneur should be persistent, determined and persevering, so as to meet the set target, which must always be defined and prioritized. It is this defined target and priority that will propel him to action and eventually success.

6. Deviant Behavior

The entrepreneurs are characteristically known to exhibit deviant behaviors when in other’s employment. They have a high propensity to leave and open up their own business always inherent in their behaviors in their places of work. This singular characteristic always acts for the usual short stays of entrepreneurs when in other’s employ, both private and public. That inherent desire to leave, and be on their own, always set potential entrepreneurs to be at alert and industrious, putting eyes on any slightest opportunity that may come up which may necessitate early exit.

7. Drive and Energy

Entrepreneurial jobs are complex and demanding so for a proper and coherent articulation of these activities, an entrepreneur must have a high powered drive an energy to enable him to run about, going to the banks, offices and most time staying very late in his office and being able to resume very early in the morning the following day. A serious and determined entrepreneur should be able to be working 6 days a week and a minimum of 12 hours daily.

8. Creativity (Innovative Behavior)

Creative or innovative characteristics of an entrepreneur make his business to outlive him. The entrepreneur is always flexible enough to effect changes in his products to suit what the consumers need. An entrepreneur with low or no creative or innovative ideas with definitely find it difficult to build a business of tomorrow.

9. Long-Term Involvement

The entrepreneur’s eyes are set for tomorrow so he sets out for a long-term lasting business, which will outlive his children and grandchildren. So an entrepreneur puts all he has because he knows that he is preparing for a long-term business; hence, he compromises nothing, in seeing the success of his business. Many of these big companies we see today started from such a humble beginning.

10. Taking Personal Responsibility

This is one of the good characteristics of a good leader (entrepreneur). An entrepreneur does not believe in chance, he plans to determine his future. To take personal responsibility for one’s actions means self-confidence and optimism.

11. Risk Taking Ability

The high the risk, the higher the profit most times. Entrepreneurs are propelled by this axiomatic expression. Entrepreneurs have the knack for taking risks most probably because of the expected rewards. When there is no expected reward, the propensity to engage in the venture reduces, but if there is a high expectation of reward the entrepreneur now exhibits his entrepreneurial risk-taking ability, not minding the obstacles that may be on his way.

12. Taking Initiative

The entrepreneur is his own boss and he takes all the initiatives and does all the considerations in his business when the need arises.

13. Need For Achievement

The entrepreneurs tend to have a high need for achievement and such individuals gravitate towards a situation in which they can achieve results through their own efforts, pursue moderately difficult goals, and receive relatively immediate feedback on how they are doing.

What do you think is the most important characteristic of an entrepreneur? Please, comment.

 

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