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Ten Characteristics of Successful Entrepreneurs

written byErickson Coaching Internationalon 23/12/2014

As a coach and entrepreneur, your business is you. Did you know that there are a number of characteristics that define a particularly successful entrepreneur? Great business sites, such as Entrepreneur.com, have worked to compile many lists of those characteristics, so we thought we would collect ten to get you started:  

  1. Passion & Inspiration
    • Without passion, you can lack the inspiration to move forward with your venture, so doing what you enjoy is vital on your path to success. Your inspiration to take your business seriously and keep your focus steady will guard you against moments of doubt, whether they come from you or others.
  2. Risk Taking
    • Although risk-taking can pay off, it is important to ensure that each risk you take is managed with a backup plan. Evaluate how much that risk may impact you in terms of your business, your time and your money. Don't avoid taking risks, just make sure they are managed sensibly.
  3. Self-Discipline
    • You are your own boss as a coach and entrepreneur, so it is up to you to put in the hard work needed to create and run a successful business. You must understand the importance of working hard now to reap the benefits down the road.
  4. Planning
    • You work with limited time and resources and, in order to make the most of what you have, business planning is key to staying fully informed of every business decision and situation, while giving you a way to measure your success in an ongoing way.
  5. Competitive Advantage
    • When you know your market, your customers, and your capabilities, you are in a better position to stand out from the crowd. Being flexible with your audience's needs will help you realize what is most important for those you seek to work with and be able to adjust to meet those needs before someone else does.
  6. Reputation
    • You are your brand. By ensuring that you are steadfast in your business sense and customer service, you will build a reputation that keeps your clients coming back and sharing referrals.
  7. Money Management
    • You need cash flow to help you with your initial business purchases to get you on the road to success - technology, inventory, promotion - and you also need to make sure that you get paid so that you can continue your business venture. Maintaining a positive balance between the money you get paid and that which you pay out will ensure that you stay on top of your money management.
  8. Be An Expert
    • You want your clients to rely on you for help with solving their problem(s) and to refer you to their networks when they realize a need as well. No matter what your coaching niche, making sure that you are on top of trends, information and overall knowledge will help you stay relevant.
  9. Customer Focus
    • You may not have the resources available to constantly find new customers through tools like advertising, so being customer-centric in your offerings will help make efforts a little more passive. When you service the customer first and foremost, they will always come back to you.
  10. Personal Attention
    • In addition to your hard work, you need to make sure that you still find time to take care of yourself. Whether it's getting enough sleep, taking time off when you need it, or building your personal skills, you need to be at the top of your game, so that you can ensure your business does the same.

What other characteristics do you feel are important for entrepreneurs?  

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