2018-08-03 00:08:41HR and Management: Business AdviceEnglishIf you feel like you're missing some of the personality traits required for business success, don't worry. Finding a business opportunity...https://quickbooks.intuit.com/in/resources/in_qrc/uploads/2018/08/successful-small-business-owner-business-trip.jpghttps://quickbooks.intuit.com/in/resources/hr-and-management-business-advice/characteristics-successful-entrepreneurs/5 Characteristics of Successful Entrepreneurs

5 Characteristics of Successful Entrepreneurs

2 min read

If you’re thinking about starting a small business, you might be wondering what else it takes — besides having startup funds and a marketable idea — to be successful. In fact, a combination of factors contribute to business success, including personality traits. While there’s no single combination of traits that ensures success, the most successful business owners have a certain way of thinking and approaching challenges that makes success and longevity in their industries more likely. Here is a list of five characteristics of successful entrepreneurs that you must be aware of before starting your small business.

1. Positive Outlook

Thinking positive is a common trait of successful small business owners. Having a positive outlook is vitally important due to the realities that many entrepreneurs face throughout their careers. Think about it — new small businesses face stiff competition from established competitors. Or, they have to wait many months or years for their disruptive business idea to catch on. A positive outlook is what keeps small business owners enthusiastic about the future in the face of obstacles. Even better, a positive outlook can be infectious, so business owners with this personality trait are better able to motivate their employees and keep them focused on helping their companies achieve their goals.

2. Drive to Succeed

Successful small business owners usually don’t retreat into their homes and relax just because their company starts turning a profit. Instead, what drives successful business owners is the next big challenge. When business owners with this personality trait achieve one goal, they set a new goal that’s more difficult to achieve. New goals often involve battling competitors for a bigger share of the market.

3. Motivated Self-Starter

Some people need an extra push to start a project, but a self-starter takes charge, begins a project and sees it through to completion on their own. Being a self-starter is an important trait for a small business owner. If you’re a self-starter, you most likely try different ideas without input from other people. For example, when approached by a large corporation offering more work that they’re used to handling, a freelancer graphic designer who’s a self-starter would jump at the opportunity without asking friends and family for their opinions on the matter.

4. Passionate about their Ideas

Here’s a fact about business success — you can’t be neutral about your ideas. Successful business owners are passionate about their ideas and spend long hours perfecting them. Passion keeps you focused on achieving your dream of business success. Just as with a positive outlook, your team looks to you to find out how passionate they should be about your company or brand. And, customers know when you’re passionate about your business by the quality of your products or services you offer, as well as your interactions with them.

5. Strong Work Ethic

A strong work ethic is what inspires business owners to show up at work rain or shine. Successful business owners usually are the first ones to arrive at the office and the last ones to leave. Though work-life balance is important, it’s common for business owners with a strong work ethic to make time for customers and employees even on their days off.

If you feel like you’re missing some of the personality traits required for business success, don’t worry. Finding a business opportunity that inspires you takes time. But once you find it, everything falls into place.

Information may be abridged and therefore incomplete. This document/information does not constitute, and should not be considered a substitute for, legal or financial advice. Each financial situation is different, the advice provided is intended to be general. Please contact your financial or legal advisors for information specific to your situation.

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