Last updated on November 28th, 2023.
So, you want to become an entrepreneur for the first time and are excited. Nerves and excitement: You are doing as much research as possible, wanting to learn from the best. You want to take in every golden nugget you can find and immerse yourself into the learning process to better yourself as a businessperson. So, you decide to take a deep dive to know what all of these successful entrepreneurs have in common.
Eleven traits that successful entrepreneurs have in common are passion, confidence, and discipline. They are risk-takers, financially stable, persuasive, creative, resilient, resourceful, have elevated mindsets, and wake up early. However, these successful traits did not develop overnight.
Read more about the definition of an entrepreneur, whether it is challenging to become an entrepreneur, and the eleven traits that successful entrepreneurs all have in common.
What is the Definition of an “Entrepreneur?”
So, what is an entrepreneur? An entrepreneur takes a creative idea that they’ve come up with and turns that idea into an enterprise, managing the business themselves. As decades, and years, have gone by, there are various types of entrepreneurs. Different entrepreneurship can include:
- Small businesses: coffee shop owners, yoga business, bed and breakfasts, etc.
- Online businesses: those who sell their products in shops like Etsy, Amazon, eBay, etc.
- Lifestyle entrepreneurship: YouTubers, Instagrammer, or anyone who has gained an amassed following on any social platform. Their entrepreneurship entails sponsorships and the social platforms algorithm to entice viewers to watch the person at hand.
- Inventors: People like Steve Jobs, inventor of Apple products, Tim Berners-Lee, inventor of the world wide web.
- Home-based business: businesses that are run from home. These businesses can coincide with online businesses since you are working from home or can vary out to freelance work.
However, the definition of the word “entrepreneur” is debated, but, despite this, entrepreneurship is an essential part of maintaining a healthy economy. Successful entrepreneurs are vital to helping businesses move forward and help the economy grow and are necessary for people being employed.
Being an entrepreneur or trying to get your footing in the door is debatable for many people as to whether it is easy to become successful. They see those already successful in their entrepreneurship and automatically determine that it is not tricky without realizing the hard work and obstacles they’ve had to overcome.
So, let’s read more to determine whether being an entrepreneur is hard once and for all.
Is being an Entrepreneur hard?
The short answer is, yes, being an entrepreneur is hard. Being an entrepreneur can be difficult for those who feel they do not see fast-enough results or are losing confidence in themselves and their product. Entrepreneurship is a lot of work and takes even more perseverance and patience—a lot of businesses that startups tend to fail for many reasons.
Businesses’ failure can vary from lack of interest, low self-confidence within yourself, not enough time, etc. Companies that fail due to any one of these reasons can, for a lot of people, become a deterrent to try again because they feel as though it is difficult and a waste of time.
So, yes, it may be hard to become an entrepreneur, but to trudge forward with your business, you always have to remind yourself of why you want to become an entrepreneur. Once you’ve figured out your answer, then make sure that you have your “why” as a reminder as a motivation.
A question that many people ask themselves, or search online, is wondering what the average age of a successful entrepreneur is to provide them with a surge of motivation.
Let’s read more about the average age of a successful entrepreneur.
What's the average age of a successful Entrepreneur?
The average age of a successful entrepreneur is typically around their 40s. However, when saying this, you may be thinking about the founder of a successful social media site, Facebook. Mark Zuckerberg founded the social media platform while in college. Or Steve Jobs, founder of Apple, founded the company when he was 21. Guys like these two are exceptions.
The peak of a successful entrepreneur enters around their 40s. Steve Jobs, for example, had his company peak when the iPhone came out when he was around his 50s and the founder of Amazon when he was 45. So, you can begin entrepreneurship at a young age and have some success with it, but the beginning of real growth where knowledge, capability and the network converge to create that success for many entrepreneurs typically happens around their 40s.
However, it may be that all the successful entrepreneurs share various similar traits that make them all, collectively, as successful as they were and still are today.
Let’s continue reading to learn more about eleven traits that successful entrepreneurs have in common.
11 Traits Successful Entrepreneurs Have In Common
The entrepreneurs that you know or have heard about, at least once, have all become successful through hard work and perseverance. However, there are more traits that successful entrepreneurs have in common, and these traits show why and how they became successful and have maintained that status that those around them have admired.
Read more about the eleven traits that successful entrepreneurs have in common.
They are passionate about their business, and working on it every day makes them motivated. For many entrepreneurs, they are starting from square one, making them self-starters and having limited resources. Having a passion for what you are doing can make you disciplined and motivated to get what you need to be done.
Passion can also help you build the confidence you’ll need to network and meet with other people who want to become entrepreneurs. Through passion, entrepreneurs form another benefit: developing relationships while also trying to stand out from their competitors.
