Starting a business requires a lot of effort. Anyone who says it doesn’t either hasn’t tried or isn’t being truthful. The hours are long, sacrifices are significant, and each day brings new problems and challenges. If you’re not ready to handle these demands, your business could fail just as quickly as it began.
Entrepreneurship isn’t for everyone. So, how can you tell if it’s for you? Start by asking if you have what it takes to be a leader. Early on, you’ll likely be doing a lot of work on your own. If you can’t lead yourself through the startup phase, it may be difficult to lead your business and team toward growth and success later on.
If you’re content working just a few productive hours a day, filling the rest with small tasks or office chats, and you value stability over growth, you might be better off sticking with your current job. But if you’re driven by challenge and are willing to take risks with the potential for significant rewards, both financially and personally, keep reading to see if you have what it takes to be a successful entrepreneur.
From Henry Ford to Steve Jobs, many successful entrepreneurs share common traits. To find out if you share their qualities, see how you stack up against these eight key traits.
1. Strong Leadership Qualities
True leaders are naturally drawn to guiding others. Are you often the person people turn to for advice, guidance, or decisions? Have you held management roles in your career? A strong leader values the end goal more than the difficulties it takes to get there. But leading isn’t just about perseverance; it also requires strong communication skills and the ability to motivate a team to work together toward a common goal. A good leader earns trust and respect by demonstrating positive work habits and confidence and fostering a team environment where those values thrive. A leader without followers isn’t leading anyone.
2. Self-Motivation
Successful entrepreneurs are known for their intensity and drive. They don’t sit back and wait for things to happen—they make things happen. Leaders enjoy challenges and work tirelessly to solve problems. They adapt well to change and help their teams adjust to new goals and opportunities. Many entrepreneurs are driven by a broader vision rather than just completing immediate tasks, and they’re passionate about their ideas and goals. They stay focused and are not easily derailed.
3. Strong Sense of Ethics and Integrity
Business relies on a shared code of ethics. While dishonest people may see short-term success, they often fail in the long run. Sustainable business leaders uphold high standards of integrity. If you can’t be trusted, no one will do business with you. Good leaders take responsibility for mistakes, provide solutions, and avoid blaming others or hiding the truth.
4. Willingness to Fail
Successful entrepreneurs aren’t afraid of failure, though they don’t rush in recklessly. They assess risks carefully but understand that things don’t always go as planned. They accept that failure is part of the journey. The saying “nothing ventured, nothing gained” captures this mindset: Don’t fear failure—take a chance and give it your best shot. Successful entrepreneurs don’t wonder “what if” from the sidelines; they go after their goals.
5. Constant Innovation
Entrepreneurs are driven by a desire to create and improve. Many started out with ideas to enhance existing processes. Successful people welcome change and use it to improve their leadership and business effectiveness, as innovation often leads to better products, services, and methods that attract more customers.
6. Knowing Your Limits
While entrepreneurs are usually strong personalities, the best know that there’s always something to learn. They’re not afraid to ask questions, understanding that the answers can bring valuable insights. Successful entrepreneurs are confident without being egotistical, avoiding the stubbornness that can blind them to better decisions.
7. Competitive Drive
Entrepreneurs enjoy challenges and have a strong desire to win. Starting a business is one of the biggest challenges a person can face. Business requires competing with others to grow market share and succeed. It’s also about the personal challenge of building a business from the ground up, growing it into something profitable or valuable enough to sell.
8. Building a Strong Network
Few entrepreneurs succeed alone. The best understand the value of a supportive network of contacts, business partners, financial backers, and peers. Successful entrepreneurs actively build and maintain these relationships. A leader is only as strong as the team and resources that support them.
These are the traits shared by some of history’s most successful entrepreneurs. If you recognize these qualities in yourself, you may have what it takes to build a successful business.