Key characteristics found in successful entrepreneurs
1. Passion
The most dominant characteristic found in many successful and famous entrepreneurs is passion. Everything an entrepreneur does is something they love to do. Walt Disney pursued his love of drawing and animation; Bill Gates pursued his passion for computers and software. Everything an entrepreneur does is related in some way to his passion.
Passion provides the basic foundation for the rest of the skills of an entrepreneur. When entrepreneurs have passion, they can work hard without getting tired easily. They love what they do, so even if they get tired, it’s a “happy” kind of tired.
When entrepreneurs have passion, they can work harder for their interests and thus improve their skills. The more they work, the better they get and eventually they even become experts in their field.
When entrepreneurs have passion, they also have more energy. They are more enthusiastic, happy, and stress-free. They are more confident in themselves. Since they are doing what they love to do, they work harder to achieve success.
When entrepreneurs have passion, they don’t regret what they are doing. They don’t hesitate to make decisions, because they know that they are always going to pursue something that they love to do. So even if there are glitches along the way, they can at least still get back up and continue doing something they love.
2. Able to manage money wisely
Walt Disney failed in some of his entrepreneurial endeavors because he did not know how to manage money well. If entrepreneurs don’t know how to manage money, how will they obtain and maintain the funds necessary for the long-term useful life of a business? Entrepreneurs need money to pay expenses, improve their business, replace broken tools and equipment, pay for education and learning, and pay themselves to continue pursuing their passion. Without proper money management, an entrepreneur will find himself struggling in the world of business and finance.
3. Innovative
Entrepreneurs are very innovative. This means that they tend to invent new things that have not been invented before. They pursue new things and take new paths. They are usually the first to take their new ideas and apply them in some way to the world. They are very visual and imaginative. In a way, they like to “see” the future. They envision what the world will be like when their ideas are applied in everyday life. They are creative and imaginative.
4. Realistic
Just because entrepreneurs are imaginative doesn’t mean they’re realistic. Entrepreneurs must be realistic for their imagination to come true. They take your ideas and try to make it happen in the real world, even if it’s just a small part of the idea.
5. Goal oriented
How can entrepreneurs achieve great things? They set goals. When they “see” the future, they are setting goals. Realistic goals are set in order to achieve them and move closer to success. But more importantly, they set SMART goals, which are small, measurable, achievable, realistic, and timely. It is very important to set SMART goals for entrepreneurs, otherwise they could not achieve or achieve anything.