Though hard work is often a factor in success, one’s level of output does not always determine success in their field — and entrepreneurship is no exception.
There are many factors that can contribute to the success of an entrepreneur as they launch, operate, and scale their business. These factors can include the timing of their business launch, how competitive their market is, the reliability of their supply chain, the amount of capital they are able to obtain, and the current economic climate.
In addition to these elements, there are a number of traits successful entrepreneurs have in common that contribute to their business success. Let’s dive into what they are.
Successful Entrepreneur Personality Traits
- Discipline
- Creativity
- Self-Awareness
- Resourcefulness
- Process-Oriented
- Empathetic
- Communicative
- Self-Motivated
- Confident
- Flexible
- Risk-Taker
- Resilient
1. Discipline
Starting and operating a business is no easy feat. Unlike a traditional job where you often have upper-level management driving business objectives and keeping you accountable, being an entrepreneur requires the ability to hold yourself accountable when you don’t have a "boss" to do so.
Those who are able to create and execute plants even without external factors holding them accountable have a competitive edge in business. When an entrepreneur has self-discipline they are able to manage the urge to procrastinate and can take decisive action when needed.
Three-time entrepreneur Bill Aulet recognizes that focus and discipline are critical for startup success, and it's even the focus of his book, Disciplined Entrepreneurship. He goes so far as to say that, "It is disciplined execution that makes people successful entrepreneurs." His book outlines a 24-step framework for bringing products to market. The rigorous [but fun] methodology comes from Aulet's experience building startups, raising capital, and creating value from shareholders.
2. Creativity
Though creativity is often associated with artistic output, it is an important trait for all entrepreneurs to have. Creativity doesn’t only apply to visual elements or branding. Entrepreneurs who are able to creatively solve problems and think outside of the box when facing everyday business challenges, they are able to quickly pivot and implement necessary solutions that lead to business growth.
Inspired by a financial guru and the high cost of sweets in her area, Mignon Francois went from "household manager" to founder and CEO. "I got the idea of having a bake sale everyday while listening to a financial guru on the radio. I was a household manager of 6+1 [aka stay at home mom] and I really couldn’t afford the luxury of taking my children out for sweets because everything was expensive and we were struggling. Once I started to get my recipes together I would practice all day."
Originally, she didn't even know how to bake, relying on her daughters and grandmother for help. However, her hard work and ingenuity turned a condemned home into a full-blown bakery and a creative endeavor into a ten-million-dollar business.