10 Key Traits of Successful Entrepreneurs

By Craig Wagener D.Optom, Ph.D., MBA, MCNE

A study of successful people gleans particular identifiable traits. When used
contemporaneously, these traits (skills and talents) result in successful business
ventures.
Many people possess the necessary talent for success, but even the most talented
person, at some point, must acquire skills over and above his or her natural ability.
The difference between a naturally occurring talent and an acquired skill is the ease
or difficulty of effort needed to accomplish a task. In the case of the later, a
determined regimen of learning and practice may be necessary to the success of
the goal. Acquiring a skill set takes effort and can be intimidating. However,
successful entrepreneurs will continuously work toward acquiring skill sets that
encompass a broad range of topics, thereby allowing a variety of methods and
theories to use toward reaching goals and measuring risks. Successful
entrepreneurs make excellent business mentors; they possess a lifetime of tried and
true principals, as well as theories and possibilities for the future of business. I
would advise anyone who wants to become an entrepreneur to seek out someone
who has been successful in business and endeavor to learn from them.
Let s take a look at what research reveals to be the common traits found in
successful entrepreneurs:
1. Passionate
Successful entrepreneurs are driven by a clear sense of purpose and passion toward
a definite goal. They have a keen ability to focus on achievement of goals and are
resilient to negative opinions imposed by others. Passion and challenge drive these
individuals to accomplish goals that others believe impossible.
2. Determined
Entrepreneurs must be determined to succeed. Failure, as painful as it is, is the
greatest teacher. History is filled with stories of successful entrepreneurs who
suffered many failures, but whose determination allowed them to see those failures
as acquired knowledge and drove them to hone skills not previously possessed.
Determination being the motivating force behind their success. Any successful
entrepreneur will agree that in order to be successful an entrepreneur must be
determined enough to give objective thought to constructive criticism and be willing
to make changes. Determination always overrides failure and crushes pride.
3. Ambitious.

Ambition drives a successful person to accomplish anything and everything they

can imagine. Thanks to ambitious people we can fly in an airplane from continent to
continent, we can watch astronauts walk on the moon, doctors can perform surgery
while thousands of miles away from the patient using cameras and robots, we can
even become wealthy while helping other people achieve their goals and dreams.
Successful people are always looking for opportunities to help others.
Unsuccessful people are always asking, "What's in it for me? Brian Tracy
Entrepreneurs do not make excuses for their mistakes and failures. Conversely, they
examine their mistakes and failures and strive to acquire the knowledge needed to
either junk the idea or to embrace the idea that will result in achievement of the
goal, thereby feeding their enthusiasm and long term commitment.
4. Disciplined.
Self-discipline is a superb advantage in business. It is a symptom of determination
and ambition. A persons ability to focus on a task or plan, results in reaching the
desired goal. Success is built on self-discipline. Not everyone has the discipline to
self-start the day, much less self-start a business venture and commit through to
fruition.
5. Fearless.
Fearlessness is not necessarily a good trait to possess, although many
entrepreneurs exhibit the same characteristics as that of fearless people, most
often referred to as risk takers. This does not equate to careless or reckless
behavior but to theories and philosophies that allow calculated risks to be taken and
the acceptance outcomes, whether good or bad, think Mark Cuban, Albert Einstein,
or Richard Branson as a few examples. Successful entrepreneurs calculate the risks
associated with business, but they also rely upon intuition to mitigate those risks.
When an opportunity is identified and the risks assessed, depending upon the
information they either will or will not move forward. With each failure, the
entrepreneur develops the ability to remain calm in situations of uncertainty and
make decisions on the most current data, even in the absence of complete
information. In theory, they could wait for complete information and spend an
eternity analyzing that information or they can proceed to conquer the opportunity
by adapting and overcoming any obstacles.
6. Devour Knowledge.
Successful entrepreneurs usually have a natural talent in the area of business in
which they wish to engage, but it is the specific area of knowledge that sets them
apart. Many successful entrepreneurs engage in heavy reading of various types of
literature. They devour knowledge and draw their own conclusions. See this article

on the Warren Buffett Formula. By reading a broad spectrum of literature,

entrepreneurs become skilled thinkers and decision makers.
7. Owns Mistakes.
An essential skill is to be able to take responsibility for mistakes. While dwelling on
mistakes may paralyze some, successful entrepreneurs use mistakes to make
directional or procedural changes. They take personal responsibility for their
actions and dont make excuses or blame others for a poor outcome.
8. Flexibility.
Flexibility is the rubber band that holds a business together. Businesses are like any
substance that expands and contracts. The business world is in constant
metamorphosis. Businesses complete for the same group of consumers with the
same or slightly different products. All it takes to sway the playing field is to
recognize the most desirable aspect of the product or service and expound on it.
How many labels or signs display the notation, new and improved or under new
management?
9. Promotion.
Are you an extrovert or an introvert? However you identify your temperament, as a
successful leader you must be able to sell yourself. Introversion, however, does
not limit an entrepreneurs ability to do whatever is necessary to become
successful. If you are curious, here is a list of successful introverts. The most
important aspect of the ability to promote is that you will have to sell your idea,
vision, dream or product to prospective partners, employees, customers, or bankers.
For many people this skill will come naturally and for others it will be an acquired
skill, but as you can see from the list of successful introverts, the skill can be
acquired.
10.Cooperation.
Successful entrepreneurs know that achieving success involves other people. In
order to maximize productivity successful entrepreneurs know that they must team
up with others. While one person may generate an idea, it takes a team of willing
partners to turn the idea into a realization. Cooperation and shared reward is the
element that moves ideas forward.
We have identified 10 traits of the successful entrepreneur: passionate, determined,
ambitious, disciplined, fearless, devourer of knowledge, owns mistakes, is flexible,
promotes him or herself and cooperates with others. As with any list specific, this
list contains only a few of the traits of successful entrepreneurs, however, we find
this list to be the best place to start in honing entrepreneurial skills.