What are the 8 characteristics of a successful entrepreneur

Entrepreneurs are the explorers of the business world. They take risks in order to chart new territory, solve problems and develop innovations that can change futures. It takes a certain type of person to embark on an entrepreneurial adventure. So, what characteristics do entrepreneurs possess that make them stand out? And, is it possible to learn how to be an entrepreneur - or is it something you’re born to do?

In this post, we will look at eight key entrepreneurial character traits, showcasing how they contribute to real success - building a business that leaves a lasting positive legacy for society or the environment, rather than achieving profit at any cost. Each characteristic is illustrated with real-life examples of inspiring entrepreneurs, who have had a significant impact in their field.

Finally, we will address whether these traits can be taught or learned, with some surprising results.

1. Visionary thinking

To be an entrepreneur, you need to exercise visionary thinking. That means you have the ability to use your imagination and foresight to see the bigger picture and to identify future trends and possibilities before others do. The ability of entrepreneurs to imagine new possibilities and act accordingly sets them apart. This forward-thinking mindset allows them to disrupt or even invent industries, build innovative products or serve new markets.

Muhammad Yunus, the founder of Grameen Bank, provides a great example of visionary thinking in entrepreneurship. Recognising the barriers that the poor, particularly women in Bangladesh faced in accessing financial services. Yunus envisioned a new model of banking that would empower the marginalised. In 1983, he established Grameen Bank, offering small collateral-free loans to individuals who were otherwise excluded from traditional financial systems, to start businesses and break the cycle of poverty.

Yunus’s work shows that visionary ideas, when applied with a deep understanding of societal needs, can have far-reaching impacts even beyond a single business. Yunus received a Nobel Peace Prize in 2006 for his work with Grameen Bank.

2. Resilience and perseverance

As an entrepreneur, you also have to be realistic and have perseverance since 90% of startups fail, and 10% in the first year. Resilience enables entrepreneurs to bounce back, learn from these failures and adapt. Perseverance is essential because the path to success is rarely linear and the ability to face setbacks, learn from them and start over again distinguishes successful entrepreneurs from those who give up after one failed attempt.

Sophia Amoruso’s entrepreneurial journey is a great example of resilience. Early on, she faced numerous setbacks, including bankruptcy after a failed venture and struggles with several businesses that didn’t take off. She also dealt with financial instability and a lack of investment. Despite these early failures, Amoruso refused to give up.

She turned her passion for fashion into Nasty Gal, an e-commerce store selling vintage clothes on eBay and later founded Girlboss, an online community designed to empower women entrepreneurs. Her resilience helped her overcome the initial struggles and scepticism from the fashion industry. Allowing her to build a unique brand that resonated with young women. By 2012, Nasty Gal had grown into a $100 million company.

3. Ethical leadership

Ethical leaders run their businesses with integrity, transparency, and fairness. They prioritise making decisions that benefit not just their bottom line but also their employees, customers, society as a whole and the environment. In a world increasingly focused on corporate responsibility, where the next generation of consumers is highly aware of business practices, businesses with strong ethics are better positioned to attract the best talent and hold customer loyalty.

Actress Jessica Alba’s entrepreneurial journey with The Honest Company exemplifies how a commitment to ethics can create a billion-dollar brand. As a new mother, Alba was concerned about the harmful chemicals in everyday products, particularly those for babies. This led her to co-found The Honest Company in 2011 alongside Christopher Gavigan, and Brian Lee, focusing on providing eco-friendly, non-toxic, and ethically produced consumer goods.

Alba’s commitment to transparency and sustainability was the foundation of the brand. Her focus on people and the planet resonated with consumers, and through innovation and transparency, she created a brand that had $319 million in 2021 sales and was valued at roughly $550 million as of February 2022.

4. Adaptability

Adaptability is the ability to pivot and find opportunities in the face of change or even crisis. Entrepreneurs who can adjust to market shifts, consumer demands, and technological advances are more likely to succeed in the business world, especially during unforeseen events like the COVID-19 pandemic. Adaptability helps entrepreneurs capitalise on unexpected opportunities and stay ahead of competitors in a constantly changing landscape.

Whitney Wolfe Herd, founder of Bumble, exemplifies how adaptability is a key characteristic of entrepreneurial success. She initially launched Bumble as a dating app that disrupted traditional norms by empowering women to make the first move, an innovation that resonated with users seeking more respectful online dating experiences.

5. Creativity and innovation

Creativity allows entrepreneurs to come up with new ideas for products or services. While innovation translates these ideas into feasible real-world solutions. These qualities drive the development of unique business models and offerings that set a company apart and can even change the industry altogether.

Yvon Chouinard, founder of Patagonia, offers a great example of creativity and innovation and how it can be used to invent new business models. Chouinard transformed Patagonia from a small climbing gear company into an internationally recognised brand by integrating environmental sustainability into its core business model. Chouinard also encouraged a shift away from fast fashion by promoting the idea of repairing gear rather than replacing it.

Patagonia’s "Worn Wear" program not only offers repair services and guides but also resells used products, fostering a sustainable mindset among consumers. In addition, Patagonia has been an outspoken advocate for environmental causes, using its platform for activism (such as donating $10 million from tax savings to environmental groups). Through these creative and innovative practices, Chouinard invented a new way of doing business by demonstrating that business success and environmental responsibility can go hand in hand.

