Top 4 Traits Of Great Entrepreneurs: How To Become A Great Entrepreneur
Like leadership, great entrepreneurs are not born, they are raised.
Mark Zuckerberg, Abraham Lincoln, Steve Jobs, and more didn’t achieve incredible feats with their businesses because they were born with silver spoons.
In fact, they are ordinary people who fought their way to the top.
But, what makes them unique?
Why are they celebrated so much?
In this post, we’ll explore the top traits that make great entrepreneurs great.
1. Heart-dominant People
To become a great leadership begins with a vision – a picture of where one is headed.
Without this solid foundation, the business – or any other thing you plan to kick start – is doomed to fail, even before it kicks off.
Similarly, great entrepreneurs are heart-dominant people.
They are purpose-driven, passionate, and willing to achieve their goals come what may.
To others, their dreams may appear irrational and impossible to achieve, but to them, since it’s conceivable, it’s achievable.
In short, they are driven by an unbendable sense of purpose – a man on a mission with a burning desire to succeed.
When you think of entrepreneurs with these traits, think of Guy Laliberte. He revamped the old “circus” into a new, fresh Cirque du Soleil that now records $1 billion annually.
Doris Christopher, an home economics teacher, unlocked her strategic thinking ability, innovating the idea that every household should have professional-grade kitchen equipment.
This excellent idea birthed Pampered Chef – an organization committed to enhancing the quality of family life.
As an entrepreneur, it’s not enough to have a good idea. The fervent heat to see your goals come into reality should consume you to the point where it infects teammates, coworkers, or even employees.
2. Smarts-dominant People
Heart-dominant entrepreneurs are good at strategic planning and introducing great innovation, but they suck at looking into the factors that will fast-track or impede business growth.
Although their passion and rigid sense of purpose can go a long way to ensure the success of a business venture, it’s not enough to take your business from point A to Z, in this fast-growing world of technology.
So that’s where the smart-dominant traits of entrepreneurship come in handy.
Smart-dominant entrepreneurs typically look at things like:
- financial requirements
- Profit margin
- Number of employees needed
- Climate, etc.
They are rational and fact-driven entrepreneurs who love to establish structures, delegate responsibilities, set up goals and emphasize performance for the smooth running of business.
Like a farmer, smart-dominant persons carefully examine the soil type, find out whether they need compost manure or fertilizer, plant strategically, and ensure the seed is watered on an appropriate schedule.
Smarts entrepreneurs are multidimensional and can range from Book Smarts, People Smarts, Street Smarts, and Creative Smarts.
And if you’re looking for real people with these traits, we can look at Jeff Bezos and Meg Whitman. With wittiness and strategy, Meg Whitman, a former consultant, turned eBay into a popular marketplace. Jeff Bezos, on the other hand, forged a career at D.E. Shaw, a New York investment firm.
While heart-dominant entrepreneurs are passionate and purpose-driven, smart-dominant persons might rely on facts and studies to drive key decisions in the organization.
3. Guts-dominant people
Yes, you’ve identified some pressing needs that your ideal customer will happily dance to, and as a smart-dominant entrepreneur you’ve brilliantly mapped out your goals, marketing strategies, plus, you’ve done other due diligence.
So what next? Simple, take the risk, and do it now.
It takes guts to get started with a new business venture.
You will need to take action to score excellently in your mid-semester examination…
and you’ll also need to make a quick decision to become a better entrepreneur.
If the world were a crowd of passionate and purposeful people with brilliant and creative minds, but no guts to act, there would be no progress.
While the heart and smart dominant business persons can linger for long to start, guts-dominated people are willing to take the risk and take action now. The guts traits are often divided into:
- Risk takers
- Risk tolerators
Whenever an organization is faced with many options with high-risk potential, it brings in risk-takers and they will often make quick and better decisions that influence the overall performance of the organization.
Risk-takers derive excitement and engagement from being in a situation laden with meaningful uncertainty.
While Risk-takers want to take risks at any time, risk tolerators do not necessarily seek risk, yet they are willing to pursue by understanding and accepting, and managing the risks inherent in a given decision.
Goal-oriented professionals like Scott Parazynski are perfect examples of risk tolerators.
4. Luck-dominant People
All business builders and entrepreneurs are not only passionate, creative, and fast decision-makers, they are, to some extent, a lucky set of people.
And speaking about luck, I’m not talking about conjuring up some deity to work things around, this is more of joining the right network, taking decisions at the right time, or having the right attitude.
Luck in its natural form feels chaotic, selective, arbitrary, and seemingly beyond our control.
While it might be very controversial to admit that luck is a crucial part of the success of great entrepreneurs, we have less control over what happens in our lives that most of us won’t admit.
One way to become luckier is to retain a measure of humility so we better win the attention of bigger clients and companies.
Becoming a great entrepreneur is only meant for a select group of people, it can be the traits of anyone if we are willing to explore ourselves with these four points and become stronger and even better.