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What 6 personality traits do successful entrepreneurs share?

Posted by Tasnim Ahmed

June 28, 2021    |     4-minute read (696 words)

Entrepreneurs and business owners are a rare breed. Not only do they take bold risks, but they also go out on a limb to do something that they doggedly believe in, taking along others who believe in their mission and ignoring detractors. Such individuals radiate a contagious passion that makes supporters feel like they are part of a team and that their leader is making a difference. Not surprisingly, research shows that the personalities of successful entrepreneurs and business founders typically share at least six core traits, regardless of cultural differences. These same qualities are believed to be what separates “great” entrepreneurs and leaders from the masses. Leaders? Yes, that’s essentially what entrepreneurs and successful business founders are.  Listed below are the six most-important traits that entrepreneurs and founders should possess.

  • Honesty
This is one of the primary qualities that an entrepreneur should possess as it plays an outsized role in a venture’s long-term success. Honesty should be espoused in your dealings with employees, stakeholders, investors and the public. And If you are not honest with yourself, the whole point is moot. Underlying honesty are the “sub-traits” of self-evaluation and the ability to admit mistakes, both of which are cornerstones with which entrepreneurs should judge their efforts.

  • Confidence
You are the leader. That means you must lead by example. Confidence should be the armor that you wear every day as it is one of the qualities that brought you here and set you apart. Your self-confidence should also rub off on others, especially your team members. Not only do they thrive based on the confidence you radiate, but they also become more willing to engage in out-of-the box, innovative thinking.  Confidence can be the fuel that makes your work environment blossom, but its absence can be a death knell. Remember that confidence and poise will always bring out the best in people, and entrepreneurs have these traits in ample supply.

  • Good communication skills
Let’s say you are an honest and confident individual who wants to take everyone along on the path to success, and you prioritize the greater good of the team. However, your good efforts will fall in vain if you are unable to effectively communicate your vision to the intended audience.  Communication plays a key role in every entrepreneur’s business cycle, whether it be communicating with family, investors, employees or the general public. No matter how compelling your vision, if you cannot communicate it well to others, it will just remain an idea in your head.

  • Ability to delegate
Many young entrepreneurs are not comfortable or adept at delegating. But this is a skill that must be developed because one person can’t manage everything. If an entrepreneur or leader is good at something, better they concentrate on that rather than mundane, energy-sapping tasks that someone else can handle.  Delegating not only reduces your workload, but it also frees up time for yourself, which is one of the biggest premiums an entrepreneur can have. By delegating, you also demonstrate that you trust your team and want them to grow.

  • Innovative
An intellectual with stimulating ideas alone does not make someone a successful entrepreneur.  Such individuals also encourage team members to create their own ideas. People with brilliant ideas but who don’t have the will to bring it to life are not the same as entrepreneurs. The latter are active listeners, open to new ideas and encourage others to think beyond their limits – to be innovative.

  • Commitment and a positive attitude
As an entrepreneur and leader, you must demonstrate your commitment to your own cause, to the cause of your employees as well as that of your stakeholders, your business and the like. No one will believe a person who has a propensity to flip on their word. Commitment, like honesty, is a bedrock quality of legendary businesspeople.  Along with commitment you must have a positive attitude to boot. Ups and down are inevitable, but trudging along with a never-say die attitude is paramount to the entrepreneur’s success. Your business and the people counting on you will bank on your inspiration, and a positive attitude will keep doors opening.

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