10 common traits of an entrepreneur

Many people want to start a business and the majority will fall by the wayside. It is important to take into account the 10 common traits of an entrepreneur.

Many people dream of starting a business. They imagine that their business will be a great success, that it will allow them to obtain enormous wealth, to be the boss, to have the freedom to come and go as they please and to work how and when they want. If this were reality, everyone would be an entrepreneur! Unfortunately, this is not the experience of most. Being an entrepreneur can be tremendously rewarding, but it is hard work.

On average, one of the common traits of entrepreneurs is that they work harder and put in more hours than their employees, while taking on significantly more risks.

Despite the difficulties, thousands of people create new companies every year. Some will be wildly successful, others will manage to be sustainable, and others will fail. Although we must not forget luck, the success of a new company is above all the result of the vision, effort and ability of the founder.

So what does it take to launch a startup effectively?

Keep in mind the 10 common traits of an entrepreneur:

Successful entrepreneurs have a clear vision of what their company will be and can concisely articulate its purpose, goals, and market position. They have identified (and can succinctly describe) the who, what, where, when and why of their business.

A successful businessman is passionate about his business. It's hard work, and putting in long hours will be difficult if you don't love what you do. People with passion know what drives them to keep working to achieve their vision.

Entrepreneurs remain tough when the going gets tough. They don't give up easily. They can accept rejection and are willing to learn from their mistakes. They are willing and able to adapt and modify their plan to be successful next time.

Being an entrepreneur is more difficult than being an employee. To be successful, the entrepreneur must be willing to put in the necessary time and effort, often with little or no reward up front. Successful entrepreneurs recognize the risk and necessary work involved in achieving their goals.

Successful entrepreneurs trust themselves and their business. They must believe in their ability and their idea. Every entrepreneur will face rejection along the way and successful entrepreneurs are the ones who have the confidence to move forward and bounce back after a setback.

Things don't always go as planned. A successful entrepreneur is flexible. He learns from his mistakes and is willing to adapt and change on the fly. He accepts advice from others and is open to trying new approaches.

An entrepreneur must feel comfortable selling. Even with a sales team, the leader must be adept at networking and able to promote himself and his business to bankers, customers, suppliers and staff.

Successful entrepreneurs are good money managers. They invest wisely in overhead expenses and always keep track of money and manage their cash flow.

An entrepreneur has to be a jack-of-all-trades, but the most successful entrepreneurs know their limitations, they know they can't do everything, and they are willing to delegate to others. They are willing to ask for help. They seek and pay for expert advice when they need it.

No matter how successful your business is, there will be bumps in the road. A successful entrepreneur is resilient and can bounce back from a setback. They use setbacks as an opportunity to learn and grow. They understand that failure is part of the game.

Running your own business can be tremendously rewarding, but not everyone is cut out to be an entrepreneur. Before taking the leap into the business world, ask yourself if you have what it takes to succeed. If you have it, enjoy the ride.