What is an entrepreneur?

An entrepreneur operates a business, all while taking on most of the financial risks. Typically, they use their own money to start the business. Despite this risk, entrepreneurs enjoy most of the rewards that come from the creation of the business. Using their unique skills and traits, they anticipate market needs and develop innovative ideas to ensure a successful business venture. Here are some of their common duties:

Formulate policies, Manage a company's daily operations, Plan the use of materials, Set goals, Meet with, potential investors, clients, and customers, Hire staff, and Prepare work schedules.

While it helps to have a certain skill set, having the right personality traits can also help you find greater success as an entrepreneur. Once you're aware of these traits, it becomes easier to use them to your advantage. Here are 10 essential traits for successful entrepreneurs:

1. Passion

Passion refers to a strong feeling, emotion or desire about something. Entrepreneurs use their passion in a variety of ways. For example, they may use their passion about one of their products or services to sell it to an investor. Having this trait not only motivates them, but it also helps them endure any challenges they may face. In other words, their passion for their goal helps them make their way through hardships in order to find success in the long run.

2. Creativity

Having creativity means using your imagination to develop innovative ideas. Entrepreneurs use their creativity to constantly think and search for new ways of doing things. They also use their creativity to improve existing policies or products. For example, if a competitor releases an updated product, an entrepreneur may use their creativity skills to think of ways to improve their own products so they compete with their competitor's release. Having creativity in this role not only lets you solve problems by envisioning ingenious solutions, but it also helps you identify gaps in the market.

3. Flexibility

Being flexible means willingly adapting to changes. Entrepreneurs use this trait to create a sustainable business with long-term success. When an entrepreneur remains flexible, they embrace change and take advantage of new opportunities as they arise. For example, they may use their flexibility to collaborate with new employees or to improve a business strategy to remain competitive.

4. Discipline

Discipline refers to one's ability to follow a certain code or rules of behavior. Entrepreneurs use discipline to hold themselves accountable when working independently. For example, having discipline helps them remain focused and motivated toward achieving a goal without external parties holding them accountable. When an entrepreneur remains disciplined, they're less likely to procrastinate and more apt to take decisive action when needed. This provides substantial benefits in terms of productivity.

5. Resourcefulness

Resourcefulness means having the ability to reach ambitious goals through quick and clever methods. Entrepreneurs use their resourcefulness to solve a variety of business problems. For example, they use their resourcefulness to ensure they allocate their money properly. In this sense, an entrepreneur's resourcefulness allows them to make smarter financial decisions which contribute to greater financial health overall.

6. Attention to processes

Being process-oriented means focusing on business processes to develop a resolution model for a problem or situation. Entrepreneurs use this mindset to work more efficiently since process orientation lowers the amount of waste and allows for business growth. For example, they may implement a standardized training protocol for new team members so other employees can train them without sacrificing time or quality.

7. Empathy

Having empathy means understanding someone else's feelings. Empathetic entrepreneurs connect with others on a genuine level in order to consider the perspectives of employees and customers when faced with business decisions. For example, they may use empathy to anticipate customer needs, empower their team members, or to give employees and customers space to voice their concerns and opinions. By demonstrating empathy, entrepreneurs can increase customer loyalty, customer referrals, and employee productivity.

8. Communication skills

Communication is the ability to exchange information with another person or group of people, whether verbally or through writing. This trait allows entrepreneurs to share their ideas and listen to others. Being communicative essentially allows an entrepreneur to share their message clearly and to provide feedback in a supportive manner. For example, if a customer has a complaint, entrepreneurs use their communication skills to listen to them and consider their opinion before implementing a change or rectifying the situation.

9. Willingness to take risks

Being a risk-taker means willingly doing things that involve danger in order to achieve a certain goal. Entrepreneurs use this trait when starting a new business without a set plan or by using their own financial resources. As an entrepreneur, you use this trait to move forward without uncertainty or concern about failure. Keep in mind that even if a risk sets you back from your goal, it provides a valuable lesson.

10. Resilience

Being resilient means withstanding or quickly recovering from a difficult situation. Entrepreneurs use their resilience when receiving a rejection. For example, if they're rejected when seeking potential customers or funding, they internalize their drive and persevere with their vision in mind. With their resilience, they're able to move on to the next set of potential customers or investors until they find the ones willing to take a chance on them.