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10 Common Characteristics of Successful Entrepreneurs

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No matter if you are a self-employed individual or apart of a team, there are always a few defining points to becoming successful.

More often than not, successful entrepreneurs will share similar characteristics, regardless of their trade or their role. While you might think there are a few secrets to becoming successful, you will find that the facts that successful people are actually more common than you think.

Here are 10 common characteristics of successful entrepreneurs:

1. Properly managing your money

It will take time to become profitable and while you are striving for financial success, any money you utilize should be closely monitored. Remember that your capital is limited and you should ensure that every penny is used wisely. Keep track of your spending and stick to your allocated budget. Proper money management will help prevent financial mistakes as well as ensure you keep (or wisely spend) any profits made.

 

2. Planning ahead

Creating a business plan will help you maintain an active list of goals and achievements. Not only that, business planning will help ensure that you build healthy habits that you will develop, implement, as well as maintain along the way. With the assistance of a proper business plan, you can easily highlight your goals and how you will reach them.

“To any entrepreneur: if you want to do it, do it now. If you don’t, you’re going to regret it.” – Catherine Cook

3. Learning to adapt and be flexible

While it is a great trait to be passionate and even stubborn about something you are working hard for, the lack of flexibility will hinder you in the long run. Successful entrepreneurs need to learn how to adapt and be flexible for the current market trends.

 

4. Taking risks

Entrepreneurs are often times considered to be risk takers. Yet, not every risk taker is considered a successful entrepreneur. The difference is simple – know when to take a risk and what the risks involve. Ask yourself is this risk worth my time, my money, or the cost of my career? You should also ask yourself what you will do if a certain venture does not pay off.

 

5. Get to know your customers

Getting to know your customer on a personal level is one of the most competitive aspects you can offer your clients as well as the market. People are always looking to make a connection and if you can provide this service you will not only stand out, but will also create a long lasting client base.

 

6. Stay organized

Organization is key. Lacking proper organizational skills will leave you cleaning up unnecessary messes. Keep track of your daily tasks in one place, whether it is a calendar or journal and make sure that you keep a close eye on what happens each day. Staying organized is absolutely necessary to run and manage a successful business.

 

7. Create relationships by networking

One of the greatest aspects of running a business is learning how to network. Meeting people and getting to know those in your community or reaching out to mentors can only help you improve within yourself and therefore your business. Besides, putting yourself out there will help others remember who you are and if you can create positive business relationships, you will find that your business will thrive.

 

8. Do what you love

When you are passionate about your business, you will be motivated to keep moving forward to meeting your goals. When you do something you love to do, work will not seem mundane. In fact, you will find that day in and day out, you are enjoying what you do and that alone makes all the difference. Make sure you love what you do and working hard will not seem like hardly working at all.

“I’m convinced that about half of what separates the successful entrepreneurs from the non-successful ones is pure perseverance.” – Steve Jobs

9. Understand what you offer

One common factor amongst all entrepreneurs is this: they know their product inside and out. In addition, those successful individuals are also very familiar with the market dynamics. Remaining aware of market trends, changing market needs, your competitors movements, as well as other external factors will only help you remain in that successful side of the market.

 

10. Be prepared and know when to take your exit

Unfortunately, not every attempt you make will end in success. The defining point of successful entrepreneurs is to know when to take a graceful exit and how you can learn and grow from that experience. Several famous entrepreneurs have had their failures but they have also had the foresight as well as the serenity to know when they should cut their losses.

Which one of these do you need to focus more on? Please leave your thoughts in the comment section below!

Veronika Kavanova is Head of Marketing and PR at http://freelancehouse.co.uk, healthy lifestyle freak, and Game of Thrones lover. She loves to analyze the information and share her experience with others. Additionally, she participated in startup and learned useful information to share. Feel free to contact her on Twitter any time.

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6 Comments

6 Comments

  1. Dann King

    Jan 24, 2019 at 3:39 am

    Great post! What I’ve found when it comes to success in entrepreneurship is that you have to take risks in order to succeed and as you mentioned, having good relationships helps me get further.

    Thanks for sharing.

  2. Raymona Brown

    Jul 1, 2016 at 8:49 pm

    Awesome article! for me money management stood out the most, Money management is truly important, and i am not saying that just to say it but because of my own experience, learning how to manage my money was a complete game changer for me and was a huge help in me growing into a wealthy and successful entrepreneur.

  3. Vijay Naidu

    May 30, 2016 at 5:54 am

    Knowing your customers by name or on a personal level has always helped me deliver results in International business. Overall I agree with the ten above essential to succeed.

    • Veronika Kavanova

      Jun 24, 2016 at 11:52 am

      Vijay, thank you for your comment! It so nice to know that you agree with characteristics I mentioned.

  4. Tim Denning

    May 29, 2016 at 6:42 pm

    Veronika your last point is most relevant to me. It’s easy to get involved as an entrepreneur with 101 different things until you find opportunities that stick. The part I am still getting better at is knowing when to exit a situation or opportunity. It’s becoming more crucial for me to get better at saying know so that exiting doesn’t have to be as frequent as it is for me right now.

    Thank you for your article and taking the time to share your thoughts!

    • Veronika Kavanova

      Jun 24, 2016 at 11:54 am

      Dear Tim, thanks for taking time to comment on the article!

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