What makes a successful entrepreneur?

What makes a successful entrepreneur? It is a question that has paved the way for millions of book sales and some very lucrative careers for keynote speakers.

It is a very difficult question and naturally there is no one single correct answer. But, when analysing the traits of successful businesspeople, there are characteristics that emerge more often than not. These are not business lessons in the sense of creating a USP or gaining competitive advantage, these are an individual’s inner qualities that will determine their ability to succeed.

So with that being said, here is a run down of 10 of the most important characteristic in the make-up of a successful entrepreneur.

1. Take your business seriously. Whatever it is you do, whatever it is you sell, you must approach your business in a professional way. This might sound like commonsense but in the early days of a business – or if your business sells talking plastic parrots, for example – it can be easy to not truly believe in what it is you're doing. This will translate into the business itself, so whatever it is you're doing take it seriously and commit to it wholeheartedly.

2. Master your money management. Cash flow is the bedrock of any business, so without a solid grasp on how to manage the finances it will be very hard to succeed. It takes time and discipline but from managing overheads through to deciding what to pay yourself and others, everything must be carefully calculated and represent good value. Whether it is the paper you buy to fill the printer or the cost of rent, making sure these fundamentals are handled prudently will ensure finances are channelled in the right way.

3. Know your market. It is a fundamental of business – you have to know the market you are selling to. Never presume but be humble, open-minded and diligent in the research you carry out; this includes measuring up competitors as well as understanding the customer. A cocksure businessperson might suggest they can ‘sell ice to an Eskimo’, but of course a successful businessperson tries to sell an Eskimo a nice warm coat and a fishing road on a ‘buy one get one half price’ offer.

4. Get your image right. Among the many critical traits on this list, it would be easy to overlook the small things but attention to detail can have a far greater effect than you’d think. Attention to detail is apparent in everything a company is and does – from its website and logo down to the office space and your own appearance. Consumers must trust and want to give money to you; paying close attention to detail in all aspects of the business will certainly help in this.

5. Self promote. Modesty, while an admirable trait in every day life, is not something that bodes well for a budding entrepreneur. A businessperson, particularly in the early days, must be willing and able to stand on the soapbox and shout about what they are doing. Shameless self-promotion whenever and wherever possible usually pays dividends.

6. Be organised. Entrepreneurs might consider themselves out of the box thinkers and free spirits, but this must be counterbalanced with ruthless organisation. To run a successful business is not just to have great ideas; it is about smoothly managing a lean company and organisation is at the heart of this. Routine, stability, clearly defined roles and key performance indicators (KPIs) that are regularly monitored and assessed will transform a good idea into a good business.

7. Close the deal. There can sometimes be a tendency among entrepreneurs to love to talk about what they have created without focusing on the end goal; you don’t have to be a sales guru, but you must always be asking people to buy whatever it is you are selling. Building up an appreciation of how to negotiate, get people on board, and then close the deal will be the difference between a business that trundles along and one that makes waves in the marketplace.

8. Know when to switch off. Most entrepreneurs do not have the luxury of clocking in at 9am then punching out at 5pm and leaving their professional life at the desk; they are constantly working or constantly thinking about work because their livelihood depends on the business being successful. However, even the most committed businessperson has to know when to take a break. Whether it is unwinding in the evenings without checking emails or going on holidays and leaving operations in someone else’s hands, taking a step away from the company will not only refresh you but can often provide valuable perspective upon your return.

9. Embrace technology. The advent of cloud computing has revolutionised technology into a tool that can now level the playing field between large and small companies. With access to high-powered computing and infinite storage on a pay-per-usage basis eradicates the need for huge upfront capital expenditure on technological infrastructure. It means minnows can get access to the same tools the giant enterprises do. Other examples including apps and NFC technology are also bridging the gap and enabling companies to do things previous not possible – the modern entrepreneur must embrace and exploit technology, not shy away from the jargon.

10. Do what you enjoy. Cheesy, yes. Clichéd, almost certainly. But there is no escaping the fact that applying yourself in a field that interests you is always going to help you in your bid to be successful. Of course, you can be successful, or at least profitable, doing something in which you have no interest, but ultimately for motivation and sustained success having passion for your job, company and market is going to be a huge benefit.

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