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Entrepreneurs have found a way to use their skills and resources to generate, create, or sell new products or services. 

Entrepreneur characteristics are qualities that help entrepreneurs in their quest to achieve their dreams. 

What characteristics does the perfect entrepreneur have? The answer to this question is a little different for everyone. 

Some people might think that an entrepreneurial spirit and a willingness to work hard are all you need. 

In contrast, others may say that having an innovative idea and a strong business plan is most important. 

Understanding the characteristics of successful entrepreneurs can help you develop the nuances of how entrepreneurs grow their businesses.

Below are the main characteristics we’ve identified as being common among successful entrepreneurs.

1) Innovation

Creating new ideas that are original and unique is one of the essential characteristics of an entrepreneur. 

This doesn’t mean that business owners should rely on their own ideas only. Still, they need to create an environment where innovation can thrive, and new ideas are encouraged. 

As Ted Turner, business magnate, investor, and philanthropist has said, 

“Good business ideas come from people who are creative and have good imaginations.”

Innovation inspires business owners to develop new ideas, which also helps them turn these ideas into reality.

2) Passion For What you Do

Entrepreneurs must be motivated internally because having a passion for their product and making a difference drives them. 

This passion or drive also helps to sustain entrepreneurs during periods where discouragement might otherwise manifest itself.

“You have to be burning with an idea, or a problem, or a wrong that you want to right. If you’re not passionate enough from the start, you’ll never stick it out.” – Steve Jobs

Without passion, there is no reason for your work and no drive to do it. Still, suppose you’re passionate about your business. 

In that case, people will most likely share in that passion and create a synergy to help you achieve your goals. 

3) Risk-taking abilities 

Oprah did not become the owner of one of the biggest billionaire legacies out there by playing it safe. Coming down from prime TV to day-time television was every reporter’s biggest nightmare in the late 70s. 

Yet Oprah did it, and she turned an ordinary show that was looked down upon into one of the longest and most successful gigs in the history of television. 

Her decisions were not necessarily conventional, and her interviews were not your regular prime-time chatter. 

Yet, she kept taking risks, and it rewarded her greatly. Not to mention, she built a billion-dollar empire out of it, which continues to thrive to this day. 

As she said, “I believe that one of life’s greatest risks is never daring to risk… Do the one thing you think you cannot do. Fail at it. Try again. Do better the second time.”

Entrepreneurs must plan for the unknown and have an appetite for risk-taking in advance of their success. You have to keep your goal in mind and commit to persevering. 

If you know how to manage risks and grow from disappointments, you may become more comfortable challenging yourself. 

4) Making friends with failure

Your ability to take risks in entrepreneurship includes failure because you are going into an unknown territory where the chances of success or failure are pretty high. 

75 percent of new startups fail. And this percentage goes only higher when you’re a minority.

The entrepreneurship industry is a tough one to crack into, but the rewards are worth it. It takes courage and an incredible amount of perseverance to keep going even when you’re faced with failure after failure. 

When you start your own business, you’re signing up for taking risks. You should not stop just because there are many challenges ahead.

“You learn more in failure than you ever do in success.” Jay-Z

5) Willingness To Work Hard

Entrepreneurship is a characteristic that includes having business acumen, ambition, and a willingness to work hard to build your business.

Hard work creates opportunities, business success, and wealth. A successful entrepreneur is willing to take the time, make sacrifices, work hard and persevere through tough times to achieve business goals.

An entrepreneurial spirit should be combined with a willingness to put in the effort required for business growth and development. 

6) Creativity – Out Of The Box Thinking

Creativity is an integral part of entrepreneurship. It may seem as creativity is only applicable to the arts. 

Yet, it can be used in all aspects of business, making it an excellent quality to have if you want your company to multiply. 

When entrepreneurs think creatively, they tend to develop new, unique solutions that can help their company set itself apart from the competition.

“It is when people think creatively that they create products or services that are new and different from what has been done before.” 

-Pamela E. Grady

7) Resourcefulness

It is no secret that most entrepreneurs lack easy access to credit. This is where it becomes essential for an entrepreneur to become resourceful and make sure that time, money, and effort are never used haphazardly. 

