Do You Have the Traits of a Successful Entrepreneur?

One of the dreams many people have is to become an entrepreneur, owning a business and being in charge. Entrepreneurship is a great thing, especially if you are trying to escape the rat race, and stop relying on “the man” for your financial well-being. Even if you don’t want to quit your full-time job, some of the characteristics of entrepreneurship can serve you well as you attempt to start a side hustle to incorporate income diversity into your life. In the end, entrepreneurship is about detaching yourself from the idea that someone else is in charge of all of your income.

But do you have the traits of a successful entrepreneur? If you want to maximize your earning potential, and if you want be successful with your venture, consider whether or not you possess the following traits:

1. Planning

It helps to have a plan. Winging it can take you only so far. At some point, you need to have plan for the next step. A vision of where you want your business to go, and what you want it to accomplish is very helpful. You need to have a roadmap to take you to what you think your success should look like. Otherwise, you find yourself floundering, with no clear idea what’s next.

2. Self-Discipline

The successful entrepreneur has self-discipline. You need to be able to get yourself going in the morning, even when you don’t feel like it. You also need the self-discipline to work when you’d rather be doing something else. Especially at first, entrepreneurship takes a lot of time and effort. You need to do your best to be on top of things, taking care of yourself and your business, even when you don’t feel like it.

3. Invest in Yourself

What do you need to know in order to take your business to the next level? Invest in learning, and it’s an investment in yourself. Keep learning from books, from mentors, and from mistakes. Entrepreneurs take the time to better themselves, including taking time to improve their health and their relationships. Eventually, your success will fall apart if you don’t have the other areas of your life in order. Invest in yourself, and you will develop what you need to employ better your business.

4. Organization

A successful entrepreneur is organized. He or she knows what needs to be done, and knows how to organize matters in business, as well as on the desk. The ability to keep things straight, as well as compartmentalize various tasks, is a great one that can help entrepreneurs.

5. Know When to Get Help

As a successful entrepreneur, you need to know when to get help. You need to know when it’s time to outsource something. Whether you need to outsource mundane tasks so you have more time to focus on growing your business, or whether you lack expertise in a vital area and need to hire someone knowledgeable, it’s important to get the help that you need. Your business will run smoother, and you’ll be able to really concentrate on what you do well.

What other traits do you think successful entrepreneurs have?

Written by Tom

Tom Drake writes for Stupid Cents and Canadian Finance Blog. Whenever he's not working on his online endeavors, he's either doing his "real job" as a financial analyst or spending time with his wife and two boys.

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  2. Good reminder of what it takes to make it as a start-up company. I haven’t heard the last one mentioned as much as the others, but it is just as important. Since entrepreneurs tend to have disciplined and ambitious personalities, knowing when to hire employees or outsource tasks is a much bigger part of entrepreneurship than most people recognize. Thanks for the list!

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