5 Standout Traits of Successful Entrepreneurs (And How to Apply Them)
November 16 is National Entrepreneur’s Day.
National Entrepreneur’s Day is an annual event occurring on the third Tuesday of November (November 16) that honors people who have built an empire from absolutely nothing.
Entrepreneurs are a breed of their own. Their personality traits and characteristics are what see them succeed in the cut-throat world of business start-ups. What traits make them unique, and how do they activate those traits to propel their businesses?
If so, maybe entrepreneurship is the life for you too!
Entrepreneurs Practice Self-discipline
This might come as a total shock (kidding), but you are going to need to have excellent self-discipline to work as an entrepreneur. This can be hard even for those who are self-driven and motivated. It can help to keep to a routine and sit down at the same time to work on your business every day.
For many entrepreneurs, you’ll be working on your business after doing a full day working for someone else, so you’ll need to be very disciplined. But even once you are making enough to only work for yourself, you’ll need to make time for everything you don’t like doing in the business such as the admin and the accounts.
After you start making enough to pass off the jobs you don’t want to do, like the administration and the accounts, you’ll still need to have self-discipline and work at scaling the business, finalising projects and getting through the work even when you’re not enjoying it.
Running your own business takes discipline every step of the way. It just looks a little different depending on what stage you are at.
They Possess The Ability to take a Calculated Risk
Entrepreneurs are risk-takers. Statistics show that more than 60% of small businesses will stop operating in the first three years of opening but don’t let this scare you off. Opening a small business is a risk but the entrepreneurs who succeed are making a calculated risk.
This means that before they do anything, once they have established the idea for their small business, they research, evaluate and plan.
Researching the market means looking at what you’re offering, who are you selling it to, and what is the demand for the product or service you are going to offer. This includes looking at your competitors are and what their point of difference is. Asking questions like where would your product or service sit within the market? Getting answers to all of these questions will tell you whether or not there is a place in the market for the product or service you want to offer.
Evaluating what you learn during the market research phase helps you to determine whether or not your current product or service and price points are viable for the market. It will help you to determine if you can establish your business with a point of difference and how much competition you are up against at your opening market position.
If an entrepreneur gets through this process and is still confident in the business idea they will plan further with a launch plan, and a five-year business plan, with 3 monthly check points.
Even with all the forward planning and market research, opening a small a business is still a risk but making it calculated risk means your chances of succeeding are higher.
Entrepreneurs are Creative Problem Solvers
Entrepreneurs need to employ creative problem-solving skills to succeed in small business. While you may have a passion and a talent for the product you’re selling, you’ll need to also be quick on your feet, adaptable and ready to learn.
Thinking outside the box, is a phrase people throw around a lot but what it means it to employ creative problem-solving skills, come up with unusual solutions for usual problems.
When you own and operate a small business it is all down to you, so you’ll occasionally need to use some creative problems solving to get the job done.
Entrepreneurs Have Persistence
Rome wasn’t built in a day, and neither was any small business. A successful entrepreneur needs to have persistence. It can take years for a business to take off, but if you show up every day and do the work you’ll build it, slowly over time.
A lot of small business owners can get disheartened when they don’t immediately see success for their business idea. But, a successful entrepreneur knows that it takes time to build a business and a brand. But with persistence the hard work does pay off!
Entrepreneurs Are Passionate
Entrepreneurs need to have passion to succeed in small business. You may be an expert baker with cakes that win awards at every show they are entered into but if you open a bakery, you’ll need to be able to do your taxes, manage your staff, market your business and you’ll need to have the drive and passion to do this even on the days when it’s hard.
You might love making beautiful cakes but you’ll need to love selling them as well. You’ll need to have passion for your business itself as well as what your business sells.
Where to next?
Have you got an idea you’re itching to turn into small business? If you do and you’re wanting some help to get started have a chat one of our friendly course advisors about our Certificate III in Mirco Business Operations. This course is tailored to help people start their own small business as solo entrepreneurs.
In the course you’ll learn all about investing in business opportunities, developing a micro business proposal, organising finances for a micro business, complying with regulatory, taxation and insurance requirements and more!
And the Certificate III in Micro Business Operations is available under the Certificate 3 Guarantee for eligible persons, so you may be able to apply for this funding if you meet the requirements too!