Want to be a successful entrepreneur? Make sure you have these 5 key qualities.

If you’re like me, you’ve probably considered yourself business-minded for a while.

And maybe we have similar stories:

At the age of 4, I rode my tricycle down the street every week to pick up the golf balls that had been hit outside of the gate. After hoarding an impressive collection, I sold them at my parents’ next monthly garage sale for $20.

In high school, I was re-elected President of the Future Business Leaders of America for 2 consecutive years, during which I ran the school’s student store and found new ways to make money for our club. I even created a payout system that would allocate a percentage of profit, based on participation hours, to get my peers involved.

Most importantly, as I went into college and started working under people, I found myself getting frustrated with the structure of the jobs I had and wanted to do things my way. I kept thinking:

“One day, I’ll start my own business.”

I dreamed of freedom, autonomy, and maybe even becoming the next millionaire.

But fast-forward, 6 years later — it still has yet to happen.

Did I not have the right idea?
Was my execution lacking?
Was I not brave enough to take the risks?

…maybe I don’t have the qualities of a successful entrepreneur.

Are you asking yourself some of the same questions?

I was determined to find out why, and I’ve done the work for you— read on to get your answer.

I turned to someone who has bred young entrepreneurs who have gone on to build multi-million dollar businesses.

Dedicating his life to identifying, teaching, and growing successful entrepreneurs, David Choi, Ph.D., is the Director of one of the highest-ranked Entrepreneurship programs in the U.S.

He was generous enough to share his time with me in an interview, and now I’d like to share his insights with you.

Ready to see if you have what it takes?

You may be surprised by what he looks for:

Melissa: I’ve heard people say that you’ll just know when you’re ready to start your own business. But if you’re wondering whether or not you’re ready…you probably aren’t right?

Dr. Choi: Actually, it’s more complex than that. I have seen many entrepreneurs who believed they were great, but were actually extremely poorly prepared. I’ve also known many who could have been great, but did not know they had the capacity (hoping this is me), or they chose not to pursue their startups for various reasons.

Melissa: When you meet someone for the first time…can you tell whether they have the potential to be a successful entrepreneur?

Dr. Choi: I can — about 80% of the time.

Melissa: Okay…so I’m a young 28 year-old professional. Do I have what it takes to be an entrepreneur? (burning question)

Dr. Choi: It’s important to understand that there is no one formula for what makes a successful entrepreneur. They truly come in all sizes, shapes, colors, genders, economic situations, and so on.

Melissa: So then what do you look for that makes you 80% correct?

Dr. Choi: Here are my top 5:
(this is where it gets good)

Top 5 indicators of a successful entrepreneur

Passion for Work
A couple of years ago, I had a student who filled his schedule with evening courses so that he could work all day on his business. I have had others who just enjoyed working and learning. The biggest red flag for me is when someone talks a big game but does not actually have the discipline to do the work. My best entrepreneurs were not the best students academically, but they were doers. Of course, it’s easier to love work when you are working on your own idea. Regardless, all successful entrepreneurs are dedicated to their work.

Pattern of Achievement
Few people understand how hard startup life really is. I look for signs of resilience, i.e., sticking to a difficult project or pursuit for an extended period of time. It is impossible to succeed as an underdog if you aren’t able to progress at a remarkable rate. I know that a student has potential when I am compelled to ask the question “How the heck were you able to do this already?”

Positive Attitude
Most of my top students who become startup CEOs have an unqualified can-do attitude. I am not sure this confidence is deserved given their limited track record, but it helps. Many of these entrepreneurs seem to have had encouraging parents. Some need a little extra encouragement at the right time. Once during my office hours, I commented to a shy student that I thought she was talented. She teared up. She has been thriving ever since.

Empathy
Interestingly, most people think they have good people skills, which is, of course, not true. One personal quality I find quite relevant for entrepreneurship is empathy. It’s really important to be able to understand customers’ or employees’ feelings. Relating to employees might even be more important: dissatisfied customers often come back, but disgruntled employees never return.

Humility
Most people have the wrong perception of what a good leader is. Usually when I see someone who “knows it all,” I sense disaster ahead. On the other hand, many successful entrepreneurs I know like to listen to and learn from people. Venture Capitalists also prefer such “coachable” entrepreneurs. When I see a young entrepreneur willing to listen to others even if he or she does not agree fully with other opinions, I sense maturity and potential.

So, do you think you have the qualities of a successful entrepreneur — passion for work, pattern of achievement, positive attitude, empathy, and humility?

I walked out of his office determined. And I hope you choose to pursue your dream, just the same.

Pursue your passion. Get your freedom. Go be your own boss and build your legacy.

Clap 👏 if you have these qualities!
Comment if you’ve started a cool business — I’d love to hear what gave you the confidence to make it happen.