5 Character Traits of a Successful Entrepreneur

It’s safe to say that entrepreneurship is not for everyone, but how do you know if it’s right for you?

You may start by asking yourself what traits small business owners possess. Although no two business owners are the same, there are some traits that many of them share.

African-American women entrepreneur looks to the left, smiling at something off camera to her left. She is shown from the waist up in a black and white striped blouse

Here are five common shared traits of successful business owners, as suggested by several useful resources:

1 Passionate

Successful entrepreneurs are often not driven by money; they are passionate1 about their idea(s). While there have been some individuals who have made more money than most of us dream of, the reality is that most entrepreneurs work a ridiculous amount of hours for little or no pay. This is because they are driven by heart, according to research conducted by Tony Tjan and co-authors Richard Harrington and Tsun-Yan Hsieh.2

2 Confident

Confidence3 is an extremely powerful character trait that can instill trust, facilitate respect, and often lead to increased success, according to The Balance Small Business. The most successful business owners have a steady, quiet confidence about them and rarely demonstrate arrogance or egotism.

3 Humble

Humilityis a key entrepreneurial quality, reports Inc. magazine. Many entrepreneurs may be self-reliant, but the most successful5 are also able to ask for help when they need it, admit when they’re wrong, accept constructive feedback, and give credit where credit is due, staying grounded at all times.

4 Resilient

Being a small business owner comes with a fair share of ups and downs. There are victories, and there are setbacks. But as Entrepreneur.com suggests, business owners must be resilient6, taking in the good with the bad, enabling you to integrate the hard experiences in life in a way that makes you better.

5 Focused

Great businesses are born, built, and developed by entrepreneurs who focus7 their time and efforts on their business daily. Having clear goals and objectives will help you keep focused on working towards growth and success. As the SBA recommends, reviewing8 your business plan regularly and adjusting it where necessary can help you stay focused on your overall goals.

Of course there is nothing comprehensive about this list of characteristics, but they may be a useful resource as you assess whether starting a business is right for you.

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White woman business owner with short blonde hair in a denim shirt stands at a counter typing on a laptop with one hand and on the phone with the other. Flowers and greenery in the background of the store.