There are many people that own small businesses. Some people buy into a franchise or purchase an already running business, however there are others that are entrepreneurs which means that through innovation they have created a business of their own from scratch, usually something that is in line with passion.
It is important to remember that not all business that are started are successful. So what differentiates successful entrepreneurs from those that own small businesses or those that fail to make a success of their own ventures?
Simon Parker provides a great overview on entrepreneurship in his book The Economics of Self Employment and Economics.
If you are interested in being an entrepreneur here are some traits that successful entrepreneurs have in common:
Many entrepreneurs share the habit of getting up early in the morning to be more productive. If you are not an early riser that does not mean you won’t be successful, however your chances are just so much higher if you are an early bird.
The great news with this one is that getting up early is a habit you can easily adopt through better sleep habits such as going to bed earlier, having a good bedtime routine and regular exercise. You will be more productive and you will have healthier sleep so its a great habit to learn.
Entrepreneurs like Matt Redhawk find a way to build a business around the things that they are passionate about. It’s not all about money, it is about doing something that you love and find rewarding. It is passion that gives entrepreneurs their drive which leads them towards success.
While passion gives the entrepreneur drive, entrepreneurs are still very much money focused. Anyone that starts a business for the love of something only without being money orientated is not an entrepreneur, they would be an artist or doing a hobby.
Entrepreneurs are not only passion driven, they are also very much money driven. An entrepreneur matches his passion with money making and makes a success of it.
Great entrepreneurs are aware of their strong points and their weaknesses. They make full use of their strengths in their business while at the same time working on their weaknesses. Successful entrepreneurs don’t turn a blind eye to their weaknesses. They face them head on and try to improve these aspects of themselves.
Anyone in business is going to face rejection and let downs, it is how you deal with these negatives that makes or breaks. You may be rejected for a loan from the bank or perhaps a potential partner backs out at the last minute. It takes a thick skin to get through these hurdles.
Entrepreneurs keep trying and figuring out a way to work their business when they hit challenges. They don’t give up easily.
An entrepreneur is a either a people person, or someone Successful entrepreneurs can communicate well with others and builds up a good network. These skills may not come easily, so an entrepreneur may not necessarily be a natural people person but they have learned how to be one in order to succeed and meet their business goals.