So what are the key personality traits that top entrepreneurs possess? That is the golden question. Is there a magic formula that allows you to set up, scale and run a successful business? It seems many of the entrepreneurs that investors are willing to back have similar personality traits. The fantastic thing is, that if you don’t possess these traits, then you can work to hone many of them.
It seems that possessing these traits will give investors confidence in your abilities. It may even mean that you are predisposed for success – if you can pull it all together into a viable business plan of course.
Want to know the top 5 traits? Let’s explore…
This trait is probably the most critical for entrepreneurial success. The saying that something is not worth having if you don’t have to work hard for it is so true. Determination, and the ability to pick yourself up after falling down is vital for business success.
Starting a business is easy enough, but keeping it going and turning it into a success is not so easy. The journey is littered with twists and turns, as well as highs and lows. Pushing through all of the hard parts and coming out the other side is a skill that is well respected by investors.
Going through the motions because you have to will not result in success. Being so passionate about your project that you wouldn’t dream of quitting is what will see success. Great businesses solve a problem for their customers. But they can also solve a problem for the business owner, often a problem that is rooted in their personal life. Solving the problem in the business world, will correct the personal problem also.
The dedication to solving a problem that affects you personally is so strong. People are very passionate about it. That passion will convince investors that you are in it for the long haul.
3: Confidence, with a side of humility
Yes, it does sound like a contradiction. But pure confidence can come off as arrogance, and that is a very off-putting trait in the business world (well, in any world). To succeed, you need to have confidence in your own abilities to pursue innovation with conviction.
Yet, you need to possess the ability to listen, the ability to admit when you are wrong, and the ability to change the way you do things – all of this comes with humility. While they might seem like opposites, confidence and humility need to go hand in hand for business success.
4: Practical Thinking and Communication
Being able to connect a straight line between a problem and its solution shows that you really know your stuff. You can effectively problem solve and communicate the actions to be taken. Having the expertise to solve the problem is one thing, but if you can’t clearly present the solution then investors may doubt your ability to follow through.
Understanding the whole process, and being able to communicate it is an impressive and respected skill.
No, it didn’t just kill the cat, it grew your business. Being curious brings innovation. Innovation brings change for the better. Proactively solving problems before they become an issue shows a full understanding of your business and its place in your industry. Of course being reactive and responsive is important too, but less necessary if you explore your curiosities and ‘what ifs’.
Do you possess any of these skills? The great thing is that if you are lacking in any of these areas, you now know what to work on in order to be bankable for an investor!