The 9 Characteristics of a Successful Entrepreneur
Entrepreneurs need many different skills and characteristics to be successful. Students who participate in the entrepreneurship degree program at Florida Tech will learn the necessary skills for starting a business and be mentored as they start their own businesses.
What skills do successful entrepreneurs have in common?
Here are some characteristics of successful entrepreneurs that Florida Tech students can develop as they pursue their entrepreneurship degree.
1. Good money managers.
It takes money to run any business, and having good money management skills is essential to keeping the business running and making it successful. Budgeting, cutting costs, and scaling up when sales increase are all skills that help entrepreneurs be more successful.
2. The ability to sell.
Entrepreneurs are always selling something — their goods and services to consumers and their business to potential investors and employees. No matter what kind of business you start, you will need to be able to sell.
3. Hiring quality employees and managing them well.
Having the right talent to help your business grow and thrive requires skills in hiring and managing people, which include being able to identify people’s skills and develop them throughout the term of employment.
4. Spotting trends and strategy.
Business is constantly changing, and spotting new trends on which to build strategy can allow entrepreneurs to capitalize on those trends. As with so many things, timing can be everything when it comes to business success.
5. Building a brand reputation.
The reputation of a business — its branding — must be built over time by providing positive customer experiences and marketing effectively.
6. Attracting positive attention.
Getting attention on social media and in the press can make or break your business. There is a great deal that entrepreneurs can do to learn about marketing and develop these skills.
7. Handling stress.
Owning a business is stressful. Things can go wrong, and there are many aspects of any business that must be managed in order to keep going. The stress of entrepreneurship can get to anyone, so learning how to handle stress will help you do all the many things required to run a business successfully without breaking under the strain.
8. Becoming resilient.
Along with handling stress, being able to weather the ups and downs of entrepreneurship with resilience can help business owners press on when things don’t seem to be going well.
The ability to focus intensely on each step along the way to developing a business is another characteristic successful entrepreneurs need to keep distractions at bay. Entrepreneurs are often described as being “too focused” on their businesses and their goals, but this hyperfocus can be the very thing that makes them successful.
Are you interested in becoming an entrepreneur and developing the skills you need to succeed? Florida Tech offers an entrepreneurship track within its business administration degree as well as The Student Business Incubator program to help students start their own businesses. Download the entrepreneurship brochure to learn more about our entrepreneurship degree program.