What Makes a Successful Entrepreneur? 7 Key Traits

Whether you’re just getting your business idea off the ground or simply looking for ways to improve your current venture, there are a number of traits that, in our opinion, are necessary for success.

So, what truly separates successful entrepreneurs from the, well, not-so-successful? Is it just a bright business idea, hard work, or simply luck? Let’s find out…

7 of the most important traits and characteristics of a successful entrepreneur are:

1. Purpose

First and foremost, a successful entrepreneur must have a purpose and vision. These traits will act as a sort of guide for every decision, especially in the early stages of becoming an entrepreneur.

It’s not just about setting business goals, oh no, it’s about defining the “why” behind the business. Having this at the forefront of your mind will provide motivation and direction, even during challenging times. 

Entrepreneurs that are very clearly purpose-driven will go beyond the goal of profit, and will instead focus on creating meaningful impact.

2. A Strong Work Ethic and Drive

Another important characteristic of a successful entrepreneur is having a strong work ethic.  By this we mean, an entrepreneur should always be willing to show up and give their 100% to the business, while also staying focused on their main goals. 

This strong work ethic will allow this to happen, even when the immediate results aren’t physically visible. 

Successful entrepreneurs understand that success rarely comes overnight; and instead, it is the result of consistent, incremental progress.

What is an Example of a Strong Work Ethic?

A great example of a successful entrepreneur with a strong work ethic is Howard Schultz, the former CEO of Starbucks, who, when pitched his idea to expand Starbucks into an Italian-style coffee bar concept, the company’s original founders rejected it.

Instead of giving up, Schultz left Starbucks, started his own coffee chain, Il Giornale, and worked relentlessly to make it a success. He eventually raised enough money to buy Starbucks in 1987 and merge the two.

Looking for your dream workspace as an entrepreneur? Join our dynamic coworking community at Tramshed Tech and enjoy flexible membership options like day passes, private offices, meeting rooms, and podcast studios. We’re here to support your startup success with adaptable workspaces, startup resources, and expert business training.

Give us a call on 029 2010 3090 to discuss our various membership options and locations across South Wales.

3. Risk Taking

Risk-taking is another defining trait of a successful entrepreneur. 

This is because business owners must be confident enough to be able to step outside their comfort zone and make decisions that might feel uncomfortable for them, as this is usually when the magic happens.

Most groundbreaking ideas or businesses are born out of risk-taking, so without it, there are likely to be huge missed opportunities. 

For example, introducing a new product to the market will more than likely involve a leap of faith,  but the results can be incredible.

4. Strong Interpersonal Skills

Strong interpersonal skills are important traits to have in most careers and walks of life, and this is especially true when it comes to being a successful entrepreneur.

Strong interpersonal skills refer to the ability to interact effectively, communicate clearly, and simply have the ability to build positive relationships with others.

Whether trying to manage a team, pitching to potential investors, negotiating sales deals, or connecting with customers, entrepreneurs rely on these interpersonal skills to communicate effectively and foster collaboration.

How to Develop Strong Interpersonal Skills

The good news is that, even if these skills don’t come natural to you, there are a number of things you can do to cultivate them, for example:

• Actively listen and pay close attention to others. Make sure to always ask questions, and show genuine interest in their thoughts and perspectives, even if they’re different from yours.
  
  
• Work on self-awareness, empathy, and emotional regulation to better understand and manage relationships.
  
  
• Regularly seek feedback to identify areas for improvement and adjust communication styles.

This brings us nicely on to trait number 5… 

5. Customer-Centric

Talking of people-facing traits, being customer-centric is a necessity.

Being customer-centric simply means placing the customer at the heart of every decision, every strategy, and the operation within a business.

Entrepreneurs who prioritise customer-centricity from the very start go beyond simply selling products or services to the public, they focus on delivering value and creating emotional connections. Customers over everything.

6. Positivity and Optimism

Another fantastic characteristic of a successful entrepreneur is optimism. But this involves more than just thinking positively, it's about believing that things are going to work out in the end, and going through with things because you believe they are right. It’s all about believing in yourself even if others might not believe in you at the same time.

In a world full of negativity, we admit that believing in ourselves can be challenging at times, but studies show that we are in fact able to train our minds to be more optimistic.

Being more optimisitc not only reduces stress but also allows entrepreneurs to make better decisions for their business. 

7. Confidence

Last but certainly not least, confidence baby! 

Confidence is one of the most important characteristics of successful entrepreneurs because if you’re not confident in your abilities and your business idea, how will you be able to convince others to invest in your idea, either?

As well as being confident in your business, it’s also important to strive to be confident in yourself. The more confidence you have in yourself, the more likely others will put their trust in you, too.

We are Tramshed Tech: a collaborative community where startups scale up. Tramshed Tech is the best place to start and grow your business as we understand the challenges entrepreneurs face. 

We build beautiful workspaces with business support and skills programmes to help entrepreneurs thrive. Find more about our spaces here, or head to our blog page for more articles on starting a new business.

Written by Kate for Tramshed Tech.