7 Must-Have Traits of a Successful Entrepreneur

Whether an emerging entrepreneur’s ultimate goal is to take an idea to market, or to sell or license a brand to a large corporation, starting a business involves developing numerous essential skills.

Generations of experienced business people and experts on the topic have shared their lists of some of the attitudes, traits, and skills common to all successful entrepreneurs. Here are only a few:

1. A goal-oriented approach.

A road map is essential. While it’s fine, and often necessary, to change course, without a solid plan and defined goals, even the best start-up will eventually founder. Plans and goals do need to re-form over the course of time, but you’ll need to understand the rules you’ve created for your company before you can — strategically — break them.

In addition to this well-thought-out plan, an entrepreneur needs to develop his or her ability to power through obstacles with the determination necessary to reach the overall goal.

2. Creating a culture of constant innovation.

A good entrepreneur never stops asking questions, generating new ideas, or trying out innovative ways of doing things. Some writers on the topic have even pointed out that entrepreneurship is a committed lifestyle choice rather than a job title. This kind of open-minded curiosity about not only one’s own field, but what’s happening in the world in general, is vital if you want to keep up your company’s forward momentum.

Savvy entrepreneurs are always on the alert for new information that can help their businesses prosper and thrive. Talk to others in your field, get to know subject matter experts, and read all you can in publications from a variety of viewpoints on issues that affect your industry and business. Your commitment to your ongoing education as an entrepreneur will allow you to recognize profitable new opportunities and to navigate around challenges.

3. A focus on what you do best.

Cultivating wide-ranging interests is a helpful quality for an entrepreneur, but many experts believe that it’s a much better bet to build your business on what you already know and can do well. For example, someone who loves to cook and receives a constant stream of invitations from family and friends to share his or her culinary skills might want to consider opening a restaurant or becoming a cooking instructor, instead of establishing, say, a flight school.

Depth of knowledge of a particular field, its history, and what has and has not worked out well in the past, along with an understanding of the vocabulary and creative processes associated with it all give an entrepreneur an initial boost when it comes to starting a business. In addition, the more experience an individual has in a particular industry, the broader his or her network of useful contacts is likely to be.

4. A sense of passion and purpose.

Starting out as an entrepreneur is already stressful and uncertain enough without adding apathy about the product or service you hope to sell. When an entrepreneur feels a strong personal connection to his or her business, as well as the ways the business improves customers’ lives, it becomes much easier to make the investments of time and money required to start a company. And venture capital funders are more likely to feel confident in your ability to take a product or service to market when they see that you believe in it yourself.

5. The ability to manage time and tasks.

Many business experts emphasize that delegation is an art. It may seem counterintuitive to delegate work to members of your team when you feel you could do it better or faster, but it’s essential to create a plan for doing so. An entrepreneur who micromanages every aspect of his or her business is far less productive. Take a strategic look to identify which tasks you currently do that could be accomplished by an experienced member of your team, or through outsourcing.

Effective delegation will assist you in better managing your own time and that of your team members. Managing time wisely is another skill that can be learned in ways that will increase your ability to get things done. A smart entrepreneur will develop the capacity to determine which tasks are urgent and which are not, and will maintain a checklist or other organizational system to complete them more efficiently.

6. High-level communication skills.

Business leaders who communicate clearly and effectively save valuable time and money. Miscommunication causes delays and wastes resources, and often results in having to redo work.

Experienced entrepreneurs have learned not only how to get their own ideas and instructions across, but also how to listen to staff, customers, and vendors. Practice the art of active listening, in which you fully engage with another person’s words, meaning, and tone. It is also important to make sure that the other person knows that he or she has your full attention during a conversation. In this way, you’ll be much more able to learn new information that could help your business move forward, and you’ll be far more aware of potential problems ahead.

7. Understanding the importance of giving back.

No company exists in a vacuum. In addition to helping to promote your business through positive publicity and possibly offering a way to lower corporate taxes, participating in charitable causes is a relatively easy way to build morale and a sense of teamwork within a company.