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31 March 2023 • Resources

Characteristics of an entrepreneur: 11 Must-have traits for success

Characteristics of an entrepreneur: 11 Must-have traits for success

The personality of an entrepreneur is both complex and unique. Not all professionals can become entrepreneurs: even if their project is clear in their mind, without specific skills and pure human qualities, the activity won’t bear fruit...

The entrepreneurial organization is a multi-faceted activity: the professional must be able to multitask, be interested in all aspects of their business, and focus on others, whether to find partners or to attract more customers.

Creation of a project? Taking over a company? Innovative brand idea? Do you want to change your life to one that includes entrepreneurship? Whether you’re about to become an entrepreneur or want to advise a loved one in this adventure, here are the key characteristics and skills to nurture and train to succeed in the development of this exciting status.

What does it take to be an entrepreneur? The 11 key characteristics

An entrepreneurial profile includes a set of characteristics and qualities, the ideal traits of an individual to succeed in entrepreneurship. To succeed as an online entrepreneur, certain key characteristics must be present.

1. Self-motivation

Entrepreneurs must have the gift of self-motivation on a daily basis and have the will to achieve their results. Without these qualities to succeed in entrepreneurship, it can be difficult for an entrepreneur to progress. To stay focused, entrepreneurs need to set achievable goals and track their progress toward those objectives.

In order to stay focused over time, many successful entrepreneurs have realized the importance of taking care of themselves by exercising, meditating, or reading inspirational stories of other successful entrepreneurs.

They must also surround themselves with supportive people who will help them feel responsible for their own success. With the right attitude and perseverance, entrepreneurs can stay motivated and follow the path to achieving their dreams.

2. Risk-taking

Risk-taking is an essential part of entrepreneurship, and successful entrepreneurs must be willing to take calculated risks in order to achieve their business results.

Taking risks involves weighing the reward they are aiming for against the possible consequences of failure. When considering whether or not to take a risk, entrepreneurs must assess the degree of risk. By analyzing each situation impartially, they can make informed decisions about which risks are worth taking and which may prove too costly.

For entrepreneurs, risk-taking also involves careful consideration of how much to invest in a business and what kind of return on investment is expected. Many successful businesses have been created by taking calculated risks that ultimately pay off. Entrepreneurs should remember that there is no guarantee of success when taking risks, but with optimal planning and organization, they can often maximize their chances of success!

3. Adaptability

The ability to adapt quickly is essential because the environment for entrepreneurs is constantly changing. In today's ever-changing business world, entrepreneurs must be able to anticipate and embrace change to stay on top of their game.

Adaptation allows entrepreneurs to take advantage of new opportunities, adjust their strategies, and respond effectively to changing market demands. It also helps them stay focused on their objectives and avoid costly mistakes!

To stay competitive, entrepreneurs must cultivate an agile mindset that allows them to identify, analyze and react quickly to market changes. They must also have a plan that includes realistic goals, an understanding of the risks involved, an examination of possible solutions, and actions to get there.

Successful entrepreneurs need a combination of agility and foresight to navigate a rapidly changing environment with confidence!

4. Visionary thinking

Whether you want to launch a big company or start a business on a small budget, you need to have a clear vision of where you want your business to go. Turning it into reality through your own creativity and hard work is a tedious task.

By laying out all the details of the idea, of the dream, you’ll give direction and motivation to employees, customers, and partners. It also serves as a guide for decision making and resource allocation.

Having a clear vision of where you want your business to go ensures that everyone involved is working in the same direction. It also gives stakeholders confidence in the direction of the business and encourages them to invest in its success.

A clearly defined vision also allows you to focus on creating strategies and plans to achieve those goals. By having a clear idea of what you want your company to become, you can ensure that all resources are used efficiently and effectively to get there.

5. Networking

Building relationships with other entrepreneurs and industry professionals can be incredibly beneficial for any aspiring entrepreneur, as they can expand their knowledge from the experiences of others and gain valuable advice from those around them who have gone through similar experiences themselves.

Networking allows you to learn from and support each other, exchange ideas, explore potential partnerships and gain valuable knowledge about your industry.

Having a network of people you can count on for advice or help when you need it can be invaluable. To network with other entrepreneurs and industry professionals, you can attend events or conferences related to your field, join professional associations, use your social networks such as LinkedIn to connect with people in your industry, or even just connect with someone whose work you admire.

You'll not only have opportunities to boost your business, but also the chance to develop meaningful relationships that could prove beneficial for today and tomorrow.

6. Resourcefulness

Being resourceful as an entrepreneur means being able to find solutions even when resources are limited or unavailable, which all entrepreneurs need to make progress in difficult situations.

The ability to think outside the box and find creative solutions even when resources are limited is a constant challenge for entrepreneurs, especially early in their careers.

