Key traits of successful entrepreneurs

There is a lot of connection between entrepreneurism and professional growth. Not everyone is born a prodigy to change the world. Each one is different and nurturing the right skills among the budding younger generation will give them the power to create innovative ideas and emerge as successful entrepreneurs of tomorrow. So, what does it take to become an entrepreneur? Is it an inborn talent/intellect or a learned skill? Not all entrepreneurs are same, because of their upbringing, social class, income brackets, geographic location, and exposure to the outside world. But still, they all have few things consistent, which makes them an enthusiastic personality and a successful entrepreneur.

Amidst the stressful and challenging world of business, entrepreneurial skill sets are what acts as the catalyst for progress. An entrepreneur might not be a type-A personality or an extrovert tinkering around on projects but he/she surely has the capacity to be his/her own boss and the business would soar the outcome. There are a few specific traits present in all the successful entrepreneurs that make them stand out from the rest.

• Passion

Passion is one of the foremost traits of any successful entrepreneur. They are genuinely interested in their work and ideas and are willing to go the extra mile to pursue success. Despite all the trials and tribulations, passion is what motivates successful entrepreneurs to hold on and move forward towards their vision for the greater good. They find joy in working towards their ideas and so are always motivated towards making their business better.

• Strong sense of self

A successful entrepreneur always holds an extremely strong sense of self along with passion and resilient nature. Having numerous problems to overcome, being self-motivated and self-confident are the key traits that make most entrepreneurs successful.

Successful entrepreneurs are sure of their ideas and are able to motivate others and themselves enough to bring their ideas to life, despite denial/opposition.

• Ready to take risks

All entrepreneurs are risk takers. You cannot succeed in any business if you are afraid to take risks. But not all risk-takers turn out to be successful entrepreneurs. So, what is that which differentiates a successful entrepreneur in terms of risk taking? In the business world where the future is uncertain, successful entrepreneurs oversee the unprecedented challenges and take risks only after planning and keeping resources in reserve to deal with the 'unknowns'. They keenly evaluate the risks, identify the hazards, and decide on precautions in case the venture does not pay off. They keep themselves aware of the fact whether the risk is worth the cost of their time, money, and career.

• Resilience

Success does not come that easily. Successful entrepreneurs know how to move on from one failure to another without losing their enthusiasm and of course passion. Entrepreneurs have the uncanny ability to get up after a loss and dust themselves off without giving up, even though it was a drastic attempt. Most importantly, they know how to learn from their failures and analyze on what went wrong and what has to be done next to succeed again. In short, they are resilient enough to thrive off the negativity within and outside.

• Highly adaptable and flexible

This is one of the essential traits of an entrepreneur of this age. With the business world moving ahead fast, being able to adapt to the new changes and challenges is crucial for entrepreneurs. In fact, most successful entrepreneurs are the ones who were flexible enough to make their ideas feasible for the current reality and are willing to modify/adjust their plan according to the situation/state of affairs. Successful entrepreneurs are well-prepared to be highly adaptable and flexible to the new changes in the business environment.

• Confidence

Entrepreneurs having a high level of confidence can handle tasks even under the most stressful circumstances. They understand that big challenges breed big rewards. And so, are able to spot opportunities when everyone sees the possible challenges. Successful entrepreneurs hold the confidence even when they experience setbacks and are focused on the finish line and the end reward.

Remember that all these entrepreneurial skill sets are invaluable and cannot be learned in one go. You need to learn them through your own practical experience and education. We are sure you would agree that most of the successful entrepreneurs got their foundation strengthened from their education. When an educational institution offers a dynamic learning environment that nurtures entrepreneurial skills in students, they are encouraged to become successful entrepreneurs of the future.

(The author is the senior Director at Institute of Management Studies (IMS) Noida and Alumni of Harvard University (HKS)