Hardworking self-starter

The question was asked of me some time ago, what personality traits I thought were important for entrepreneurial success? My immediate reply was a spontaneous one about passion, dedication and hard work. Later that week and after considering the question a little deeper, I decided to elaborate a little more.

The result was this self-examining article pertaining to what it takes to achieve entrepreneurial success, which is by no means definitive, but you can lay odds that if you don’t possess most of what’s contained in these paragraphs, your chances of business success will be greatly diminished.

You must be self motivated, and if you don’t have the wherewithal to bounce out of bed each day without your spouse drenching you with cold water, chances are you don’t have the self motivation or discipline required to be an entrepreneur. Business demands that you take action based solely on your own volition. You have to do a hundred things every day that will not get done unless you make yourself do them.

Another requirement is hard work. You can’t be afraid of hard work because if you think working for someone else is hard work, try starting your own business. You will be required to give every ounce of blood, sweat, and tears you can muster and then some. You will have to work long hours and be on call 24/7, at least in the beginning. If the mere thought of hard work makes you tired, it maybe advisable that you just keep your cushy day job.

Experience and resilience

If you can’t locate your car’s engine you have no business buying an oil change franchise. The most successful business owners have prior experience in the industry in which they have set up shop. Consider working in an industry at least part time for a year before jumping in with both feet.

And you must be able to climb back on the horse. I always say: “If business was easy, everybody would be doing it.” Starting a business is hard work and the odds for failure are against you in the first few years. If you want to ride herd on your own business, you must be willing to fall off your horse and get back on a few times without giving up.

Support and humor

You need the support of your family. When you start a business you may have to spend more time away from the family than you like. The business may also put a strain on you financially, and you will have enough obstacles in your way without having to worry if you have the support of your family and those closest to you. In fact you’re going to be met with challenges big and small so you will have to develop a sense of humor to replace any thick skinned-ness in your make-up.

If your feelings are easily hurt, keep your non-threatening day job because business is not for you. Many days in business, rejection awaits you around every corner and you must be able to handle rejection without taking it personally.

Interaction and delegation

You must interact well with others in order to be a successful entrepreneur. Interaction is a requirement in most business pursuits and an entrepreneurship is most certainly a business, so interacting with a variety of people, from your own employees to vendors to customers to investors. You must have the ability to effectively manage people without offending them; the ability to accept good advice from mentors and politely discount the bad; the ability to overlook mistakes or quietly rectify them; and the one I have trouble with: the ability to tolerate incompetence without losing your cool (at least not on the outside).

And while we’re at it, let’s not forget money, the lack of which is perhaps the number one cause of business failure, so the deeper your pockets the better. Before you start your business you should have access to enough capital to see you through until the business can sustain itself and replace your previous income.

This is a skill that you’ll have time to develop as it may not be required until your entrepreneurship becomes relatively successful and you have hired on some help. That skill is the ability to delegate. Running a business requires the performance of dozens of simultaneous tasks and it’s foolish to try to handle them all yourself. You must learn to put your trust in others. If you can’t dish out responsibility without worrying over the result, your business growth will be limited.

prior business experience

Previous business ownership is a plus but it is not a prerequisite. Of course you would have an advantage over budding entrepreneurs who lack such experience so it can’t hurt. Many successful entrepreneurs have the skeletons of past businesses rattling around in their closet.

Think of it this way – Business is a lot like marriage: you learn a lot from the first one that may come in handy the second or third time around. With that kind of advice you can see why I didn’t go into marriage counseling. But, according to the old adage…Grab the Bull by the horn and dig in to make your business a success!

Confidence

Studies have shown that successful entrepreneurs and home business owners possess certain characteristics, the most important of which might be confidence in themselves or, simply, self confidence.

So the question many would-be entrepreneurs may have to ask themselves is, do I have self-confidence? This kind of self-confidence refers to the magical power of having confidence in yourself and in your strengths and abilities. We’re not talking about bravado or blind and reckless daring, but an unshakeable belief in yourself.

Achievement oriented

Results are gained by focused and sustained effort so if you, as an aspiring entrepreneur, concentrate on achieving a specific goal and not just accomplishing a string of unrelated tasks then you probably have an above average chance of achieving success. But here is another question you may have to contemplate during your planning. Are you a risk taker?

There is a chance of loss inherent in pursuing any goal, yet you have the confidence necessary to take calculated risks to achieve your goals. So which of these three main characteristics is the most important? Believe it or not, it is self-confidence.

Without self-confidence, nothing else is possible. If you don’t believe in your abilities, then the first challenge that arises may knock you off the path to achieving your goals. Here are a few things to keep in mind for maintaining a higher level of self-confidence.

Positive thinking

It all starts with a positive attitude! Believing that something good will happen is the first step. Negative thinking is just not allowed (so stop it right now). You must truly believe that there are no circumstances hard enough to deter you from reaching your goals.

Try the exercise created by Og Mandino, author of The Greatest Salesman In The World – every morning for 30 days repeat the reading of one chapter of your favorite motivational book. If you don’t have one go out and buy The Greatest Salesman In The World. It’ll run you about $3.50 at Amazon.com. You might be surprised at the results this simple exercise will produce!

Remember too, that positive thinking can be contagious. When positive thinking spreads, it can open doors to new ideas, customers, friends, etc.

Persistent action

All the positive thinking and believing in the world is useless if it is not applied towards a goal. You have to take action, no excuses allowed. This action must also be persistent. Trying once and then giving up is not going to be enough. Keep at it one step at a time. If you can’t get by a certain step, then find a creative way to try again or go around it.

Entrepreneurs are people who make decisions, they take action and control their own destinies. They are often motivated by a spirit of independence which leads them to believe that their success depends on raw effort and hard work, not luck.

As Ronald Regan pointed out: Entrepreneurs and their small enterprises are responsible for almost all the economic growth in the United States.

Look ahead and see yourself where you want to be, maintain a strong belief in yourself and your skills, stick with it, and never give up. If you can do that, you’re already half way there!

We’ll leave you with a couple of quotes from Sir Winston Churchill (1874 – 1965):
“Success is the ability to go from one failure to another with no loss of enthusiasm.”
“For myself I am an optimist – it does not seem to be much use being anything else.”