7 common traits of successful entrepreneurs

Thursday October 15, 2015 , 4 min Read

Were Bill Gates, Steve Jobs, Mark Zuckerberg and Richard Branson born with entrepreneurial DNA? No, they cultivated traits that led them to greatness. Although each entrepreneur’s journey to success is unique, certain common characteristics helped them build empires.

Image credit " Morgan Sessions | Unsplash"

These powerful habits will make you a more productive entrepreneur and a better human being.

#1. Early risers – Studies show that early birds are more productive and organised than night owls. There are equal examples of successful night entrepreneurs, however. Irrespective of the time your alarm rings, it all sums up to your passion, ambition and drive to succeed.

Tim Cook, Indra Nooyi, Richard Branson, Jack Dorsey and Anna Wintour wake up with the sun, before 6 am. Early morning workouts, combined with healthy meals, scheduling the day in advance and attending to the most important tasks while afresh leaves less time for procrastination.

#2. Never quit – Entrepreneurship comes with no guarantees. Most startups hit a deadend at some point where things don’t work out the way they are supposed to (and they seldom do in a startup). These are the times when persistent businessmen stand apart from the lot.

Repeated failures do not deter them from abandoning the path leading to success. They analyse the shortcomings and plug the holes to come up with better products.

#3. Never-ending quest for knowledge – The most learned folks never believe that their knowledge has reached a level where they know it all. Their network consists of mentors and friends with whom they exchange ideas.

Reading books, articles and blogs keeps them updated about all industry trends and makes them experts in their field. They quench their hunger for acquiring new skills and polish the old ones by attending conferences, events and seminars.

Irrespective of your success, never think that you know everything. Read and explore new ideas and opinions to constantly brush your knowledge.

Year of Books where Mark Zuckerberg discusses the books he reads.

#4. Self-motivated – Being an entrepreneur, you are your own boss and there are no restraints or deadlines. Initially, there is a small number of employees to manage, and sometimes you are the only one. Even after the business scales up, there are people to do the tasks and you have no fear of being kicked out from the job.

Attention – “Your company is only what you make it.” If you’re a lazy boss, don’t expect your employees to work hard while you enjoy life. Set aside fixed quality time to work on your idea and nothing should divert you from this. Employees replicate their founder’s habits. Set an example they can look up to.

Your drive to success is a result of your inner forces and is not affected by external factors.

#5. Build a kickass team – How exhilarating is the feeling of entering your office each day filled with smart and talented people from diverse platforms working together to achieve a common goal? Behind every great company is a team supporting, advising, believing and enforcing the craziest ideas conjured up by the founders. This team keeps the founder’s mind stable and drives the momentum.

Would Batman be what he is without Robin? Entrepreneurs are like Pied Pipers, brave and leading their team, but every ship needs a crew. It is this network of mentors, team members and connections who play a crucial role in building empires.

#6. Risk takers – Entrepreneurship and risk taking are synonymous. You’ve left a fancy salary, comfortable job and sacrificed your personal life to work on an idea. The stakes are high, success is not ensured, yet every part of this journey is remarkable making you wise in the process.

Not every venture you start will generate rewards. You learn from the mistakes, improvise and emerge a better player. Prefer calculated risks over blind gambles. Calculate the risks associated, the cost of loss and evaluate the pros and cons before plunging into the daredevil act.

#7. Frugal living – Surprisingly, the wealthiest live frugally; they don’t spend their fortunes like there’s no tomorrow. After passing the initial phase where frugal living was to lower the overheads, many still live a simple life. For them vehicles are not to show off or luxury but to means to travel from Point A to B. They live in modest homes and travel business class.

Frugal living traits have helped entrepreneurs stack billions in their bank accounts. Prioritise funds and investments in such a way that the returns are solid. Being grounded and valuing money play vital role in saving.

Be money vigilant; you never know when your startup might hit the blank point. Your savings will help you pass through such dark times.