Entrepreneur - Factors That Make Them Successful

Entrepreneurial Success Factors

by Dragan

What are the critical factors that can make an entrepreneur to become a successful?

This is a subject of research and analysis of many professionals and institutions. It is very possible that we cannot expect to have an person with all characteristics that make them successful. But, the combination of the most important factors can help you to build and manage successful business.

You can read these factors that can make you successful small business owner, but if you want 87 tips and advise about becoming an entrepreneur you can read it in the How to Become an Entrepreneur.

15 Entrepreneurial Success Factors

The most critical and most important factors that can make an entrepreneur to become a successful are:

Willingness to take action. This is the first and most important factor for each potential and current entrepreneur. All other factors presented below, won’t have importance if he or she didn’t take a real action.
Knowledge. They must have superior knowledge about business issues for business that they start.
Creativity. They must have creativity to be unique and continuously improves business.
Skills. Each entrepreneur and each business need different entrepreneurial skills that in some cases can be crucial for business success.
Intelligence. They must be intelligent to manage all possible situations and to solve the hardest problems that will be a constant in business life.
Patience. They must be patient and to continue after losing the first battle, because the war is not finished. It’s only the beginning.
Persistence. Persistence simply is a refusal to give up from something, or ability to keep your actions against your personal feelings that you’re not ready for such actions. Feelings and motivation didn’t produce results, but the action is something that will produce it.
Teamwork. Nobody can achieve anything alone so this is true also for an entrepreneur because they’re not a “Superman”. They must be team players for their and business success.
Calculated risk. This is truly one of the most important questions: did they take the 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 feature.
Self-Confidence. Self-confidence is a really important and key factor. I think that nobody would be an entrepreneur if don’t have self-confidence that he knows how to start and manage their own business.
Experience. Sometimes experience is in category not must have as a factor, but it is something that will increase business potential energy. They must employ all present and previous experience they had into the business.
Talent. Talent is something inborn in an entrepreneur. Sometimes talent can be replaced with knowledge.
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 the 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. However, it is a small percentage and cannot be included as a serious factor for success.

Why The Number One is most Important Factor?

First, all the factors listed without a willingness to take action represent a potential of 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:

All factors are important, but none of these factors will make them to be a successful if they don’t take appropriate action. For example, the knowledge and creativity can’t help you to become a successful if you don’t make the first step to start your business.

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 are not intelligent or don’t possess other characteristics of the factors for success, but because it didn’t make the first step, action to become entrepreneurs.

Therefore, in that hierarchical structure of decisive factors for success (the picture at the beginning) as the first feature or as the foundation for the success I put the ability to take the action.

What Would be the Profile of a Successful Entrepreneur?

Profile of an Entrepreneur – Superman would be:

Ready to take actions build upon a knowledge and creativity while combining the skills and intelligence, and is patient and persistent, have the ability to work in teams, take risks, but not insane risk and have self-confidence and experience, while it’s honest, sometimes they are lucky, and they have great connections that can help doing business.

Anyway, all factors or characteristics are important because they’ll increase business potential energy of entrepreneurs, and thus the overall business potential energy.

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Comments

Adrian Flude says:

01/01/2010 at 13:43

Does attention to detail not figure somewhere in this list? It should I suggest, as does the ability to accurately proof read…."bellow"

- Adrian Flude says:
  
  05/08/2011 at 10:05
  
  …which you have now corrected I can see, which is another valuable trait….being able to accept criticism and make adjustments
  
  - Sutevski says:
    
    05/08/2011 at 10:38
    
    Thanks Adrian,
    
    Maybe I need to include your two proposals for the list for the next research.
    
Jompesh says:

23/12/2010 at 10:46

Nice article and every one willing to be start business should read it.

America job act says:

29/10/2011 at 11:03

nice and interesting blog. these factors are really important for successful entrepreneurship.

Jacob says:

12/01/2012 at 05:10

Taking action is probably the best and most important success factor of all. great post thanks

- Dragan says:
  
  12/01/2012 at 13:14
  
  Thanks Jacob. Without that first step there will be nothing more to talk about.
  
Pauli Lindman says:

02/02/2012 at 07:32

Patient for me is one of the very best thing to do in doing a business..great blog

- Dragan says:
  
  02/02/2012 at 09:53
  
  Thanks Pauli,
  
  I agree with you that patience combined with the action steps will give the results.