The 5 Defining Characteristics of Successful Entrepreneurs

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posted on Jul. 27, 2016

Could you become a successful entrepreneur like Bill Gates, or is this success only reserved for some selected few? Find out if you have what it takes.

If your dream in life is to create something from scratch and lead it to success then you need to start working on your dream work today, because if there’s one characteristic that all successful entrepreneurs share is that they’re not afraid of hard work. In fact, most successful entrepreneurs would tell you that the key to success is none other than hard work and dedication to your vision.

However, many aspiring entrepreneurs put in the hard work and the dedication but they never manage to become success stories. So is it because they didn’t take the necessary steps to succeed or is it because success requires some kind of charisma that only a few people possess?

Well, the truth is that although hard work is essential and it’s the key to success for most successful entrepreneurs it’s definitely not the only thing that you need in order to become successful. In fact, in order to successfully start your own business you definitely need to be in possession of these five key characteristics.

#1 Motivation

The first step to success is to be motivated. Without motivation nothing can be achieved and if you’re looking to finding the key to success you must be determined to make your vision come alive.

It goes without saying that you’ll find many obstacles in your way; the road to success is never paved with rose petals after all, and if you want to become a successful entrepreneur you’re going to be able to maintain your motivation no matter what life throws your way.

It could be that your ideas will get rejected, or it could be that you are finding it impossible to find someone to fund your plan, or it could be a number of other things that are going to try and hold you back from becoming a successful entrepreneur. It’s important that no matter what you remain an optimist who’s determined to see their vision realized.

Think of Arianna Huffington, one of the biggest success stories of modern media history who had her second book rejected more than 30 times before she managed to get it published. Not only did this not stop her, but it helped make her more determined to succeed. She remained faithful to her vision and today she’s not only worth millions, but she’s also one of the most influential media leaders in the world.

#2 Creativity

The second step to success is to be creative. Being motivated may be important but if you don’t have something concrete to be motivated about, being motivated is nothing. In order to become a successful entrepreneur you need to be creative and you need to come up with something new, something that the world had never before thought in order to dazzle them.

The key to success when it comes to starting your own business is to find a gap in the market and make the most of it by inventing ways in which to fill that gap. Identifying a gap in the market and building your business around it, essentially means that you’ll be able to create a brand for your business that will be unique and therefore it will be destined to succeed.

So, if your goal in life is to become a successful entrepreneur start by identifying key industries for which you have skills and knowledge, then think of creative way with which to make a product or a service that will be one of a kind and then consider how you’re going to communicate your uniqueness to your target audience and you’re destined to succeed.

If you’re out of ideas then take a year off, do some travelling and inspiration will come. In fact, this is what Steve Jobs did before he returned to the U.S to take the world by storm. 

#3 Risk Tolerance

Another critical factor of your success is to be risk tolerant. Success is reserved for those who dare so don’t be afraid to take a few risks. Even if they don’t pay off they’ll teach you valuable lessons about the future.

Without taking risks you’ll never be able to find the key to success so it’s important that you try out each new idea you have even if this means that you’ll fall down a few times. Remember that everyone who ever made something out of themselves took a risk at some point of their lives; think of Bill Gates for example, the richest man in the world

Bill Gates did not only start his own business at a very age, but he even quit college to do so. It was a huge risk to take, especially considering the fact that he was proposing an operating system that no one before had even though of, yet he took that risk and today he’s not only worth billions, but he’s also a leading figure in the business world.

#4 Vision

Perhaps the most essential step to success is to have a clear vision of what you want to achieve. Whether you’re starting your own business based on a new idea, or if you’re somehow expanding the industry, it’s important to know where you’re going in order to get there.

Having said it’s also important to note that you need to remain faithful to your vision if you’re interested in seeing it through. Of course that doesn’t mean that you shouldn’t be flexible and open-minded; if you see that your vision needs a bit of tweaking don’t be afraid to do it, but it’s important to hold on to your dream if you want to become a successful entrepreneur.

A great example of a successful entrepreneur who stuck to their vision and became a success story was Mark Zuckerberg who was given many offers to sell Facebook but being true to his vision ‘to create an open flow for people’ he refused to sell it and he’s today one of the most successful entreprneurs in the world.

#5 Decisiveness


Another defining characteristic of successful entrepreneurs is that they are decisive when it comes to following through their vision. They never hesitate and they are eager to take responsibility for decisions that will help them succeed.

The key to success for many successful entrepreneurs is that they never procrastinate and they’re quick on their feet when it comes to making all important decisions. And although it’s not always easy, they are able to bounce back after each failure or each rejection and give their all to a new potential road to success.

A successful entrepreneur who’s well-known for his decisive nature is Sir Richard Branson. This success story started out by interviewing big music names as a teenager and his decisiveness to succeed is what got him so far.

Do you think that it luck is also required in order to become a successful entrepreneur? Is it in your opinion the key to success? Or do you believe that we make our own luck and therefore we don’t need anything other than the five characteristics mentioned above and our will to work hard to succeed?

Let us know what you think about success and share with us if you dream of becoming a successful entrepreneur of Bill Gates’ calibre.

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