By: Dennis Paul | April 25, 2019

What do the Most Successful Entrepreneurs Have in Common?

What do the Most Successful Entrepreneurs Have in Common?

The world’s most successful entrepreneurs didn’t achieve their success by chance. The most prosperous CEOs have common traits that propelled them to the top of their respective markets. When you look at the world’s leading entrepreneurs, it is easy to see what sets them apart from each other. But despite their disparities, the strongest business owners have all attained their goals through expertise, persistence, focus, clear branding, and bravery. If you are looking to grow your company, take a look at the common traits of the most successful entrepreneurs. Their similarities make clear what it takes to rise to the top of any industry.

14 Traits the World’s Most Successful Entrepreneurs Have in Common

1. Subject-Matter Expertise

The most successful entrepreneurs spend years becoming experts in their chosen subject-matter before launching their business. Before you begin your company, you should know your industry inside and out. Market research is an important part of business development. Take the time to develop your expertise. It pays to know your stuff.

2. Goal Oriented

The world’s top entrepreneurs have clear, attainable goals. When starting a new business, it is vital to use your market research to establish intentions for your company. An entrepreneur can’t succeed without laying out goals and actionable tasks to reach them. It is essential to understand where the company is going and how the team will get there. Successful entrepreneurs have short term, mid-term, and long term goals.

3. Highly Organized

Keeping track of a business’ goals and necessary tasks can be overwhelming. That is why the world’s most successful entrepreneurs are extremely organized. Strong business owners have systems in place to track goals, tasks, to-do lists, clients, and employees. If being organized isn’t a natural strength, a successful entrepreneur will find someone who is and utilize their skills. Regardless of how they achieve it, being highly organized is a trait necessary for all business owners. 

4. Disciplined

Growing a business from the ground up requires time and intense discipline. Time management and persistence are crucial for any business owner to succeed. Without the will to put in the necessary hours to overcome unavoidable obstacles, the best entrepreneurs wouldn’t be where they are today. Running a company isn’t always fun or easy. A top entrepreneur has to put their nose to the grind and complete difficult but necessary tasks.

5. Passionate

If you don’t truly love what you do, it can be tough to face the trials of running your own business. The most successful entrepreneurs are passionate about their work. The top entrepreneurs in the world have created businesses that genuinely excite them. These business owners developed companies based on subjects they were passionate about. When you care about your industry, it is easy to give your business the attention it needs to succeed.

6. Focused

When running a large company, an entrepreneur must handle an extensive range of responsibilities. CEO’s must keep track of an array of obligations. To accomplish their goals, a business owner must be able to focus on the task at hand. The ability to ignore distractions and concentrate on the current job is a trait that is vital in entrepreneurs. Successful bosses are laser-focused on what is most significant. This attention can take a company to the next level.

7. Confident

Confidence is a dominant trait in most successful entrepreneurs. To run a thriving team, a leader must believe in their mission and the company. Confidence is critical for an entrepreneur – if you don’t think your ideas are great, why should your employees – or the rest of the world? Confidence instills faith, promotes respect, and drives leaders to success. The most successful entrepreneurs exhibit confidence without ego or arrogance.

8. Driven

When the most successful entrepreneurs started a new small business, they had one trait above all – they were driven to succeed. Often, early on, when an individual is excited about their fresh idea, they are inspired to work hard to see their businesses expand. This momentum needs to be consistent from the firsts days of a startup, to the hard days of an established company. The most successful entrepreneurs’ drive is sustained – running a business can be challenging, and requires an equal level of enthusiasm on day 10,000 as on day 1. 

9. Clearly Branded

Regardless of their industry, leading entrepreneurs have a clearly defined, resilient brand. The most successful business owners don’t have vague personal branding – they have a specific niche, identified target audience, and a thoroughly developed tone and message. The top brands have their brand image polished from word-of-mouth interactions to their online reputation.

10. Self-Reliant

While teamwork is an essential aspect of a business, successful entrepreneurs must also be self-sufficient. Sharp business owners are independent and don’t need approval or recognition from others to follow their ideas. Some of the top CEO’s were laughed at for their ideas before their business rose to the top. The capacity to move forward confidently, without approval from others, is a natural trait among entrepreneurs of all types.

11. Always Flexible

The world’s leading entrepreneurs are confident in their ideas, but they are also adaptable. To be successful, a business owner must be flexible and open to changing course. The best entrepreneurs come up with creative solutions in the face of a challenge. They accept the fact that sometimes their first instinct isn’t right. Often, those solutions mean shifting ideas, strategies, or even starting over fresh. A business owner must be ready to pivot tactics when necessary.

12. Open Minded

Not only are successful entrepreneurs flexible, but they are also open to new ideas. It is essential for the leader of a company to be open minded. Top business owners consider all perspectives and are excited to view their project from another angle. They consider alternative solutions not just to solve the immediate problem, but to look at the bigger picture. Triumphant entrepreneurs know that their target market will embrace their company if they are open and adaptable.

13. Humble

While the top entrepreneurs are confident and self-reliant, the most successful are also humble. A business owner must be able to admit when they need help, give credit to those who help them succeed, and own up to their mistakes. A successful entrepreneur is about to receive constructive criticism and make changes when necessary. The most respected business owners are grounded during the highs and lows of their business and remember where they started.

14. Willing to Fail

Without accepting the possibility of failure, most entrepreneurs wouldn’t be able to take risks necessary to succeed. A true entrepreneur isn’t afraid to think outside the box and attempt something unique at the risk of ridicule. Some ideas are doomed to fail – so that you can move on to the next one. But, more often than not, when you leap, the net will appear.

If you are looking to expand your company, examine your own traits as a business owner. Do you exhibit the characteristics of a top CEO? Becoming a successful entrepreneur takes courage, persistence, and confidence. Take some time to reflect. If you feel that you are missing the traits necessary to be a successful entrepreneur, don’t be discouraged. Put a focus on strengthening these aspects of your personality and business, and you will see long-term results.