Resourceful entrepreneurs are able to identify the resources available to them and use them as effectively as possible. They understand that having a limited budget or limited access to certain tools does not mean that their goals cannot be achieved. It just means they need to look for other ways to achieve them.

This may mean looking for free or low-cost options, bartering services with other companies, or recycling existing resources. Being resourceful also involves being flexible and open to trying new approaches. Resourceful entrepreneurs are willing to take risks, experiment, and learn from their failures to create effective solutions.

7. Curiosity

Maintaining a sense of curiosity even over long periods of time is key to entrepreneurial success. An entrepreneur should always be wanting to learn more and ask questions, not just about their specific niche but also about what’s happening in the world around them. 

Rather than being content with their current knowledge and experience, a curious entrepreneur will continuously be on the lookout for new opportunities and ways to improve their business. As a business, remaining curious will push you to explore different avenues and be more open to new discoveries.

When it comes to entrepreneurship, a certain level of stubbornness can indeed be helpful, but it’s important to be willing to change your mind when you receive new information. This will help you to be able to seize new opportunities as they arrive and better adapt your business. 

By remaining curious and expanding your knowledge by whatever means possible, whether that involves reading books or blog articles, taking online or offline courses, attending seminars and conferences, etc., you’ll be able to more easily grow your business and achieve success.

8. Persuasiveness

Regardless of the product or service that you sell, it’s essential that you’re able to persuade shoppers of the merits of your offerings to get them to want to buy it. Being persuasive means speaking to your current and potential customers in a way that resonates with them and allows you to build a strong relationship with your audience.

One way to improve your skills in terms of convincing others is by conducting thorough research on your target market and learning about these consumers’ wants, needs, and concerns. You can then adapt your communication strategy, website, services, etc. accordingly. For example, you may find that sharing personal stories is appreciated by your customers and helps you to create an emotional connection with them and build loyalty.

Possessing persuasiveness is advantageous not just for getting consumers to purchase from your business but also for convincing people to believe in your ideas and invest in your operation. This can entail anything from obtaining financing to start or grow your business to negotiating partnerships.

9. Honesty

Being honest and having integrity are priceless qualities in the business world. Not delivering on your promises just once can have a significant negative impact on your entrepreneurial venture, and it can take a long time to repair a customer or partner relationship that’s been damaged. 

In contrast, prioritizing honesty and aiming to always be forthcoming will strengthen confidence in your business and encourage loyalty over the long term. Don’t think that this means that you have to be 100% perfect! 

People make mistakes, and admitting any error on your part will be appreciated by your customers, as it shows your human side. As long as you take action to remedy the situation and prevent it from happening again, it can be seen as an opportunity for growth rather than a major failure.  

10. Passion

Unfortunately, being an entrepreneur doesn’t always mean days filled with rainbows and sunshine. When the going gets tough or even just when your to-do list seems to be filled with boring administrative tasks, you’ll need something to help sustain you. This is where having passion comes in.

Being passionate about your project will naturally make you want to invest your time and energy in it. Although you might not always love every moment of running your own business, having passion for what you do can make the difficult moments a little easier and encourage you to appreciate the positive aspects. 

Also keep in mind that your passion (or lack thereof) can be sensed by others. If potential buyers and business partners feel that you’re enthusiastic about what you have to offer, they’ll be more likely to want to find out more about your venture.

11. Decisiveness

When managing an entrepreneurial venture, you’ll constantly need to be making decisions, both big and small, for the development of your business. What’s more, these decisions are often going to have to be made quickly. 

Because you’re the leader, you’ll have to make choices concerning every aspect of your business, including financial and accounting issues, product updates and changes, customer service, team management, and much more. In order to be a successful entrepreneur, it’s important for you to be able to be decisive and to stand by the decisions you make. 

When faced with a decision, it’s easy to become paralyzed by fear of making the wrong choice. It can be helpful to remember that you don’t need to be correct every time. Being decisive is more about trusting yourself to face challenging situations and make the best choice possible with the information you have at that moment. Then, if the result doesn’t turn out as you’d hoped, you can decide to adapt and determine where to go from there.

Final thoughts

Want to become an entrepreneur but feel like you don’t have all the characteristics mentioned above? That’s completely okay! 

It’s very possible to work on the development of any of these traits to increase your chances of successful entrepreneurship. In fact, even if you’re already fairly confident about your skills, rest assured that there will always be something to improve. 

Fortunately, with the WiziShop ecommerce solution, you’ll never have to face challenges concerning your business alone. Our team of knowledgeable Business Coaches can advise you on any questions, big or small, that you may have about running your online store and how to successfully manage your entrepreneurial venture.

In addition, your subscription comes with free training on a variety of ecommerce-related topics, allowing you to expand your knowledge, along with over 400 advanced tools and features to boost your conversion rate, a full library of templates to design the site of your dreams, and much more. 

Test WiziShop out with a 3-day free trial and start your new adventure as an ecommerce entrepreneur! 

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