5 Key Traits of Successful Entrepreneurs

By Mihran Kalaydjian, CHA

5 Key Traits of Successful Entrepreneurs

Entrepreneurship is a popular goal these days, for everyone from Gen Y college grads to mid-career workers looking for a change. But not everyone knows what entrepreneurship really re really cut out for it.

While the notion of “working for yourself” might appeal to you, it doesn’t necessarily mean you’ve got what it takes to make it in the stressful and challenging world of entrepreneurship. If being your own boss is on your bucket list, take a look first at these five traits of successful entrepreneurs. If they remind you of you, then you’re on the right track!

1. Passion

If you don’t have passion for whatever it is you’re thinking of doing, count yourself out right now. Entrepreneurship is not a path for the lukewarm. It’s too full of ups and downs and setbacks and challenges for anyone who isn’t “all in” to make a successful go of it.

If your passion lies solely in “making lots of money,” I’d also encourage you to try something else. There are plenty of less-risky ventures, from franchise ownership to investing in the stock market, that will require much less blood, sweat, and tears on your part and that have a more proven record of return on investment. Entrepreneurship is a labor of love, and you don’t have the love, you won’t go very far.

2. Drive

Passion and drive are not one and the same. Plenty of people have hobbies they’re passionate about, but that doesn’t mean they’re ready to make a full-time business of them.

Drive is defined as “an innate urge to attain a goal or satisfy a need.” If you love baking but only do it when you feel like it, you may be passionate, but you’ve only got a hobby. If you’re determined to become the boutique bakery in your city and have your name listed on Yelp, and you won’t rest till you get there, you’ve got drive.

Drive is absolutely essential for making a go of whatever business you’re thinking of pursuing. It will help you conquer obstacles, get through long hours and setbacks, and keep moving and improving your products and services. 

3. Self-Discipline 

Contrary to popular daydreams, being your own boss does not equal sleeping in till noon and taking endless vacation days—at least not if you want to run a business that has any chance of success.

When you’re the only one peering over your shoulder, you need to be able to keep yourself on task in the face of distractions, challenges, and the tempting knowledge that you can technically do whatever you want, whenever you want, without getting in any immediate trouble. You have to be able to look at the big picture and realize that cutting corners now will only hurt you down the road. 

4. Flexibility

Entrepreneurs wear many hats. They are accountants, marketers, PR reps, customer service agents, project managers, and more. You need to be willing to dive into all aspects of your business, from the creative to the mundane, in order to create something with traction.

You also have to be willing to learn on the go, as you will never fully be “ready” to run a business, and there will always be new developments and challenges to assimilate and overcome. If you’re not prepared to be a lifelong learner, entrepreneurship may not be for you.

5. A Healthy Dose of Pragmatism

Entrepreneurs are interesting creatures. On the one hand, they often find themselves pursuing goals that seem lofty and unrealistic to those around them—why not just stay with a traditional employer and have a steady paycheck with benefits? On the other hand, they also need to be fully grounded. As much as you believe in your gourmet cupcakes, if customers are telling you a couple of your favorite flavors don’t do it for them, you need to be willing to let them go.

Successful entrepreneurs know how to walk the line between stubborn self-confidence and humble realism. They’re willing to believe in their dreams and pursue them with everything they have, but they’re also willing to change course, pivot, and tweak their plans to align with their circumstances. If you veer too far in one direction or the other, you may not be able to perform the balancing act.


5 thoughts on “5 Key Traits of Successful Entrepreneurs

  1. mihrankalaydjianblog – San Diego, CA – Mihran Kalaydjian On a personal note, I love the outdoors, comedy, bbq, reading and traveling. I worked in the beer industry in college so I love talking about good beer. I used to be a competitive runner so (like all runners) if you make the mistake of asking me, I'll tell you about my entire career and PRs. I also spent my youth working in restaurants, so if you've done the same, we can swap stories. The five items I can't live without: Everything, infinity, wanton boredom, limitless limits, change. Mihran Kalaydjian, A proven ability to articulate a company's brand culture as well as key strategic initiatives and delivery of desired results. Outstanding leadership, communications and project management skills. A committed individual with strong organizational skills that believes leading by example is key to building a strong team to achieve high guest satisfaction results and cost control measures. Mihran Kalaydjian provides visionary leadership and management oversight of the sales, marketing and revenue strategies for Classic Hotels and Resorts. Mihran Kalaydjian suggest: Your energy should be focused on finding a solution, quickly and effectively. I am at my best when I have a tight deadline, but every aspect of the project is planned, organized and working in excellence.
    mihrank says:

    I appreciate it. Thank you so much!

