6 Personality Traits Every Entrepreneur Should Have
During the last 20 years, we have seen names such as Bill Gates, Elon Musk, and Jeff Bezos rise to prominence. These tech giants became some of the richest people in the world, and at different points in time, they all became the actual, richest person in the world. They have common personality traits too. Now, there are a lot of names you could give them. You could call them businessmen, founders, CEOs, etc. But the sexiest name of all is “entrepreneurs.”
These three are not the only names who have popped up as entrepreneurs. Being an entrepreneur turned into something that everybody wants. Starting your own business, growing it, and pursuing success as an entrepreneur is the new American Dream.
Of course, being an entrepreneur is not all sunshine and rainbows. You need to cultivate personality traits, take risks, find the right people for the right jobs, wrestle with the competition, handle crisis after crisis, secure capital for your business, and more. You will most likely be working much, much more than a normal nine to five worker.
To handle all the fluctuations of the business world, and make the right decisions at the right time, you will need to cultivate new personality traits. Now, some may look at our list and decide that they are not fit to be an entrepreneur. To that, I say nonsense! If you don’t have some of these personality traits yet, you can obtain them in the future! So take a seat, and start reading our list of 6 personality traits every entrepreneur should have. For the ones you already have, congratulations! If you lack any of them, then start working to improve yourself!
Best Personality Traits For Entrepreneurs
- Growth Mindset
1. Growth Mindset
The growth mindset is a term coined by Stanford professor Carol Dweck. The growth mindset simply involves internalizing the following perspective: With enough self-drive, determination, work, and effort, you can develop your abilities beyond their starting point.
Having a growth mindset goes beyond your abilities, but it also affects the way you perceive the abilities or skills of those around you. You might see yourself as someone open to improvement, and you might correctly believe that all of your abilities can be improved with enough hard work. But as an entrepreneur, this belief should also extend to other people.
Being an entrepreneur also involves finding the right people to work with. If you view the skills of your partners and employees as qualities that can’t change, then you will not be expanding the growth mindset to those around you.
You should cultivate the people around you as you cultivate yourself. As your business grows, you will need to delegate some of the management tasks to other people. Preparing these people from the beginning goes a long way. If you believe that others can’t improve, you will always look outside to find your managers, but if you truly embrace the growth mindset, you can create your executives, from the people who have put their best into your business.
Not everyone will agree with you, and some of them will be in the right. Closing yourself to other ideas, and only following what you think is the best, will lead to a downward spiral.
The world is changing faster than ever before, and new ideas, trends, techniques, and technologies are popping up everywhere. Keeping an open mind will allow you to take advantage of all the new opportunities as they present themselves.
Being open-minded also means being open to learning, experiencing, and trying out new things. Just because something has always worked the way it is, doesn’t mean it can never change. You will be presented with many new ideas, some of them will fail, some of them will work. In either case, you will know what to not try again, and what to do next time.
Taking risks is a natural part of being an entrepreneur. You will always be risking more than your employees, and you will naturally have more to lose. Even the first starting steps of being an entrepreneur require you to take risks. You will have a business to lose, investors you will need to satisfy, maybe even debts you need to pay. These are only a few of the expected risks an entrepreneur might need to take.
In addition, some opportunities will only be available to you if you take are ready to take a risk. Most great business decisions were risks at some point. The pivot that finally enables your company to reach a wider audience was a risk, so was the new hire who managed to create much more value than expected. If you only focus on avoiding risks, you will be losing tons of opportunities.
As an entrepreneur, you should be the person that is most devoted to your business. In the end, you are the leader, and your devotion will always affect the devotion of your employees.
Having devotion as one of your personality traits will make you much more resilient.
If you are not devoted to your own business, how can you expect others to show any devotion? If you act like your business is not important, or it can fail at any minute, your partners, employees and even customers will take notice. Nobody wants to work for, or with a person who doesn’t put their heart and mind to their idea.
Your discipline needs to come from within. Being an entrepreneur means being at the top of the command chain. So there won’t be anyone to tell you to get to work or perform at a higher pace. You need to set your own goals, set your own time, and work until you arrive at where you want to be. That is one of the personality traits you need.
You need to keep track of yourself, by yourself. Creating a schedule goes a long way in cultivating self-discipline. Use Google Calendar, another app, a spreadsheet, or a notebook. Determine what needs to be done, put them into the calendar, assign some time to rest, and some time to handle any unexpected situations. There might be events that prevent you from sticking with your agenda. But try your best to follow your weekly plan.
There will be times when you fail. Sometimes your competition will beat you to the market, or your product/service might show some defects. You will encounter unsatisfied customers, and there might be times when you need to pay out of your pocket to keep your business alive. Trusted employees and partners might leave you.
Bad things will happen, and there will be hurdles to overcome. To brace against all the fluctuations, you will need to have persistence as one of your personality traits.
There is also something called being too persistent. You need to know when to push more, and when to give up. And this is probably the hardest part about being an entrepreneur. But when you master the correct application of persistence and have it as a personality trait, you will finally be able to call yourself a true entrepreneur.