What Traits Good Entrepreneurs Have in Common

When we visit touristy spots like the Pyramids of Egypt, the Taj Mahal, Notre-Dame, or the Great Wall of China, we marvel at their grandeur. Often, we wonder what sort of insane determination did the people who conceptualized and had them built have that they were able to insist on the construction of such magnificence. What makes it even more remarkable is that they were constructed without aid from the technology we have today, but of sheer manual labor.

These fine infrastructures elicit a deep admiration from anyone gazing upon them, for there is something truly admirable about creating and building something beautiful and grand from scratch. For those who understand the value of hard work, the same can be felt about businesses that are built out of very limited resources and plenty of faith and persistence.

Think about the giants in the world of business: Elon Musk, Jeff Bezos, Bill Gates. Before them, Ralph Lauren, Howard Schultz of Starbucks, Walt Disney– they all built popular brands that are so ingrained in the minds of people that we simply can't imagine a world without them.

To any aspiring entrepreneurs, watching how these brands perform in the market is tantamount to gazing with mouth agape at Notre-Dame, Taj Mahal, or the pyramids.

We marvel at these grand creations, and as we dream of creating something just as worthy of the world’s awe, we try to get into their minds. We wonder, what makes a good entrepreneur? What are the common traits of entrepreneurs? Better yet, what are the common traits of good entrepreneurs?

Let’s discuss!

What are the Common Traits of Good Entrepreneurs?

Discipline

When you have your own business, you answer to no one. So when you set your alarm at 3am to make it to your fish farm at 4am just in time for the harvest, and you wake up with your head spinning for lack of sleep, nobody will yell at you should you choose to hit snooze and fall back into your warm bed. It takes discipline to get up as soon as you hear the alarm because you know that unless you get moving, your business will never take off. That’s why if you wonder what are the common traits of good entrepreneurs, discipline would be on top of the list.

Creativity

Among the common traits of entrepreneurs is creativity. It takes a creative mind to think outside the box, to recognize the business viability of something that others may just deem ordinary. Howard Schultz, the former chairman of Starbucks used to be just an employee. Starbucks was not yet as popular. He went on a trip to Italy and it dawned on him that there were too many coffee shops in Milan. He recognized the potential of the café he was working at. Later on, he made Starbucks into a global brand. How, it’s hard to tell. The caffeinating experience that Starbucks provides everyone is just something that can't be fully replicated. The work he has done on Starbucks, is a showcase of creativity.

A good entrepreneur must be creative, that is necessary for standing out.

Self-Awareness

As we have already mentioned, entrepreneurs are their own boss. If you are accountable to no one, you must be free from any delusions. You must know what your strengths and weaknesses are. That way, you can leverage your strengths and find ways to mitigate your weak points.

Resourcefulness

Included among the common traits of entrepreneurs is resourcefulness. When you build from scratch, starting out as a small business, you need to be resourceful. As a small start-up business owner aspiring to be a great entrepreneur, you must be skilled at operating on a limited budget and resources. Resourcefulness can be exhibited when great results come out of physical and financial limitations.

System-Oriented

You can also use the term “organized” or “process-oriented”. Success is rarely ever borne out of luck, most of the time it is borne out of great systems that are implemented faithfully and consistently. A systematic planning and execution derives great results, sometimes not immediately, but eventually.

Empathetic

What makes a good entrepreneur is the way he/she always knows how customers feel. Being empathetic means that you know how others feel. As an entrepreneur, this comes to your advantage because when you know how others feel, you can gauge what they would want out of a product or service and give them exactly that.

Assertive

While being good in business means that you have a way with people, being a good entrepreneur means you have the courage to express what you want. Whether with people who work for you, with suppliers, or even rude customers. To be a good entrepreneur means that you know respect, but also have the ability to assert what you want so you can get it. Remember, if you never ask, the answer will always be NO.

Resilient

Walt Disney didn’t let the 300 rejections from banks get in his way. He didn’t let the mental breakdowns and other losses stop him from building the happiest place on earth. To be a good entrepreneur doesn’t mean succeeding all the time. It means that you have the courage to get up from every fall, to bounce back from every loss, to be stubborn and perhaps, crazy enough to keep going each time the world tells you that you don’t have what it takes to succeed. Even if it means bouncing back from 300 rejections, good entrepreneurs brave bad days, sometimes even months, years, or decades.

Final Take: What Makes a Good Entrepreneur?

The list can go on. What makes a good entrepreneur depends on who you ask. The list we came up with somehow describes the common traits of entrepreneurs who attained a level of success that are so huge they are basically household names.

Jeff Bezos, Bill Gates, Mark Zuckerberg? They would check-off every item on this list. Now the question is, who among them would you want to be?