Unlike an employee, an entrepreneur never rests. His income, standard of living and finances are directly dependent on his activity and personal qualities. Many people think that in order to be a businessman it is enough to have the capital and invest it somewhere. But if you communicate with successful entrepreneurs, it immediately becomes clear that their path to success was difficult and time-consuming. Let’s recall Colonel Sanders and his brainchild, KFC. Would he succeed, if not perseverance, and, of course, a good idea for a business.
Also, if you have your own business, you always need the improvement traits of an entrepreneur – it is the key to their success.
Traits of successful entrepreneurs
Connor and Davidson mention 25 abilities of a resilient person. Resilient individuals often have a strong set of philosophical/spiritual beliefs about their purpose in this world, and ultimately, about the meaning of life.
Of course, the number of personal qualities that are inherent in successful businessmen is quite large, but there are several that are considered mandatory for success.
The most important qualities for a successful entrepreneur
The elasticity of mind/lability – this is an opportunity to shift to the needs of the buyer/market, an easy change of one’s personal position/approach to improving the work of your company
Sociability – ease of communication, which is especially important in establishing contacts with suppliers/customers/partners. Of course, a more closed person can also create and run a successful business, but in this case, it will be more difficult for him to find his followers
Organization – the ability to plan your day, week, month makes it possible to properly plan your business: sales/purchases/trips and meetings. It is not surprising that it is a successful businessman who actively studies time management in order to properly manage their time.
Willingness to take risks – everyone understands that there are no guarantees of success in business, therefore, when starting a business, you always risk, if not money, then a loss of time. But, as they say, “who does not risk, he does not drink champagne.” The ability to assess risks is one of the most important qualities of a successful businessman. To assess the probability and size of positive changes and the possibility of losses makes it possible to get fast and big profits
Purposefulness – the ability to move towards your goal despite temporary difficulties, the lack of a large income or support allows the entrepreneur not to stop and look for development options.
Multitasking as a character trait of successful entrepreneurs
Multitasking is an important entrepreneurial skill, but it should be used with caution. Scientists from MIT found that, while small “doses” of multitasking enhance productivity, too much multitasking is a sure way to lower your efficiency.
Agility is closely related to multitasking, as both concepts involve the ability to quickly shift attention from one topic to another. Needless to say, this skill is essential for any entrepreneur who wants to become successful.
There are two types of agility:
- “Acute” refers to the multitasking ability- quickly shifting focus from one topic to another. An efficient entrepreneur can multitask, when necessary, but all the same, he knows which problems deserve his undivided attention.
- “Chronic” is linked with the flexibility of the manager’s system of habits. Simply put, chronic agility is the ability to adapt to new, often stressful circumstances, without exhibiting negative reactions such as burnout syndrome, depression, anxiety, etc.
Entrepreneurs who are “chronically” agile can completely change their set of routines, when necessary.
Emotional intelligence in the personality traits of an entrepreneur
On the other hand, social and interpersonal skills seemed to be the traits all managers and entrepreneurs should possess as a team leader. These skills are often referred to as “Emotional Intelligence”, but this kind of intelligence isn’t simply a variant of the standard IQ. Emotional Intelligence (EI) is an ability to understand others and feel what they feel. Truly, it is one of the key visionary traits for any team leader.
EI can predict managers’ success. Simply put, managers and entrepreneurs with high EI are more successful, so one of the ways you can become a true leader and entrepreneur is by improving your EI.
An important part of Emotional Intelligence is self-compassion, i. e. getting in touch with yourself and knowing your own emotions. Successful entrepreneurs and team leaders are open towards their own emotions, and they don’t tend to neglect them. One of the biggest sources of stress is the accumulation of chronic frustration that is constantly suppressed. Good managers, leaders, and entrepreneurs know when to ease this pressure a little bit, and know how to do it.
Rate your psychological stamina
Take this short resilience test (self-assessment)
Instruction: there are two possible answers- Yes and No. Each “Yes” counts as 1 point. Your resilience score equals the sum of “Yes” answers. Once again, this scale is only for personal use, to get you acquainted with the resilience concept. Needless to say, if you want to have a more or less objective measure of your resilience, you should be honest while answering these statements.
Take this self-assessment now:
- I have close relationships (friendships).
- I think that concepts like “God”, or “spirituality” are not devoid of meaning.
- All things have their funny side, we just have to find it.
- I know where to find help when I need it.
- I know my purpose in life.
- Challenges are always welcome.
- I am proud of some of my achievements.
- One failure cannot hurt me.
- Coping with stress makes me stronger.
- I feel that I control my life.