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10 Characteristics of Successful Entrepreneurs

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Adapted from Investopedia

Published in: Business
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10 Characteristics of Successful Entrepreneurs

  1. 1. Seth, S. (2014). 10 characteristics of successful entrepreneurs. Retrieved from http://www.investopedia.com/articles/personal-finance/101014/10-characteristics-successful- entrepreneurs.asp 10 Characteristics of Successful Entrepreneurs
  2. 2. #1 Passion & Motivation • Is there something you can work on over and over again without getting bored? • Is there something that keeps you awake because you have not finished it yet? • Is there something you have built and want to continue to improve upon, again and again? • Is there something you enjoy the most and want to continue doing to the rest of your life?
  3. 3. #2 Risk Taking • Successful entrepreneurs are willing to risk time and money on an uncertain future, but also keep resources and make plans to deal with unknown problems. • Is the risk worth the cost of your career, time and money? • What will you do if this venture does not pay off?
  4. 4. #3 Self-belief and Hard Work • Successful entrepreneurs believe in themselves and enjoy what they do. • Can you focus and have faith in your ideas? • Can you demonstrate discipline and dedication despite detractors?
  5. 5. #4 Adaptability & Flexibility • Successful entrepreneurs welcome all suggestions for optimization or customization that enhances their offering and satisfies market and customer needs. • Can you be flexible in adapting to dynamic markets and changing customer needs?
  6. 6. #5 Understand the Market • Successful entrepreneurs know their market and their product inside and out. • Can you stay aware of changing market needs, competitor moves, and other external factors to avert failure?
  7. 7. #6 Money Management • Successful entrepreneurs realize money management is mandatory and plan for present and future obligations. • Can you handle keeping sufficient cash flows after becoming operational?
  8. 8. #7 Planning • Successful entrepreneurs make plans as much as possible but maintain a mindset and temperament for dealing with unforeseen possibilities. • What are your time and money targets? Are they feasible?
  9. 9. #8 Networking Abilities • Successful entrepreneurs find experienced mentors and build networks to seek valuable advice. • Can you create a network to tap for solutions?
  10. 10. #9 Being Prepared to Take the Exit • Not every attempt ends in success. Successful entrepreneurs know when to cut their losses and try something different rather than continue to lose money in a failing venture. • Can you leave a venture if it fails?
  11. 11. #10 Self-doubt, but not too much • Successful entrepreneurs do gut checks. • Can you do this? • Do you want this?

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