6. Strong work ethic

It’s not easy to build something from nothing, hard work is at the centre of every entrepreneurial success. Entrepreneurs must put in the time and effort to see their vision through, despite challenges - often going above and beyond to achieve their goals. Particularly when they are working to overcome entrenched social or economic barriers.

Madam C.J. Walker’s historical success as an entrepreneur is an inspiring testament to the importance of a strong work ethic in entrepreneurship. Born Sarah Breedlove in 1867, she faced significant challenges, including poverty and racial discrimination. However, through determination and hard work, she overcame these obstacles to build a highly successful business.

After experiencing hair loss herself, Walker recognised a gap in the market for haircare products specifically designed for African American women, a group largely neglected by mainstream beauty brands at the time. She went on to become the first female self-made millionaire in America.

7. Empathy and emotional intelligence (EQ)

Empathy and emotional intelligence allow entrepreneurs to understand and connect with others, whether they’re customers, employees, or partners. These qualities foster collaboration, trust, and loyalty among staff and employees: and allow entrepreneurs to put themselves in the shoes of their customer base. Empathy also leads to making more ethical decisions in business and using your business skills for positive change in other fields.

Shiza Shahid's journey as a social entrepreneur began when she was inspired by Malala Yousafzai’s advocacy for girls' education. After watching a YouTube video of Malala, Shahid reached out to her father, offering to help. When Malala was shot by the Taliban, Shahid flew to Birmingham to support her family during recovery. This is when her working relationship with Yousafzai began.

In 2013, Shahid and Malala Yousafzai co-founded the Malala Fund, a non-profit focused on providing girls in countries like Pakistan, Nigeria, and Kenya with access to free, safe, and quality education. Through her leadership, Shahid has blended empathy into her model of social entrepreneurship, using technology and global partnerships to create lasting change in education for girls. Her work continues to empower girls and break down barriers to education worldwide. In 2013, she was included in Time's "30 Under 30" list of world change-makers, and in 2014, she was listed in Forbes's "30 Under 30" list of global social entrepreneurs.

8. Networking and collaboration skills

Even though networking can be difficult for introverts out there, building strong relationships is a cornerstone of entrepreneurial success. Networking opens doors to long-term partnerships with suppliers, buyers, investors and producers. Collaboration skills will help you to manage teams, run diverse organisations, and leverage the advice and expertise of colleagues without letting ego get in the way of success.

Christina Stembel (Farmgirl Flowers). In 2010, Stembel founded Farmgirl Flowers, a sustainable, women-owned and run flower delivery company that emphasises eco-friendly practices, supporting local farmers, and promoting fairness in the floral industry. Farmgirl Flowers has reimagined the floral delivery business by focusing on sustainability, using only locally sourced flowers, and offering beautiful, creative arrangements without the typical environmental cost, and with fair prices for producers.

Are entrepreneurs born or taught?

The debate over whether these entrepreneurial traits are innate or developed often ends with one conclusion. Most of them can be learned. Of course, your personality will play some role in what interests you and where your natural talents lie. However, the latest research shows that many skills previously considered genetically inherited ‘talents’ can in fact be developed through training.

Even characteristics that seem to be a part of your personality, such as empathy, creativity and resilience, are now understood to be ‘soft skills’ which can be developed through practice.

Visionary thinking improves through exposure to industry trends, studying market leaders, using thought experiments to envision theoretical scenarios, and practising strategic planning.

Resilience is cultivated by developing a growth mindset, trying out challenging activities outside your comfort zone that come with failure opportunities, and embracing failure as an opportunity to learn.

Creativity grows when you engage in culture and artistic activities, try new experiences, challenge assumptions, and explore critical thinking and problem-solving exercises, which require you to develop unconventional solutions.

Empathy, adaptability and emotional intelligence are soft skills that are essential for every aspect of personal and professional life and can be nurtured through many different means, including active listening, mindfulness, receiving psychotherapy and studying its foundational concepts, caring activities such as volunteering or helping friends, engaging in empathic cultural activities such as reading a novel, and through emotional intelligence or leadership training.

Networking and collaboration are not skills that come naturally to most people. In fact, many people dislike performing this particular type of labour. However, you can develop a stronger network by following these simple steps.

Another perspective comes from Joe Abraham, businessman, mentor and serial entrepreneur through his framework BOSI Quadrant of Entrepreneurial DNA. He believed in the idea that there is only one, regimented way to the top; one type of entrepreneurship DNA isn’t so. His framework proposes four different types of ‘entrepreneurial DNA’ and his quadrant demonstrates how each complements the different approaches to entrepreneurial success.

Entrepreneurship is as much about skills and having a ‘can-do’ mindset as it is about passion and perseverance. These eight characteristics of successful entrepreneurs - vision, resilience, ethical leadership, adaptability, creativity, hard work, empathy, and networking - are not just tools for building wealth. They are the cornerstones of creating positive and meaningful change in the world and building an enterprise that you can be proud of when you retire. Whether you’re starting your entrepreneurial journey or refining your skills, know that these qualities can be developed through practice, empowering you to make a lasting impact as an entrepreneur.