Confidence is vital when being an entrepreneur. Spirit within you will become evident due to your mannerisms, body language, and how you speak and present yourself in the presence of others. Entrepreneurs successfully represent this quality because they know that it is vital. Naturally, this is practiced over time by a mirror, speaking classes, practicing with a friend, etc. Still, it can be developed over time whether you are an introvert or extrovert.
Another aspect of a confident, successful entrepreneur is that they are very confident in their product. They are open to making improvements, but that does not mean they will not stand behind their business.
They are committed to their work and remain disciplined in their entrepreneurship. Their mindset is revolved around bettering themselves and catering to their business to ensure that it becomes better over time. Their disciplinarian behavior showcases that they are willing to try hard enough until they succeed.
Being disciplined help, over time, for entrepreneurs to become more adapt to being problem-solvers, creative, smart with their money, and determining when the best time is to take such risks for their businesses.
However, an entrepreneur’s discipline is not ensured to overtake them entirely as they know that having a work-life balance is essential to becoming successful and having a healthy mindset. Journaling, spending time with family and friends, etc., on free days helps their minds rejuvenate before going back to work.
Entrepreneurs are risk-takers. Taking risks for their business ventures, whether strategically or not, can help them and their company stand out from others. It shows that they are willing to be different from other companies and how confident they are and eager to challenge themselves. They are not afraid to fail because they only know that it is just a bump in the road that leads them to their successes in the future.
Maintains Financial Stability
Successful entrepreneurs are financially stable and simultaneously know how to maintain their money and their business’s finances. Before they think about making rash decisions, they have to consider their finances, ensuring that they are in check before making choices.
Another part of financial stability for many successful entrepreneurs is smart investing. Wise investing can help entrepreneurs grow in their wealth and the wealth of their business ventures.
Entrepreneurs are persuasive and can sell their products as confidently as they can. One of the jobs of an entrepreneur is to have the ability to convince others that their product is worth trying out, whether it already exists or not. A selling audience is worth convincing, but also business leaders so they can become confident that they should invest in your product.
Creativity is a must-have trait that many entrepreneurs benefit from to maintain a successful business. Being creative is a great way to sell your products and pique people’s interests with their innovative mindset. An innovative perspective can be beneficial for problem-solving if you are feeling stuck with coming up with new ideas or are having to face an obstacle.
An entrepreneur’s creativity widens when there are possibilities for new ideas that go along with what they are selling or their vision of expanding their brand. Your ideas can stand out from your opposing competition and pique your potential audience’s interests.
Entrepreneurs who become successful do so because they do not give up easily, no matter how many obstacles. Any failure or rejection can be looked at with a positive mindset that they are on the right track to becoming successful, so they will take that failure and use it to find ways to improve next time. Resiliency, for many successful entrepreneurs, turns into growth and perseverance.
Resourceful and Ready to Learn
Successful entrepreneurs are resourceful and always ready to learn. Resourcefulness is a valuable tool among entrepreneurs who do not have a clear goal and are unsure of what to do. This tool showcases that entrepreneurs are great problem-solvers and continue to develop that skill once their businesses become more successful.
Successful entrepreneurs are also always ready to learn to elevate their businesses even more. Their willingness to learn also shows that they are open to anything that can help improve their business and themselves as entrepreneurs to better their mindset and problem-solving skills, heightening their curiosity.
Entrepreneurs are all about showcasing their passion and having elevated mindsets. A high mindset is where an entrepreneur or anyone reprograms their brain to think “richer” than “poor.” A rich perspective is those who do not feel as though they are limited to what they can or cannot do. In their mind, you are never too old or young to learn something new to elevate yourself.
To change your mindset to feel unlimited, you have to believe in yourself strongly. Write your feelings down, or, for others, reading books by successful entrepreneurs can also be motivating.
Wake Up Early
A common trait for many entrepreneurs is that they are early risers practically every day. Starting their days in the early morning increases productivity levels by helping them plan out their day and take time for themselves before the real work begins. Some will take this time to get a workout session in or read for thirty minutes to an hour to clear their mind of any distractions.
Another part of an early morning riser is eating a balanced, healthy breakfast. Also another way that they can clear their minds is by journaling. Gratitude journaling or brain dump journaling helps to clear their minds and get rid of any negativity that is building up inside them that they want to be rid of.
Where can I learn more about being an Entrepreneur?
So, where can you learn more about being an entrepreneur? It starts right here and there are so many resources to help you build a growth and wealth mindset. There are conferences, networking events, certifications and YouTube videos. If you like our content check out our articles on networking and our recommendations for online entrepreneur courses.
You have now learned about eleven traits that successful entrepreneurs have in common with one another, along with knowing what entails being perceived as an entrepreneur. Also, if you want to learn more about becoming an entrepreneur, Mind is the Master’s Wealth Mindset.