The 5 Essential Qualities of a Successful Entrepreneur

Monday 17 February, 2014

Australians are hell bent on the idea of starting new businesses and seeing them through to fruition. It has become the Australian dream. And we- a nation of entrepreneurs. If it weren’t for the initiative and innovation we’ve seen in recent years, Australians wouldn’t be able to claim credit for some of the great startups that turned into productive companies and leaders in their field.

However, just because everyone is doing it doesn’t mean they’re all doing it well. Some just aren’t cut out for the big job. Are you?

Here are the five essential traits of a successful entrepreneur:


Starting a business in itself is not hard. An idea and a small registration fee are the main components of that initial step in the process. After that though, there will likely be many hurdles between your business and your success. That’s where tenacity and perseverance come in. You need to be able to keep at it when the situation becomes difficult.


Are you eager to explore all the nooks and crannies of business? For some, questioning everything is second nature. Others just overlook these things and don’t think twice about them but entrepreneurs know that behind every gap in a story or in a market, there is potential. That is, potential for discovery and often for innovation.


One thing many business owners lack when they start out is that first glimpse of what the business’s future holds. This vision and ability to foresee success is quite a powerful instrument which separates the entrepreneurs from the rest. Either you have this vision or you don’t. What’s more, it’s not only about having the ability to see the future of your business but also to see it clearly and to let nothing blur that sight.


Although this one should go without saying, often entrepreneurs can find themselves getting so caught up in the idea of starting a functional organisation and even more so in the attempt to turn over cash and hopefully attain a profit, that the love for the project fades. It’s imperative to feel strongly about whatever it is you’ve decided to do and remind yourself on a regular basis why you love this and why you started this.


Last but not least is self belief and, more importantly, belief in the service or product your business provides. You really do need to be certain that there is a need for whatever you’re offering because, rest assured, you will face blows to your self-esteem and to your confidence and without being sure yourself, chances are you won’t have the ability to persevere (see 1).


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