5 Traits Of Highly Successful Entrepreneurs

By on November 28, 2012

While many people want to be entrepreneurs, very few are successful in this endeavor. It takes a unique combination of traits, and while everyone possesses a few of these essential skills, the entrepreneur possesses them all.

1. Vision
An entrepreneur is an analytical thinker who senses needs and presents solutions before the masses even know the need exists. This comes from an ability to see and predict patterns on a large scale. If you regularly and accurately predict the next “big” thing, then you have the necessary vision.

2. Determination
Determination is more of a type of knowledge than anything else. In fact, if you are a determined person, you already know it. Entrepreneurs know that success is as much about hard work as it is about vision and sheer talent, and determined people know that they can accomplish anything with enough work. Period.

3. Drive
Whereas determination is the logical understanding that success is a result of working longer and harder than the next person, drive is something different. Drive is a physical force. There isn’t a lot of choice about it. A driven person doesn’t logically decide to work towards a goal; they can’t help but work towards it. This “driving” need is one of the unique traits that makes an entrepreneur just that.

In fact, an entrepreneur’s drive is so strong that it isn’t just the cornerstone of success; it is often their downfall, as well. So accustom to battling against all odds, they often don’t recognize when it is time to unwind a declining business. It is not uncommon for entrepreneurs to rise to success, plunge into bankruptcy, and then rise like a phoenix again. Think young Donald Trump.

4. Execution
Entrepreneurs know what they know, and what they don’t, and stick to their strengths. This means understanding the nuances of the business before launching into it because the practical part of execution requires having the necessary tools to execute your vision. Unless you know the tricks and practices of the chosen industry, you won’t know how or where to find the right people to assist you in bringing it to life.

5. Completion
Finally, most of the world is composed of two types of people: those who think and those who do. Businesses must rely upon a combination of both introverted and extroverted types to execute the vision and bring it to completion.

While most visionaries are introverted thinkers, they often move from one cerebral idea to the next, stalling out when it is time to complete a task. Most extroverts can get the task done, but they aren’t going to think it up in the first place.

An entrepreneur must possess both the ability to dream and the ability to coordinate all the practical aspects necessary to complete the vision. The entrepreneur’s uniquely balanced talents allow the individual to not only dream, but to tangibly see those dreams through to completion as well.

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Gabe McDaniel is a business professor, writer, and entrepreneur in his own right.  You can read more of his expert advice at Executive MBA Guides.

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