Have you ever questioned whether entrepreneurship is nature, nurture, or a combination of both? Entrepreneurs are often regarded as an elusive category of mavericks with innate abilities and personality traits that guarantee success. While there may be a grain of truth in this perception, for the vast majority of entrepreneurs, a combination of natural talent, nurtured through personal growth and development is what makes them successful. The truth is, most of the traits shared by successful entrepreneurs can be developed and applied to any business venture as long as you have the grit and determination to do so. Simply put, what successful entrepreneurs have in common is that they think outside the box and apply their skills and entrepreneurial spirit to solve a problem.
Having talent and an entrepreneurial spirit is a great start, but success requires personal growth to build and flex those maverick muscles. Based on insights gleaned from some of the most respected and celebrated Canadian entrepreneurs, here are some of the common traits successful entrepreneurs (like you) share:
Successful Entrepreneurs Are (Mitigated) Risk Takers
Becoming an entrepreneur requires a fair bit of risk-taking. In reality, there is rarely a perfect time to begin a business venture. Regardless of how innovative your business idea is, you may never be met with the response you expect. Don’t let that fear keep you stuck in planning and preparation mode. Michele Romanow, founder of Clearblanc and revered Dragon Den’s judge, often talks about the importance of taking action. She advocates trying things to see what works because she believes that one of the most significant errors entrepreneurs make is spending too much time planning when they should be executing. While she disagrees that successful entrepreneurs possess specific characteristic traits, she says if she had to name one, it would be “finding the early ability to take risks [and] question everything.”
Intuition Plays A Key Role In Entrepreneurial Decision Making
To get comfortable with the idea of taking risks, successful entrepreneurs need to learn how to trust their instincts. “As an entrepreneur, your best asset is your gut and intuition,” says Carinne Chambers-Saini, founder of the DivaCup. When Chambers-Saini developed the revolutionary menstrual device, she faced backlash and rejection by all mass-market retailers. When spotted a last-minute opportunity to showcase her offering in New York City’s Time Square, she trusted her intuition and made the hefty investment. Often heeding your intuition and dispelling doubt could be just what’s needed to make a breakthrough decision.
Adaptability Is The Name Of The Entrepreneurial Game
Ryan Holmes, the founder of Hootsuite, references the value of flexibility by expressing, “The most critical lesson I carry with me is the importance of being a jack of all trades and master of some.” Entrepreneurs should have a broad working knowledge of the different facets of their business ventures. While there’s no need to be an expert at everything, in order to effectively delegate to your employees, it’s helpful to have a functional understanding of the mechanics of how various departments operate. Whether it’s sales, accounting, marketing, public relations, or supply chain management, becoming acquainted with all these facets will aid in your business’s growth.
An entrepreneurial spirit might be the only trait you need to be born with to be a successful entrepreneur; “spirit” here meaning a general drive and excitement for business building.
All the traits discussed here and more can be very easily developed with the right determination and grit. While you focus on personal development, building your current business or launching next great venture, let Modern Concierge take care of the items on your to-do list that can be delegated.