13 qualities of a successful entrepreneur

Anyone can start a business, but having the qualities of a successful entrepreneur can help make you more likely to succeed. Some people thrive being self-employed despite the challenges entrepreneurship can bring, such as fierce competition, developing an effective marketing strategy, and acquiring start-up funds. To others, the details and logistics of launching their own venture can feel overwhelming.

The good news is that even if you feel like you lack some of the common characteristics of a successful entrepreneur, many of these qualities can be developed with time and practice. Being aware of these entrepreneurial traits can help you identify your strengths and weaknesses so you can intentionally direct your self-improvement efforts to overcome self-doubt.

By exploring common personality traits of successful entrepreneurs and learning more about the types of entrepreneurs, you can get motivated to grow your entrepreneurial skills.

13 qualities of a successful entrepreneur

Starting a new business involves taking risks. You can attempt to do everything right, but external events beyond your control can still impact the outcome of your vision. While there’s no formula for entrepreneurial success, certain traits can help you become more flexible in the face of difficulty so you can pivot accordingly.

Here are some entrepreneurial skills and characteristics you can develop to become a successful entrepreneur.

1. Discipline

One of the top qualities of entrepreneurs is self-discipline. When you’re self-disciplined, you still put in the work even when you don’t feel like it. 

If you have a day job in addition to your startup, this could mean working long hours to give your business the attention it needs to flourish. You’ll sometimes need to get motivated to wake up early or stay up late as you start your new venture. 

While self-discipline is important, it’s also crucial to maintain balance by not overworking yourself to the point of burnout.

2. Curiosity

The best entrepreneurs have a passion for learning. They have an entrepreneurial mindset that drives them to continually ask good questions and look for new opportunities to grow themselves and their startup. 

These people don’t dwell on what they think they know. Instead, they change their perspective when presented with new information. This requires intellectual curiosity, which involves an interest in acquiring knowledge.

According to research published in Frontiers in Psychology, curiosity is one of the top personality traits that leads to entrepreneurial intentions and behavior. It was also found to have a bigger influence on entrepreneurial outcomes than being open to new experiences.

3. Creativity 

Creative thinking is the spark that drives many successful business owners. Creativity isn’t just for creatives; it’s a skill that everyone can cultivate. 

Entrepreneurs often need to find creative ways to solve problems or deliver a service, especially when they have limited resources. They look in many different places to get inspired, and their creativity helps drive their love for what they do. 

Invest time and persistence in finding what gets your creative juices flowing. To cultivate this entrepreneurial skill, lean on healthy habits that support creativity. This could mean enjoying the benefits of music, meditating, or meeting new people. 

4. Willingness to try new things

As an entrepreneur, you’ll constantly be presented with new tasks that challenge your skill set. Resourcefulness goes hand in hand with innovation and problem-solving. Be ready to develop an entrepreneurial spirit by thinking outside the box and pulling from your vast network, experiences, and professional skills when pursuing new opportunities. 

It’s also important to have a willingness to watch your solution fail. Failure is part of entrepreneurship, and learning from your mistakes is the best way to find mental clarity and improve your ideas. 

5. Honesty

In the business world, you’re only as good as your word. Honesty and integrity are important characteristics of an entrepreneur. These personality traits will help you reap benefits like the following:

• You will develop a reputation as a strong and honest communicator.
• Your employees will value your leadership.
• Clients and customers will know you always deliver on your promises.
• People will show a willingness to lend you money for your next idea.
• Your community will support you during tough times.

Support and reputation are huge pieces of entrepreneurial success, so it pays to have integrity.

6. Future-focused

Successful businesses leave little to chance. As a business owner, you need to be future-minded, looking far into the future and making backup plans to adapt to unexpected events.

You should have a purpose, mission, and vision for your company, as well as an achievable five-year plan. To bring your idea to life, you can develop SMART goals, setting realistic short-term goals and long-term goals to drive your business venture forward.

SMART goals have the following characteristics:

• Specific: They focus on a singular outcome
• Measurable: They have clear metrics to help you know when you’ve achieved them
• Attainable: They are reasonable and within reach using your current resources
• Relevant: They’re related to your overall vision for your business
• Time-bound: They have a specific deadline to help you stay motivated

Each goal should build on the last, bringing your vision closer to reality. Also, remember that a lot can change over the years. You’re allowed to adjust your plan if needed.

7. Keen on self-care

Great leaders understand that mental exhaustion and overwork are a recipe for disaster. You can have many great skills, but without proper wellness, you won’t be able to execute on your assets. Budgeting time for self-care will pay you back tenfold.

The same philosophy applies to your employees. Encourage them to rest when they need it. They will reward you with a positive mental attitude and a stronger work ethic.

8. Able to take risks

Risk-takers often do well as business leaders, but you should be clear on your approach and have a backup plan ready in case things go awry. 

If you strategize well and outline metrics for tracking success, you can quickly make adjustments and find appropriate solutions. Show your product or service to a trusted group of friends, read market research to see if there’s adequate demand, and stay up to date on the latest industry news. These strategies will help you take calculated risks while exploring new opportunities.

