There’s no single definition of what makes a good entrepreneur. However, certain personality traits can significantly influence a person’s success in business.
Eager entrepreneurs who want to advance in their respective industries can leverage their personalities in the world of business more than they may think. Here are six key personality traits commonly found in successful business owners and entrepreneurs.
[Read more: Situational Leadership: How to Adapt Your Leadership Style to Fit Your Business Goals]
Authenticity
Customers today are more contentious about the companies they choose to support. They guide their purchase decisions based on the leaders at the helm of prospective businesses. Leaders who prioritize authenticity can share their message more effectively and connect with their audience on a deeper level by representing themselves in a more relatable and relevant way. This helps to build trust with your customer base and ensure your brand stands out among competitors.
From an internal perspective, an authentic leader can inspire and motivate their employees by demonstrating the purpose and impact of their work. When employees see that their efforts matter, they feel valued by their employers and are motivated to perform well.
Adaptability
Opportunities — and challenges — can arise at a moment's notice in business. Entrepreneurs who are adaptable and willing to change course when necessary are often the key to their company’s success.
Remaining stuck in your ways can hinder business growth, preventing advancements that could lead to more efficient practices or products/services better suited for your market. For example, if customers don’t respond to a new product’s release as expected, entrepreneurs who ignore feedback solely due to personal feelings likely won’t find success. Instead, they should be flexible and use that feedback to pinpoint problematic areas and pivot their offerings based on their customers’ wants and needs.
Resilience
Any entrepreneur will tell you that operating a small business isn’t easy. Often, it’s overwhelming, risky, and stressful. With so many responsibilities and new challenges emerging daily, entrepreneurs need to be resilient if they want to find long-term success.
Small business owners are often told “no,” whether it's a rejection for funding, being told their idea isn’t possible, or losing out to competitors in their market. This can be discouraging to hear; however, each challenge you overcome with resiliency is a lesson learned. What you take away from these hard lessons can be applied to how you operate your business in the future.
Leaders who prioritize authenticity can share their message more effectively and connect with their audience on a deeper level by representing themselves in a more relatable and relevant way.
Humility
It doesn’t matter if you’ve been an entrepreneur for a week or 20 years — there’s always more to learn. That’s why it’s important to lead with a sense of humility, listen to those around you, and allow employees to teach you as much as you teach them.
At a time when technology is rapidly advancing with smart robots, transparency about your willingness to learn and acceptance that you don’t know everything shows your employees that you are open to their ideas. A humble leader is able to create an environment where productivity flourishes and knowledge and ideas are shared.
Creativity
A successful business needs creativity throughout its entire lifespan, from its inception to its last day. Businesses are born from entrepreneurs who seek to solve problems that people are facing. Coming up with ideas that work requires creativity and ingenuity, as they need to be both original and useful to thrive in the market. That need for an entrepreneur’s creativity extends to other areas of the business too, from marketing to budgeting and product development.
Small business owners also need creativity and quick thinking throughout their day-to-day interactions, as they often encounter challenges, questions, and issues they can’t prepare for.
[Read more: 5 Habits That Will Make Entrepreneurs More Creative and Innovative]
Honesty
Operating as an open and transparent business owner helps establish loyalty with customers. This level of honesty improves your reputation and instills greater confidence in your brand.
Leading with honesty is critical as an employer, too. It serves as a motivator for employees and helps to create a positive work environment that operates ethically. Additionally, entrepreneurs who consistently demonstrate their honesty often find their decisions are more positively embraced by everyone from employees to investors and customers. In contrast, dishonest leaders struggle to connect with their audience, driving them towards competitors who inspire more confidence.
CO— aims to bring you inspiration from leading respected experts. However, before making any business decision, you should consult a professional who can advise you based on your individual situation.
CO—is committed to helping you start, run and grow your small business. Learn more about the benefits of small business membership in the U.S. Chamber of Commerce, here.
