5 Essential traits of successful entrepreneurs

When I started my business over a decade ago, being an entrepreneur was a change of mindset, and I had to seek out some mentors to help guide me on this journey. Being an entrepreneur is diverse, with individuals spanning from the wealthiest to the least affluent, each with their unique qualities. While every entrepreneur is unique, successful ones often share key traits. These aren't inherent, so if you're starting out, don't fret. You can cultivate these qualities. Curious about the 5 traits? Read on.

1. Self-Discipline
Starting with the most crucial, money can't replace discipline. It's essential in various aspects of entrepreneurship. For instance, Sara Blakely, the founder of Spanx, often talks about how she spent her evenings learning about the industry while working her day job. You need to know when to prioritize work over leisure—whether skipping parties to work or cutting back on lavish dinners. Recognize when to focus; your future self will appreciate it.

2. Adaptability
In our unpredictable world, adaptability is crucial. A prime example is Netflix, which began as a DVD rental service but adapted to the streaming era. A successful entrepreneur can pivot and change as needed. Don't get too fixated on initial plans to miss better opportunities. Adaptability is vital in business and personally; you must move with change, not against it.

3. Confidence
Confidence is vital, especially when seeking support from investors or peers. Elon Musk's unwavering confidence in SpaceX and Tesla, even when facing skepticism, is a prime example. Believe in yourself even when others don't. Confidence in your business is also crucial; if you doubt its potential, others will too. Remember, confidence isn't cockiness—they're different.

4. No Fear of Failure
View failure as a learning opportunity. Thomas Edison, after numerous failed attempts to invent the light bulb, famously said, "I have not failed. I've just found 10,000 ways that won't work." To succeed, you must be willing to try. Taking risks, big or small, is essential for business growth. Don't fear failure; it's not as final as it seems.

5. Decisiveness
Making tough decisions defines successful entrepreneurs. It's challenging to bring a vision to life through decisions, but it's crucial. Howard Schultz's decision to invest in providing Starbucks employees with health benefits, despite financial challenges, was pivotal. It might take a few wrong decisions to find the right one. A clear vision guides decisions. While mentors or friends can help, successful stories often feature individuals making bold decisions despite opposition. Trust your instincts and act.

Need guidance on your entrepreneurial journey? Book a coaching session with me. Together, we can navigate all aspects of your business and realise your dreams and goals.