Qualities of a good entrepreneur
No one is born an entrepreneur, and everyone is a potential candidate for embarking on the entrepreneurial adventure. That being said, an entrepreneur’s personality is often seen as a key element in their success or failure.
So before you take the leap, give some thought to your true motivations and chance at success. Starting-up or taking over a business requires many complementary skills, so you’re best off knowing who you are.
What is the personality of a successful entrepreneur?
Let’s run through a few characteristic personality traits of entrepreneurs and business owners:
1. Having a vision, a goal
A good entrepreneur is always setting goals. More importantly, a good entrepreneur asks key questions: what vision do I have for my business? Why do I want to become an entrepreneur? If you’ve managed to shape a vision, you’ll know how to keep your eye on the target throughout your venture to entrepreneurship.
2. Being determined, persevering and patient too
Determination and perseverance and often listed as factors in the success of entrepreneurial projects! There has never been a success story without setbacks, failure, effort, a hunt for solutions and other surprises1.
So if you tend to fear failure and throw up your hands without a fight, entrepreneurship might not be for you. Failure happens all the time, and what’s important is drawing out the lessons that will help you forge ahead.
3. Taking action and knowing how to make choices
Decidedly, entrepreneurs are action-oriented. A good entrepreneur isn’t the type to wait until things get themselves rolling. If you would say you need to act to succeed, you’re headed in the right direction!
From here on out, if you have the entrepreneurial knack, you will be capable of upholding your responsibilities by making decisions – on small, strategic, or everyday matters. Even if sometimes you may need to make quick decisions with a trace of doubt or uncertainty…
4. Imagining, being creative and flexible
Above all else, an entrepreneur is an inventor, pushing back borders and seeing no limits. Not only do they bring their initial idea to life, but their creative minds enable them to adjust and enhance it along the way.
As a budding entrepreneur, if you can identify with that, you’ll be able to count on your imagination to get your out of stressful circumstances and adapt to new situations to guarantee the continuity of your project/business. Creativity gives you a real edge on the competition, new untapped markets and new clientele.
5. Not fearing challenges and daring to take certain risks
If you decide to launch your own business, there’s a high likelihood early times will be tough and profits will be low. In order to set out of this new adventure, you must be prepared to take that risk and step outside your comfort zone.
Do not believe a risk taker acts without thinking. Sure, a good entrepreneur isn’t afraid of taking risks – having identified environmental threats and detected the opportunities up for grabs beforehand!
6. Having a hunger for learning and being curious
Entrepreneurs have a visceral and insatiable need to always dig farther (for themselves and their employees). They naturally very curious and on the lookout (who knows, maybe they’ll find their next idea in the pages of a waiting room magazine!). An entrepreneur’s curiosity helps them challenge their own ideas. So ask yourself this: am I prepared to go beyond the fear of the unknown? If so, you can shop around for new ideas to pick up on.
7. Being passionate
Starting a business is a complex undertaking and the road to entrepreneurship has its share of pitfalls. Being passionate is a powerful motor to keep you moving forward: passion pushes you to do good work, have fun, and not give up too quickly.
8. Seeing big but accepting to start small
You need dreams to succeed. If you think it’s impossible, you will not reach the end of your quest. Entrepreneurs constantly seek new ambitious goals for themselves and difficult projects to get involved in.
But the beginnings aren’t always easy. Starting a business often stretches over a period of several years and you’ll need to be able to do a lot with little, which calls for multitasking, being a (wo)man-of-all-trades, finding plan Ds, etc.
9. Being able to work in a team and delegate tasks
During your journey, you’ll need to seek out the skills you don’t possess in associates, partners, employees and service providers, or perhaps simply delegate if you want to focus your energy on the important jobs.
To do so, you need to be able to share your vision and communicate effectively in order to convince others, oversee and monitor their work, motivate them, etc. You also need to know how to juggle between tasks/jobs/meetings…
How can I determine my personality profile and assess my potential?
Properly weighing one’s entrepreneurial potential is in the best interest of anyone launching a project. That’s why we recommend conducting a comprehensive assessment of your motivations, aptitudes and capabilities.
Do note that having all members of the entrepreneurial team take part in and discuss this exercise is fundamental to building a project together.
This entrepreneurial potential self-assessment2 questionnaire from the BDC is a great tool to help you along.
What’s next?
Becoming a company leader is open to anyone today, and although the qualities laid out in this article are undoubtedly helpful in becoming a better entrepreneur, they alone cannot guarantee success.
So, do not forget that for an entrepreneurial project to bear its fruits, it has to motivate you and provide a healthy balance between your desires, values, and social and financial constraints! Learn more3.
If you feel the entrepreneurial spirit dwells within your soul, I have just one piece of advice: jump in!
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