What Traits Does the Modern Entrepreneur Have?
With a soft economy and job opportunities scarce, many people are becoming entrepreneurs not because they are looking to increase their wealth, but because they need to pay the bills. Thanks to the modern reach of the internet, anyone can become a global entrepreneur from their home office with just a few tools. Still… some entrepreneurs succeed and some end up failing miserably. What traits do successful entrepreneurs have that helps create the environment for success?
Trait #1: Perseverance
When a website can load in just 1 second and when instant digital payments can transfer cash back and forth between people across the world, we have an expectation for immediate success. For the vast majority of entrepreneurs, success isn’t immediate. Instead it is gradual. Many would-be entrepreneurs who would find great success end up giving up at their first failure! Stick with an idea that’s good, be willing to eliminate bad ideas, and you’ll find success in the near future.
Trait #2: Creativity
In order to provide value to people, an entrepreneur must provide something that has never been seen before. It could be a brand new product, a new way of thinking about something, or a revision on a current product or service. You won’t stand out from the crowd of entrepreneurs selling the exact same thing everyone else is selling.
Trait #3: Take a Risk
The old adage is that it takes money to make money. In many ways it is true because to maximize your level of success, you’ve got to be willing to risk existing resources to get new resources. You could certainly go bury your cash in the ground and have it for later, but buried cash has no ability to grow and become actual wealth.
Trait #4: Take Criticism For What It’s Worth
A popular question during an interview is “How do you handle constructive criticism?” Negative words are difficult to swallow and that’s a natural human response. What you do with that response will make you a better entrepreneur or make you flunk out. Why? Because criticism is ultimately feedback about what you are doing. If you can glean some truth from that criticism and make an adaptation to it, you can be a better entrepreneur.
Trait #5: Be Frugal
Entrepreneurs often get in trouble by spending money as soon as they make it. You really can grow too quickly and then find yourself out of work and opportunities because you ran out of resources. If you grow a little bit every day, you’ll be able to meet the demands for what you have to offer, be able to pay your bills, and expand when the time is right.
Being an entrepreneur is a rewarding experience, even if it does take a lot of work. You can’t really climb an entire staircase in one step, but you can climb it by taking small steps, one at a time. Develop these traits within yourself and you’ll start climbing your own staircase to success sooner rather than later!