This is a subject of research and analysis of many professionals and institutions. It is very possible that we cannot expect to have a person with all characteristics that will make him successful entrepreneur. But, the combination of the most important factors can help you to build and manage successful business.
If you want 87 tips and recommendation to become an entrepreneur you can find them in the post title as how to become an entrepreneur.
The factors, or characteristics of successful entrepreneur that will be presented here are based on my research before several years in which I have included more than hundred entrepreneurs.
Now, let’s continue with the main subject of this post.
15 Entrepreneurial Key Success Factors
The most critical and most important factors that can make an entrepreneur to become a successful entrepreneur are:
- Willingness to take an action. This is the first and most important factor for would be and current entrepreneurs. All other factors presented below, is not important if you are person who afraid to take a real action. Actions are something that lead entrepreneurs to the success. Without them, they can’t expect to be successful business owners.
- Entrepreneurial knowledge. Entrepreneurs are persons who must have superior knowledge about specific business issues for business that they start. The knowledge will increase their business potential energy and in large part will contribute in the success of the company.
- Entrepreneurial creativity. You must be creative person if you want to be enough unique and with the power of continuously improvement in your business. The creativity will increase your business potential energy that will bring many possibilities for your company.
- Entrepreneurial skills. Each entrepreneur and each business will need different entrepreneurial skills that in some cases can be crucial for the success of their businesses. If you have knowledge, but you don’t have a skills that can be obtained only through implementation of what you have learned, you can’t expect that you are close to the success.
- Entrepreneurial intelligence. You must be intelligent to manage all possible situations and solve the hardest problems that will be a constant in your business life. Your intelligence will additionally bring uniqueness to your company because it is something that can’t be copied from others.
- Patience. You must be patient and ready to continue even if you lose the first battle, because the war is still not finished. It’s only the beginning of your journey as an entrepreneur.
- Persistence. Persistence is simply a refusal to give up from something, or ability to keep your actions against your personal feelings that you’re not ready for these actions. Feelings and motivation didn’t produce results, but the action is something that will produce it. So, remove your feelings that pulled you back, and with the whole power continue on your journey.
- Ability for teamwork. Nobody can achieve anything alone so, this is also true for an entrepreneur because he is not a “superman”. As an entrepreneur, you must be team player for your own and your business success.
- Risk taking, but calculated risk. This is truly one of the most important questions: Are entrepreneurs take enough risk? Yes, each business startup is in some level risky. However, more important is how a successful entrepreneur takes a risk? The word calculated risk is the most appropriate word for this characteristics.
- Having a self-confidence. Self-confidence is an really important and key success factor for entrepreneurs. I think that nobody will become an entrepreneur if he don’t have self-confidence in himself, especially related to start and manage his own business.
- Having enough experience. Sometimes experience is in category not so required as a factor, but it is something that will increase business potential energy. You as an entrepreneur must employ all present and previous experience you have into the business that you are building.
- Great talent. Talent is something inborn in an entrepreneur, but sometimes talent is something that can be easily replaced with knowledge and skills.
- Honesty. Honesty is important in every case, but sometimes honesty, being real can be the biggest enemy of an entrepreneur in some complex conditions.
- Connections. More connection means more possibilities for building a successful business.
- Luck. Luck is a psychological factor. Some people can say that they don’t have a luck. And indeed there are some “lucky people” who just accidentally found the right place at the right time with the right idea. However, it is a small percentage and cannot be included as a serious factor for success.
Why The Number One Key Success Factor is the Most Important Factor?
First, all factors mentioned here without willingness to take an action are some kind of potential for an entrepreneur. Actually, this is the business potential energy stored in them that can and should be converted into kinetic energy, which will perform the job. More about business potential energy you’ll be able to read at:
- What is business potential energy?
- The concept of business potential energy?
- 10 basic business elements with business potential energy
- Entrepreneurial skills – source for business potential energy
I know many people who have the knowledge and creativity, are skillful and intelligent, and persistent and patient… But these people are not entrepreneurs, they are working for another company or public services. They’re not entrepreneurs not because they’ve lack of knowledge or they are not intelligent, or don’t possess other characteristics of the success, but they aren’t entrepreneurs because they don’t take the first step, action to become an entrepreneur.
Therefore, in that hierarchical structure of entrepreneurial success factors as the first characteristic or as the foundation for the success I put the ability to take actions.
What Would be the Profile of a Successful Entrepreneur?
Profile of an Entrepreneur – Superman would be:
Anyway, all factors or characteristics are important because they’ll increase business potential energy of entrepreneurs, and thus the overall business potential energy.