9. Adaptability

The world is constantly changing, and so is how we do business. Entrepreneurs have no shortage of unexpected obstacles and surprise opportunities, so they must act quickly and efficiently. These changes can arise in their industry, the economy, the workforce, or competition.

Adaptability to shifting conditions is what makes a successful business. For example, if you employ a millennial workforce, you need to be flexible to changing norms like hybrid work models and offering better work-life balance. According to a Deloitte survey, 76% of millennials prefer flexible work options like hybrid and remote work. If you try to force business structures that worked in the past, you might be missing out on attracting excellent employees.

10. Resilience

Successful entrepreneurs understand that failure isn’t the end of a career. Instead, it’s a rehearsal for success. Persisting despite obstacles helps build confidence, resilience, creativity, and innovation.

When you fail, you learn lessons to apply to the next challenge and teach yourself you’re grittier than you thought. All that radical thinking may lead to radical results.

11. Emotional intelligence

Emotional intelligence is the ability to understand your emotions and the emotions of others. Without emotional intelligence, you could experience poor self-control, communication barriers, and difficulty with conflict resolution. Possessing these characteristics impacts your ability to maintain a positive company culture and build rapport with your customers, clients, and team. 

You can improve your emotional intelligence skills by practicing active listening, asking for help and feedback, and developing your communication skills.

12. Growth mindset

Entrepreneurs have a growth mindset, which is a belief that skill and intelligence are things people can develop. They believe that while some people may be born with certain qualities, constant personal development is what leads to success.

You can develop a growth mindset by changing your perspective on failure, understanding your limitations, and setting goals for self-improvement.

13. Effective communication

Success in any field relies on good communication, but it’s especially important for entrepreneurs. Entrepreneurs need to be able to clearly articulate their ideas, be persuasive about their value proposition, and build good relationships with potential investors and customers.

A few key business communication skills you can build to become a better entrepreneur include negotiation skills, presentation skills, and listening skills.

What is an entrepreneur?

An entrepreneur is someone passionate and innovative who creates a new business for the sake of impact or profits. Bringing an idea to life requires an entrepreneurial mindset and willingness to take calculated risks. 

Entrepreneurship is all about pursuing new opportunities. It’s about looking for areas to invest in a service or a new product the world might need. It’s also about taking the initiative to overcome failure until you succeed.

For example, in the 1970s, Steve Jobs noticed computers were popular among hobbyists but inaccessible to the average consumer. He saw an untapped market with huge potential, so he set out to create user-friendly products. From the Apple 1 computer to the iPhone, he did exactly that. His startup became one of the most profitable businesses in the world.

Some additional qualities of a successful entrepreneur are that they’re comfortable with discomfort and motivated to push the limits of their comfort zone. They fill society with new ideas and keep refreshing old ones.

The 4 types of entrepreneurs

Entrepreneurs come in many forms, whether they yearn to be their own boss or disrupt the status quo. Here are some common types of self-starters you might run into:

1. The inventor: This type of entrepreneur wants to create the next new thing. They use big-picture thinking, imagine products or business venture ideas that don’t exist yet, and work to bring their vision into reality. 
2. The small-business owner: Small-business entrepreneurs operate everything from small consultancies to local restaurant chains. They understand the value of hard work and leading a talented team of employees. 
3. The online entrepreneur: Whether it’s a side hustle or a full-time job, online entrepreneurs make the internet work for them. They might sell products through an online retailer, maintain a popular blog, or develop software to distribute online. But no matter what, they have a direct relationship with clients through their online business. 
4. The home-business owner: Home-business owners use their houses as their business base. For example, a family plumbing business might use its home garage to store equipment, or an artisan soap maker could use their basement to manage their production line. These people make their living space work for them.

Building and growing your entrepreneurial skills

Developing the characteristics of a successful entrepreneur takes time and hard work. While many of these traits can be built through trial and error, there are proactive steps you can take to grow your entrepreneurial skill set.

Here are a few steps you can take to embody the entrepreneurial spirit:

• • Listen to business podcasts: Try listening to business podcasts from other entrepreneurs in your industry. This can give you insight into common obstacles you might encounter and show you which business moves offer the biggest reward. It also allows you to learn from others’ mistakes.
  • Go to networking events: Networking can introduce you to new people who have been in your position. It can help you find a mentor who can encourage you with feedback, or you could even meet potential investors or partners to help get your business off the ground.
  • Try business coaching: A business coach is a professional who helps you maximize your company’s potential by guiding you in pursuit of your professional goals. They can help you chart paths for growth, nail down your mission and vision, and act as an accountability partner and motivator to keep you on track.

Embody the qualities of a successful entrepreneur with BetterUp

There are many common qualities of a successful entrepreneur, but it’s still important to remember that every entrepreneur is unique. Something that worked for another entrepreneur might not work for you, and vice versa. The above list is meant to be a starter guide of skills and traits that might help you along your journey.

Entrepreneurship is hard, especially when you try to go it alone. If you need direction or someone to bounce ideas off of, consider working with a business coach. Coaches exist to help you succeed, and they can help you uncover opportunity gaps you may not have seen otherwise.

Start your entrepreneurial journey with a BetterUp Coach to watch your ideas and ventures flourish.