What makes an entrepreneur successful?
I did a little digging to understand what sets these people apart from the rest.
I found out that there is no real “secret” to success.
We all have it in us—it is only a matter of attitude and execution.
Today, I will share with you what I found out to become successful.
By the end of this tutorial about entrepreneur characteristics, I hope you can take away several items that you can work on—all of which will help you succeed in your online business.
They have self-motivation and passion
Successful entrepreneurs are passionate people.
They do not just put up a business to earn money; they put up a company because they love what they are doing.
Business people who do what they love will put their heart into it. They give it their best.
They do what they can to make things work, and they set high standards for themselves.
But what is passion? Passion is a desire.
It is something that makes you do something for free—you will do everything it takes to achieve a goal because it is a part of you. It is you.
People who love skateboards do not care if they break some bones.
They are also the ones who care enough that they find ways to improve the sport.
The same thing applies to clothing, games, hobbies, sports, and so much more.
Those who succeed in business never really chased the money.
Instead, they chased their desires. This is the reason why they are able to introduce changes to their industry.
They want to create something that is bigger than themselves, even if means they do not earn from it.
Passion translates to execution. And execution translates to money.
Many entrepreneurs who fail are only in it for the money.
What they usually do is they find for new trends that are “easy.”
They want to make a quick buck even if the business method or model is not something that they love
And if the business does not earn, they quit. And they fail.
They value inter-personal relationships
In the business world, people who succeed are those who value relationships.
They network with people. And because they network with people, they become known in these social circles.
To be able to network, you need to improve your interpersonal skills.
It does not have anything to do with being a good public speaker or anything like that.
What you have to do is simple: add value.
If you are operating a blog or an e-commerce store, it is important that you join network groups and organizations.
Get yourself out there and help people. Offer your advice for free.
Believe, me, people are going to appreciate what you shared.
To help you get started, here are some tips about how to get started in networking:
- Make a game plan – you need to know what your end goal is; you cannot just network for the sake of it. If you network, you have to choose the platform and the niche where you are going to do this.
- Follow up – once you have met new people online, make proposals and offer some of your services for free. Follow-up from the people you talked to, and make sure something gets done.
- Pay it forward – help people as others help you; you want to be known in your community as someone who is reliable, and also dependable.
Networking is not difficult, so do not be afraid of it.
Many people make it sound like you have to be a leader to be able to network.
The truth of the matter is that networking is nothing more than being human—be yourself and try to advance the interest of others before yours.
They study and improve money management
Business is about money. If you do not know how to use money the right way, you will go out of business before you know it.
Money management is a process where you make decisions on how to allocate your resources. In business, every cent matters.
Many entrepreneurs fail because they treat business funds like they treat their personal funds.
In a personal lifestyle, people buy what they want anytime.
Money comes in regularly anyway. Why? Because employees just have to go to work to earn money, even if they are not 100% productive.
They will earn money even if the business does not earn.
Entrepreneurship does not work that way.
In business, the only money you can spend is monthly that come from sales or the seed money that comes from your capital.
In business, it does not make sense sending money unless it is absolutely necessary.
Successful and famous entrepreneurs make tough decisions to hold off from purchasing unnecessary things.
Many entrepreneurs fall victim to spending. Why? Because they are easily lured into spending money on things that do not add value to the business.
For example, you may be tempted to buy SEO tools that you do not need right now, or expensive marketing tools when there are other options that you can use for free.
Be very smart when spending money. You always have to ask yourself: if I buy this, how will this make me money?
If you only spend money where it matters, you have better chances of succeeding.
They pay attention to their analytical skills
A lot of entrepreneurs start to run when they hear the word “analysis.”
They think that it is a tough science.
Well, it isn’t. Data analysis is nothing more than the process of breaking down big things into smaller ones.
For example, if you want to analyze what a pizza is made of, you start by looking at its components—it has dough, tomato sauce, cheese, etc.
The same principle applies in business.
What you have to do is to take a long hard look at your data, and then make decisions from there. Like what?
For example, if you made 100 sales this month, you cannot just tell yourself that Product A is your bestseller.
You do not know that. You will only see the truth if you use data.
This is why your online store platforms like Shopify have analysis toolkits.
They tell you how so many things about how your business is performing.
Here are some things you want to look into:
- Sales per country
- Top-selling items
- Weekly and monthly revenue
- Customer satisfaction rating
- Revenue from ads
If you know how to interpret your data, you will also know how to make sound business decisions based on facts.
One common problem with online entrepreneurs is that they only rely on gut feeling.
I am not saying that gut feeling is completely wrong.
All I am saying is that it makes business sense to rely on factual information.
Gut feeling works for other kinds of decisions, but not for everything.
All online business platforms have one analytical tool of some sort.
If not, you have to use a spreadsheet and track your business activities manually.
They know and acknowledge their limitations
One of the characteristics of a successful entrepreneurs is they stay grounded.
They know the things that they do not know, and they acknowledge this shortcoming.
And what do they do? They study, or they outsource that work to an expert.
Many entrepreneurs who fail do not do this. Instead, they become a jack of all trades. Why? Maybe they do not trust people, or they want to be a jack of all trades.
This approach works best if you are a high-level genius.
It does not work if you are an average Joe. You cannot foolishly convince yourself that you are good at everything. You have to understand your limitations.
Once you have come to terms with your limitations, you will realize that there are certain aspects of your business where you need help.
And once you allow an expert to solve this problem, you have taken off this load from your chest.
Try to sit down one time and list down the aspects of your business where you need help.
Do you need help with SEO and blogging, website coding, order fulfillment, etc.?
Once you have all these things listed down, you can decide which ones are the most crucial to your business.
Then, you can start looking for freelancers who can do the job for you, or you can hire virtual assistants who will do the day to day job of managing your online business.
It is better to spend money on experts than doing it yourself.
Accept your limitations and then manage your business from the top.
They have the willingness to put in the work
This is probably one of the hardest things to do.
If you are an entrepreneur, you have to put in the hard work.
If we take dropshipping as an example, we will realize that most of the people who failed at dropshipping are the same people who think that it is easy.
Also, people who always look for an easy way to make money are the same ones that fail.
One of the reasons why entrepreneurs succeed is they work hard on their business.
They put in the time. If you read the work habits of successful entrepreneurs like Jeff Bezos and Elon Musk, these are people who spend so much time in their work.
They solve problems, find problems to fix, try to improve things—they do so many things.
They work 60-hour workweeks, and they even sleep in the office sometimes.
They plan, and they assess what is happening in their business.
And how about entrepreneurs who failed? Many of them want it easy.
They work four hours a day on their online business, thinking that it is enough.
I am not saying that those who failed are lazy.
All I am saying is that they did not work hard enough. If you just put in your time, you can accomplish many things in one day.
And this is especially so if you are hiring freelancers to do the menial jobs for your business.
Take the time to step back and list down the problems of your company.
Determine what needs to be one and then divide the tasks between you and your freelancers.
Make a commitment today that you will not stop working until you have reasonably completed a task or a part of it.
Lastly, ask yourself this question every day: what did I accomplish today?
Summary: Characteristics of a Successful Entrepreneur
Success has nothing to do with luck or genes or being a genius.
Success is a culmination of different things.
What many people do not realize is that failing is a part of all successful entrepreneurial journeys.
Do not be afraid to fail.
Instead, use the failure to learn from your mistakes.
Keep on trying and modifying your approach, and you will become successful one day.