Q&A - What are the characteristics of successful entrepreneurs?

Much research has been done to examine the personality and other characteristics of successful entrepreneurs to see if there is a proven method or route to success. You will find many lists of “what is takes to be an entrepreneur”, but they tend to say similar things. So here is a summary of the key findings!

Successful entrepreneurs tend to have one or more of the following characteristics:

Passionate about their product or service and about getting things right for the customer

Visionary – they have faith in what they are trying to do. They tend to not get too bogged down in the fine detail of day-to-day business

Energetic and driven – prepared to work consistently long hours, especially in the early stages

Self-starting and decisive – they don’t wait for others to take decisions. Entrepreneurs tend to take the initiative, spotting opportunities early and taking decisions quickly

Calculated risk-takers – not reckless; they are prepared to take a risk in order to maximise the rewards

Multitasker – able to take on more than one role (product development, selling, recruitment)

Resilient and determined – able to handle problems and overcome hurdles. Setting up a business is difficult and time-consuming

Focused – sets clear goals and self-imposed high standards

Results-orientated – take pleasure from achieving targets and setting the bar higher. Entrepreneurs tend to set clear objectives for their business which then feed into relevant business planning

Persuasive – entrepreneurs are good at bringing other people and businesses “along with the idea”; persuading suppliers to supply a new business, or an employee to leave a current job and join the start-up

Leadership – an entrepreneur leads his or her own business (often working alone in the early stages). As the business develops, the skills of leading others become even more important

Lucky – not to be laughed at! Every business needs some good luck – e.g. being in the right place at the right time. But remember the advice of a well-known golfer – “the harder I practice, the luckier I get”

The important thing to remember about the list above is that an entrepreneur is unlikely to possess all these characteristics! Anyone who starts a business has strengths and weaknesses. However, the savvy entrepreneur recognises where his/her weaknesses lie and takes steps to address them (e.g. recruit someone with the right skills).