Everything should have a plan and a purpose, and there should be no shortcuts to solving problems. Entrepreneurs should know how to make the most of what they have. 

8) Inspiration

Inspiration becomes an essential factor when you are on your entrepreneurial journey. 

Entrepreneurs often have to be imaginative to come up with and execute ideas, which is why they need inspiration from time to time.

“The entrepreneur constantly searches for change while others only look at history.” – Henrik Lunde

No entrepreneur succeeds without inspiration because it helps them see the bigger picture, which is what many business owners struggle with. 

Inspiration could be a personality, an idea, a solution that can change the world for the better, the entrepreneur’s own experiences, or anything that will help them make decisions.

Inspiration serves as an eternal fountain for entrepreneurs to feed them with the ideas they need to continue their mission. 

For your venture to thrive, your inspiration is always your guiding light to get going when the going gets tough. 

9) Persuasive Skills

Entrepreneurs are often responsible for soliciting and securing contracts or investments. They need to persuade people they can provide a product at a reasonable price while maximizing profit if they want to succeed.

All entrepreneurs need to have persuasive skills, especially in sales and marketing. They should be able to articulate a message, identify the audience’s needs/desires, and make a connection with them on an emotional level. 

Persuasion has been used throughout history because it is one of the best ways for entrepreneurs or business owners to communicate with their customers and potential clients. 

10) Communication Skills 

Entrepreneurs need to be able to communicate effectively with others on a professional level to build and maintain good relationships with their clients.

Networking skills are an entrepreneur’s most important skill because they need to work well both independently and in a team environment. 

Entrepreneurs are not only leaders of their business but external representatives as well. 

They will also have direct contact with customers, clients, media outlets, etc., throughout their business years. Hence, communication is critical in holding down the fort and portraying a good brand image. 

11) A High Level of Confidence in Their Abilities

There is no doubt that entrepreneurship is a force to be reckoned with. Entrepreneurs would be constantly tested with challenges and conflicts. 

They need to have a solid gut to take the hits and still believe in themselves and the products they are selling. 

Entrepreneurs need to be confident in their abilities. It is the key trait that will make or break a business entrepreneur. 

Their confidence in themselves should be unwavering, and they should not let setbacks and failures shake them. 

12) Decision Making Skills

An important characteristic of entrepreneurs is their decision-making skills. 

Entrepreneurs make decisions all the time. They need to know the best option for their team, hire people, and choose whether they want to invest in new opportunities.

Their decision-making skills should be quick and astute. They need to be able to make rational decisions. 

They also have to consider all possible outcomes, so their decision is not based on biases or gut feelings only. 

Entrepreneurs who don’t have decision-making skills would find themselves at a tremendous disadvantage. They will be left with many more questions than answers.

13) Persistence

The one thing common among successful entrepreneurs is that they don’t give up easily or at all! They are persistent and determined to achieve their goals!

Persistence is defined as the act or quality of continuing to exist, take action, or be effective. Persistence is a core characteristic of entrepreneurism. 

It’s not about being persistent and just doing it until you’re successful but persevering even harder when the obstacles get tough!

14) The Ability to Give Back and Never Stop Learning: 

The right attitude does not end with entrepreneurism. It extends to society as a whole, too. Entrepreneurs need the ability to give back to be successful and happy. 

They also need an attitude that is willing to learn from their mistakes or successes to continuously improve themselves and grow as humans first, entrepreneurs second.

In Conclusion:

The important takeaway from this article is to recognize each of your strengths and weaknesses to work on them. 

It might take time for self-growth and learning. However, it will be worth the effort because being a better version of yourself means having more resources to bring to whatever endeavor or business you are working in.

The perfect entrepreneur does not have every characteristic. Instead, the ideal entrepreneur can be anyone who desires to do something different and learn more about themselves. 

If you feel discouraged because you don’t have all these characteristics or qualities, just know that it’s okay! Everyone starts somewhere, and this is where your journey begins. There’s no way but up from here on.