So what could this writer possibly have in common with Donald Trump, one might ask? Well, not much at all other than the fact that we are both entrepreneurs. Admittedly, the Donald is much more successful at this point than I, but I take some comfort in the realization that Donald is significantly older than I, and that he has been involved in business for some time longer than most of us.
This piece will focus on the characteristics and traits that make up a significant part of what a successful entrepreneur is and does. Somewhere along the line, Donald Trump and Robert Kiyosaki (investor and prominent author of the Rich Dad, Poor Dad book series), and countless others like them made the conscious decision to step outside the box and take direct responsibility for their own successes and failures. Obviously not every venture one becomes involved with will be wildly successful (Trump has filed bankruptcy on particular businesses that didn’t fare so well in the past). If one has ever had the notion that he or she will never be content working for someone else and possesses the majority of the following characteristics, he or she may have an entrepreneur inside, dying to get out.
While the “Mom and Pop” corner deli is a well-known establishment locally, and the owners operate with the highest integrity, this type of business mindset is markedly different from an entrepreneurial point of view. Mom and Pop generally deal with an established clientele of regular customers, and are seemingly content with status quo. This is quite different from the entrepreneur who never rests on his or her laurels. A successful entrepreneur is always looking for fresh opportunities and challenges. The old adage “nothing ventured, nothing gained” could not be more appropriate here. One has to be willing to take some calculated risks in order to see significant benefits. I should point out that the following list is not necessarily complete; however, these are common traits that the majority of successful entrepreneurs share.
Persistence and inquisitiveness—The successful entrepreneur doesn’t quit in the face of adversity when he or she knows that what they offer is of value to the customer. They also do their homework and ask tons of questions from tons of sources, including competition, prior to launching a business.
Strong desire to succeed and high-energy level—Being the boss of a new business operation requires a “never say die” attitude and a fairly significant amount of one’s time. Marketing and networking don’t get done without substantial efforts.
Goal oriented, independent, and demanding particularly of oneself—Well-prepared entrepreneurs know the essentials of running a successful venture and hopefully are seeing to those crucial details.
Innovation and creativity—These two characteristics are common among our nation’s business leaders, and can help in maximizing profits and minimizing costs in the production of one’s goods or services.
Vision and commitment—Absolutely essential to the long-term success of any entrepreneur, one must completely believe in his or her company mission and be prepared to work hard in order to give it an honest go.
Strong integrity and ultra-reliability—No business owner anywhere is going to run a profitable operation for long without these two cornerstones in place. One has to stand behind his or her wares and honor all commitments in a timely manner. The reputation of a brand can be built or destroyed by these two variables. If one is known as honest and reliable, building a lasting customer base becomes much easier. On the flip-side of that statement, if one’s integrity is questioned, it is going to be very difficult to establish one’s brand.
Solid organizational / management skills—This should not even have to be said, although there are those who have trouble crossing the t’s and dotting the I’s consistently. One is going to come in contact with all kinds of potential buyers, suppliers, distributors and the like. If one is responsible for making the payroll and paying the bills, organizational skills are an absolute must.
Willingness to fail—Of course, the idea is to succeed. The reality is that there is always going to be competition and one may not succeed in every venture one sets out on. Because a single business model fails is not a valid reason for an entrepreneur to give up on his or her dream of running a successful business. Once again, the folks who are considered among this nation’s top business minds were not all successful from the get-go. This author is certain that if one were to ask Donald Trump about his particular experience, he would likely say that it took him more than one attempt to build what has become one of the world’s most recognizable brands. Typically, we learn from our significant failures on the way to our next successes. If one has the majority of the traits listed above and truly wants to be responsible for his or her own success, entrepreneurship may very well be ideal.
As previously noted, this compilation is in no way intended to be “the list,” but certainly represents the vital traits one must have in order to be a successful entrepreneur. Obviously there are several other considerations to weigh before launching one’s business, but those considerations are a moot point if one doesn’t have the character traits noted here.
