Being an entrepreneur isn’t easy. If it were, everyone would be one. There are a few traits that most entrepreneurs have in common that make them successful at business. While this is not an inclusive list, the more of these things you can do the more likely you will be successful.
1. Have Fun with What You Do
Having fun is essential if you want to be a successful entrepreneur. In fact, enjoying what you do is a common trait of entrepreneurs who have become successful.
Having fun and enjoying what you do can be difficult with the stresses of the job. So how do you still enjoy what you do when you have all this pressure? One suggestion is to enjoy your free time more by doing things such as exercise and pursuing a passion.
“Leisure time is a precious commodity for successful people,” writes Drew Hendricks for Success Magazine. “And, if you’re willing to use it the right way, it will lead to a healthy balance between success and recreation.”
Additional ways to relieve stress while at work include assigning tasks to others and letting go of old plans which are no longer a priority.
2. Be Ready to Adapt
Being adaptable is an extremely important trait to have as an entrepreneur. The business world changes so quickly that if you are unable to adapt, you will be put out of business. A perfect example is Blockbuster Video. They failed to adapt to vending machine rentals and online streaming video until it was too late. Netflix and Redbox took over the market and Blockbuster was later liquidated.
Adding to the last section about having fun, many believe that the ability to adapt helps keep entrepreneurs happy. “Psychologist, Guy Winch, believes that being adaptable has many benefits,” writes Shirley Tan in a blog post on Business.com. “One of the most important of which is increased happiness.”
Adapting doesn’t mean that you have to completely change how you do business. However, it does mean you need to adjust to market conditions. For instance, you may need to rebrand or change your marketing campaign. You also may need to change suppliers, pricing models, or other parts of your business in order to conform to how customers are buying.
The more you are able to adapt, the less likely you will end up like Blockbuster.
3. Maintain Your Integrity
Above all, you must maintain your integrity. You will be known for your values and the minute you veer from those values people will see you in a negative light. You should always keep in mind that your integrity in business is determined by those who see you operate.
“I’ve found through experience that both honesty and morality are relative terms, depending on the reference point of both the speaker and the receiver,” writes Martin Zwilling, in an article on Forbes. “In business, the only view that counts is that of the receiver.”
A recent study found that prescription drug decisions made by doctors were heavily influenced by that doctor’s relationship with the drug companies. The findings showed that doctors who received meals bought for them by drug reps were more likely to prescribe medicine from that company than others.
This is a perfect example of how integrity can be compromised and something you should never allow to happen as a business owner.
4. Patience, not Complacency
It has been debated by many that persistence is a more important trait than patience. I disagree. We need to understand that as long as patience does not turn into complacency, it is one of the most important traits to have as an entrepreneur.
“One thing I tell every person considering an entrepreneurial venture is the importance of having a lot of patience,” writes Eric Holtzclaw in an article on Inc.com. “I am not suggesting that you stop setting goals and timelines. Both are very important to not only motivate you and your colleagues but, also to measure progress and provide guideposts. However, as you move through your entrepreneurial journey, pay close attention to the pressure you are applying.”
Again, being patient does not meant that you cannot be persistent. In fact, being persistent is being patient. If you weren’t patient, then you would have given up on being an entrepreneur and not been persistent with finding success.
Final Word on Entrepreneur Traits
There are many more traits that successful entrepreneurs share but these are four of the most common. Keep in mind that being an entrepreneur is not easy so the more dominant traits such as these you have, the more chances you have at being successful.
What traits would you add to the list?