50 Essential Qualities of Modern Day Entrepreneurs

50 Essential Qualities of Modern Day Entrepreneurs

There may be a thousand definitions of success, depending upon your personal perspective and experience.  However, there are 50 qualities that every modern day entrepreneur is likely to possess. When you examine the list, you’re likely to find many qualities that may seem very familiar. If you can’t identify with all of them, don’t fret. With practice and a winning attitude, each quality on the list can be developed with time, commitment and a winning attitude.

Here are the hallmarks of every successful entrepreneur.

  1. The vast majority of entrepreneurs enjoy what they do. It will always be true that a person gets out of their business what they put into it. A lack of enthusiasm or commitment will easily reflect in your business’s success or failure. If you don’t find joy in what you’re doing, chances are you won’t be doing it long.
  2. Successful entrepreneurs take what they do seriously. They believe in the products and services they sell. The number of people working successfully at home has grown by leaps and bounds.
  3. They plan. No stone is left unturned. They know what they have to do and they find the discipline to get it done.
  4. They know how to manage their time and money. To them, time and money are the same. Knowing how to manage both is a pathway to success.
  5. They are not afraid to ask for business. Advertising and marketing are worthless unless you ask for the sale.
  6. They remember that it is always about the customer. Products and services exist for only one thing—the customer. Everything is customer-focused.
  7. They maintain a professional business image at all times. They know that a first impression is a lasting impression. They maintain the attitude that every time a customer receives service, it’s administered like it’s the first time.
  8. They know their customers. This way, customer can receive personalized attention. Eighty percent of business is repeat business. Repeat business comes from knowing your customers.
  9. Entrepreneurs aren’t afraid of new technology. They embrace and leverage it to their advantage. They build competent teams. It’s important to surround yourself with talent; the right kind of talent.
  10. They’re considered to be experts by their peers and customers.
  11. They can leverage marketing to create competitive advantages. Is better customer service a matter of pricing, offering discounts or more flexible payment options?
  12. They invest in themselves. They read business journals, books, magazines and stay on top of their education.
  13. They’re accessible. They know how to make it easy for their customers to do business with them? Too few people are willing to work hard and go out of their way for others. Be that person.
  14. They build and polish their reputation. A good reputation has to be earned and nurtured. Whatever your offer, make good on it. Your customer’s trust is built upon this rock.
  15. Educate your customers about the benefits of your product or service.
  16. Get and stay involved with your customers.
  17. Find ways to grab your customers’ attention. The more engaged they are, the more willing they are to share your story.
  18. They know how to negotiate. Negotiation skills are extremely important. Almost important as asking for the sale.
  19. They design their environment for success. They know what type of surrounding keeps them motivated and focused.
  20. They know how to organize.
  21. They take time off when needed.
  22. They limit the number of hats because they take a hands-on approach.
  23. Entrepreneurs are excellent at following up on things.
  24. They can easily idealize things.
  25. The ability to visualize is second nature.
  26. Verbalization is a valued means of communicating.
  27. They exude confidence.
  28. They take responsibility and feel pride of ownership.
  29. Entrepreneurs are passionate about learning new skills.
  30. They feel that being dedicated is a virtue.
  31. They show gratitude for their good fortune.
  32. Successful entrepreneurs are optimistic by nature.
  33. They lead by example.
  34. They welcome risk and realize that it’s connected to success.
  35. They possess a positive mental attitude.
  36. Successful entrepreneurs are extremely self-confident.
  37. They have a positive attitude toward failure.
  38. Successful entrepreneurs possess the right mix of knowledge and skills.
  39. Independence is their hallmark.
  40. They are dependable. They do what they say.
  41. They are resourceful. They’ll find a way to get it done.
  42. They never feel constrained.
  43. They’re ambitious. They know what they want to achieve and they go after it.
  44. They’re healthy. It’s hard to focus if health is a concern.
  45. They’re realistic. They dream big, but they know their limitations.
  46. Entrepreneurs are problem solvers. If it weren’t so, they wouldn’t be entrepreneurs.
  47. They’re okay with no pay. They may have to wait long periods before getting paid, but generally they are not it in for the money. They are in it for the personal satisfaction.
  48. They don’t mind being original.
  49. They’re comfortable with uncertainty.
  50. They embrace humility.

There’s a strong likelihood that you’ll possess a majority of the above traits if you are an entrepreneur. You can bet that some of the most successful entrepreneurs may have mastered all fifty.

Image Source: “Golden Number 50 With Spotlit” by Stuart Miles,  FreeDigitalPhotos.net 

Brad Smith

Bradley Smith is the CEO and a Co-Founder of Rescue One Financial, headquartered in Irvine, CA. Rescue One is a full service financial entity and recently ranked #12 in the Inc. 500. Rescue One Financial helps individuals with unsecured debt and advises them on all of their options. Rescue One Financial employs over 75 Financial Consultants and is also a Licensed Finance Lender. Smith writes a twice-weekly blog which appears on the Rescue One Financial web site, has authored a number of published articles and is a regular guest contributor to US-based radio and television financial programs. Smith started his 18 year financial services career on Wall Street where he worked with the largest retail advisory group at Merrill Lynch. His team was responsible for the largest Rule 144 trade in history selling more than 5 million shares of Walt Disney stock. They also managed over $2 billion in concentrated stock positions. Smith later helped pioneer the restricted stock diversification business at Morgan Stanley. Brad and his wife Carrie have three children and enjoy living in Southern California. Brad holds a BA in Economics from the University of Southern California.