  2. Nihar R Pradhan – India – Technology Entrepreneur || Management Consultant || Creative Writer || Thought Blogger || He makes distance with political dogmas and religious doctrines & breaks distance with nature and nurturing ideas. He deals and dwells on innovative titles and intriguing topics @ www.makeupandbreakup.com. It's a unique digital platform to get intellectually involved, creatively indulged and spiritually inspired. This space is all about being bold and beautiful, solid and silence, aspire and inspire, drive and strive, and finally to make and break.
    nrpin says:

    Yes, rightly pointed the pointers for an entrepreneur. Entrepreneurship is an art because it requires bundles of passion and it is also a science because it needs consistency of efforts through discipline to convert the concept into a commercial venture. Nice article…

    1. mihrankalaydjianblog – San Diego, CA – Mihran Kalaydjian On a personal note, I love the outdoors, comedy, bbq, reading and traveling. I worked in the beer industry in college so I love talking about good beer. I used to be a competitive runner so (like all runners) if you make the mistake of asking me, I'll tell you about my entire career and PRs. I also spent my youth working in restaurants, so if you've done the same, we can swap stories. The five items I can't live without: Everything, infinity, wanton boredom, limitless limits, change. Mihran Kalaydjian, A proven ability to articulate a company's brand culture as well as key strategic initiatives and delivery of desired results. Outstanding leadership, communications and project management skills. A committed individual with strong organizational skills that believes leading by example is key to building a strong team to achieve high guest satisfaction results and cost control measures. Mihran Kalaydjian provides visionary leadership and management oversight of the sales, marketing and revenue strategies for Classic Hotels and Resorts. Mihran Kalaydjian suggest: Your energy should be focused on finding a solution, quickly and effectively. I am at my best when I have a tight deadline, but every aspect of the project is planned, organized and working in excellence.
      mihrank says:

      Thank you so much for your kind comments, I appreciate it.

  3. naturerestoresme – Illinois – I am a nature photographer, a hiker, a biker, a skier, an avid outdoor person. I also enjoy writing. And I'm a piano teacher. Currently I started a blog to write about my experiences since becoming an artist/teacher. It has been a journey of self discovery.
    naturerestoresme says:

    Sound advice!

    1. mihrankalaydjianblog – San Diego, CA – Mihran Kalaydjian On a personal note, I love the outdoors, comedy, bbq, reading and traveling. I worked in the beer industry in college so I love talking about good beer. I used to be a competitive runner so (like all runners) if you make the mistake of asking me, I'll tell you about my entire career and PRs. I also spent my youth working in restaurants, so if you've done the same, we can swap stories. The five items I can't live without: Everything, infinity, wanton boredom, limitless limits, change. Mihran Kalaydjian, A proven ability to articulate a company's brand culture as well as key strategic initiatives and delivery of desired results. Outstanding leadership, communications and project management skills. A committed individual with strong organizational skills that believes leading by example is key to building a strong team to achieve high guest satisfaction results and cost control measures. Mihran Kalaydjian provides visionary leadership and management oversight of the sales, marketing and revenue strategies for Classic Hotels and Resorts. Mihran Kalaydjian suggest: Your energy should be focused on finding a solution, quickly and effectively. I am at my best when I have a tight deadline, but every aspect of the project is planned, organized and working in excellence.
      mihrank says:

      Very True.Thank you for commenting. I appreciate your likes to my posts and visits to my Blog. Happy Weekend!

      Cheers;
      MK

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