If you have ever wondered if you had what it takes to successfully grow a business, you should know that certain personal characteristics are needed.
Entrepreneurs come from all walks of life – including women business leaders, self-made men, young idealists and retirees reentering the workforce. While there’s no one-size-fits-all description of entrepreneurs, successful business leaders do have certain characteristics in common.
So what does it take to start and grow a thriving business? In a recent Washington Post article, University of Maryland entrepreneurship guru Rudolph P. Lamone outlined 6 character traits that may be the secret of entrepreneurial success:
- Passion: A successful entrepreneur has a strong belief in her ideas – Lamone calls it “fire in the belly.” This intensity makes the passionate entrepreneur willing to do whatever it takes to succeed.
- Persistence: Entrepreneurs don’t take “no” for an answer. This means they aren’t discouraged by naysayers and maintain a strong belief that their ideas will work.
- Ability to deal with pain: Entrepreneurs accept that building a business takes great sacrifice. They are undeterred by the incredible amount of hard work and assets launching an enterprise requires.
- Calculated risk-taking: In the typical Hollywood portrayal, entrepreneurs take wild gambles. The real-life portrait is more balanced: Entrepreneurs are not risk-averse, but they thoroughly assess the odds and take measured risks.
- Strong relationships: Because launching a business requires a great deal of time and personal sacrifice, a strong support system is key. An entrepreneur needs the commitment and backing of her spouse or partner so she can devote the time and resources it takes to succeed.
- Team Leadership: While entrepreneurs are often thought of as lone dreamers taking on the business world in solitary fashion, success usually takes teamwork. Most successful entrepreneurs don’t go it alone – they build and lead strong teams, harnessing group synergies to achieve goals.
Lamone, who founded the Dingman Center for Entrepreneurs, describes successful entrepreneurs as passionate, persistent and tough-minded individuals who know how to assess risk, sustain relationships and lead teams. Women business leaders who display these traits may be well on their way to success.