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In this lil post, l will quickly summarise some of the most common traits of most successful entrepreneurs – so as to give you an idea of what characterises the 1% of the population.
After studying several successful entrepreneurs, l have come to realise that, most of them possesses most of these traits (if not all);
Without further ado, let me quickly explain each of these factors.
1. Takes Responsibility
1. Takes Responsibility
The main thing which separates the 1% from the 99% mediocre population is ‘responsibility’.
The main reason which keeps most people backward is the victim mentality i.e. ‘lm poor because of the economy, or government, or my family, etc.
And if you keep blaming external factors all the time, you won't progress in life – because you can't change all these external factors.
However, instead of blaming external factors, most successful people takes full responsibility and ownership of their actions.
Instead of wasting time blaming external factors, they take full responsibility of their lives – thus, allowing them to take corrective actions in order to change their lives.
They appreciate the fact that, whatever is happening in their lives is a result of their past action (not anyone’s else fault).
Once you take this first step, you can easily come up with strategies that can improve your life – rather than just sitting there, hoping that someone will come one day to save your life.
2. Action Takers
2. Action Takers
Successful entrepreneurs don't just spend time planning/preaching about an idea, but they execute.
It doesn't matter if you have an awesome idea – because if you don't take any action, everything will remain stand still.
We have thousands of Elon Masks’ out there who have brilliant ideas – but their ideas remain unknown because they don't take any action to implement them.
And it's sad that most people goes to the grave with great ideas – which would have had a great impact on the world if they were implemented.
But the few people whom l see succeeding are action takers i.e. those who turn their ideas into practice.
And you don't have to be ‘perfect' when executing – because you can always twerk your ideas later on.
Thus, don't just sit there with your ideas. Do something – even if it is imperfect action.
3. Persistence
3. Persistence
If there's one thing which separates the successful from the unsuccessful entrepreneurs – is persistence.
We live in a society of instant gratification where we want all things ASAP.
But that doesn’t work in the business world!
When starting a business, there's always a period called ‘dissor of dissortion' i.e. the period between the day you launch your business and the day you reach your 1st success.
This is the period where most people quit – because it can be as long as 1 year (or even more).
For example, when you start a blog, you might fail to get some traffic during the first 8 to 12 months – since it takes time for search engines to index new blogs.
And that's the period where most newbies quit – since we're programmed to expect results ASAP!
But if you have the discipline to continue making content for the whole year – whilst there's no one reading your content, then congrats – you’re among the few persistent individuals.
Success lies on the other side of the failure – but unfortunately, most people are not persistent enough to continue the grind – especially after experiencing some few failures.
If you’re discouraged by failure, always remember that, Thomas Edison failed more than a thousand times before reaching his first success.
But due to persistence, he was able to get to the bag.
4. Very Resourceful
4. Very Resourceful
Another core trait of most successful entrepreneurs is that, they’re extremely resourceful.
As we all know, 99% of the population is comprised of consumers i.e. people who always thinks of consuming staff, rather than producing.
On the flip side, entrepreneurs views the world differently.
Instead of just consuming staff, they're very resourceful – which allows them to be producers (in one way or the other).
Whilst everyone is complaining about a certain problem, entrepreneurs sees those problems as opportunities – which allows them to create solutions (which makes the money of course).
And the beauty part is that, these people knows how to create solutions at scale – which helps them to solve more problems – hence earning the more money.
5. Risk Takers
5. Risk Takers
This should’ve come on the top of our list.
If you search for the definition of entrepreneurship, you'll always come across ‘risk taking'.
Whilst everyone else is focusing on the ‘safe path', entrepreneurs are willing to travel their own paths and start their own endeavours.
Because entrepreneurs are regarded as ‘high risk takers', they’re the most rewarded individuals in the society.
However, l think that, the ‘safe path' is even more risky than entrepreneurship – because you spend your entire life working at a job that doesn't care about your wellbeing – and you can easily get fired without any notice.
Thus, l regard the so called ‘safe path' as more risky than entrepreneurship – because you've less freedom when you're in the corporate world.
6. Always Learning
6. Always Learning
Soon after leaving school, most people always say staff like; ‘lm done learning', bla bla bla.
But guess what?
Learning begins the day you leave the school gates!
Most successful entrepreneurs always immerse their selves in self development books, podcasts, seminars etc. – so as to expand their knowledge.
The truth is, you can’t learn everything through the formal education system – because it was designed just to create employees.
But if you want to go further in life, you must invest in personal development – so as to strengthen your skills.
As the billionaire Warren Buffet once said; ‘The more you learn, the more you earn'.
Your income does not vary much from your level of personal development.
Thus, it is key to always find some time to pick-up some books and just read in order to sharpen your mind.
7. They Know Their Numbers
7. They Know Their Numbers
Lastly, most successful entrepreneurs are aware of their numbers.
This is critical if you want to become a successful entrepreneur – since it allows you to track the performance of your business.
Once you know your numbers, you can easily come-up with strategies that helps to improve the health of your business i.e. based on the metrics.
And if you're still in the early stages of your business, you might not have any choice than to do the numbers by yourself – since you might not be in a position to afford a professional accountant.
Thus, if you want to succeed in any business endeavour, you must definitely be aware of your numbers – otherwise you efforts might go to waste.
Wrapping Up
Wrapping Up
I hope that you've gained some valuable tips from this lil post – since l tried by all means to summarise these traits.
Obviously, this post would have been a bit longer if l had decided to discuss every single trait of most successful entrepreneurs.
But l decided to summarise just these few – so as to keep this post within the expected length.
But if you adopt some of these traits, you can become a better entrepreneur i.e. who is different from the majority who quits after some few failures.
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