StartupBros header image ≡ Menu

6 Traits You’ll Find in Every Successful Entrepreneur

We live in a time of unprecedented opportunity. With a simple Internet connection anyone and everyone has the potential to launch a profitable, high-impact Internet business.

But if this is true – and it is – then why doesn’t everyone become a successful Internet entrepreneur?

startup entrepreneur fry

It’s hard to know for sure…

In a recent episode of the TechSmart Podcast one of the things Lee and I talked about was what it takes to be a successful entrepreneur.

That discussion really got me thinking…

What DOES it take to be a successful entrepreneur?

Which traits have I most relied on over the past 9 years to get where I am right now?

Which traits do I need to continue developing to reach new heights of success?

Most importantly, which traits should you be identifying and nurturing to ensure that you see success?

Just because the Internet makes entrepreneurship accessible doesn’t mean that there is no barrier to entry. There are still several requirements that each and every one of us must meet before we will see our way to the top of the digital food chain.

I can tell you right now, though, that a college degree and J-O-B experience are not on this list. In fact, just the opposite… These traits will almost always come easier when left untainted by the collegiate and corporate world.

Unquenchable Desire

Quote

“The starting point of all achievement is desire. Keep this constantly in mind. Weak desires bring weak results, just as a small amount of fire makes a small amount of heat.”

Napoleon Hill

Napoleon Hill – the Godfather of self-development and writer of Think and Grow Rich – realized this simple truth after studying the traits and habits of the wealthiest entrepreneurs of his time. The people who made the biggest impact on the world (and made the most money doing it) were also the people that most fervently DESIRED their goals.

As human beings, there is one rule that governs our behavior – we do exactly what we want to do. And it doesn’t matter whether our wants help us or hurt us.

If you want to sit around and be lazy more than you want to create a thriving business, then you will never get anything done.

If you want to make your own way and carve a new, unexplored path through life, then you will.

Even though it’s a dark example, you can see this rule played out most clearly through an addiction.

Whether to alcohol, cigarettes or drugs (or dare I say, procrastination?), an addiction won’t be broken until the pain of continuing that addiction is greater than the pain of stopping. An addict won’t be able to really, truly quit until they WANT to quit more than they want to continue.

This same rule is why desire is a prerequisite to success. Without desire, you will never be driven to create something of value.

Guts

Quote

“Only those who will risk going too far can possibly find out how far one can go.” 

Thomas Stearns Eliot

I wish I could lie to you.

I wish that I could boldly proclaim that the entrepreneur’s world is one made of marshmallow mountains and chocolate rivers, with rainbows on every corner.

But I can’t.

So I’m telling you this with a heavy heart, like a parent tells their kids that Santa’s not real. You deserve the truth:

There is no way to guarantee that your business or start up will see success.

That’s why one of the essential traits of a successful entrepreneur is the guts to take a leap of faith. You need to take risks.

Many young entrepreneurs aren’t reaching their full potential because they’re afraid to explore unknown territory. They never realize that the best ideas are completely unique, which makes it impossible to determine how your audience will react to your proposition ahead of time.

Sure, you can use some of the tactics we’ve discussed here on StartupBros to increase the likelihood of your success…

For example, you can predict an audience’s response to your business’ name by split testing paid traffic. You can make sure your business idea has all 5 crucial ingredients. You can even ask your family and friends for feedback on your idea or product, although the it may not be reliable.

Despite all this, in the end there is nothing you can do to guarantee your success. All you can do is go as far as you can, just to see how far you can go. So buckle in and enjoy the ride, baby!

Access to Seed Money

Quote

“Money is only a tool. It will take you wherever you wish, but it will not replace you as the driver.”

Ayn Rand

As we all (hopefully) know, free money doesn’t exist.

Unfortunately, a sad number of people are rather predictably attracted to the prospect of free or easy money. Just look at the countless MLM schemes out there, or get-rich-quick infomercials. Those things don’t come out of nowhere, and they wouldn’t continue to pop up if somebody isn’t making money.

That’s why this is something that a lot of “gurus” won’t talk about. One of the hard but true facts of life is that it DOES take money to make money. It doesn’t necessarily take much, but it always takes some.

If you’re reading this in dismay because you don’t have access to any seed money, don’t be discouraged! There are a few exceptions, but just about every successful person (entrepreneur or otherwise) started from the bottom of the barrel and worked their way up.

Just look at Bill Simon, Walmart’s current CEO. He started out washing dishes for $2.50 an hour. Now he’s head honcho for one of the largest companies in the world – ever – that makes $34,880 per minute.

It’s important to understand that “seed money” doesn’t have to mean tens of thousands of dollars.

If you plan to start an Internet-based business (aka, most of you reading this), then you can reasonably get started on $1,000 or less. Especially if you have enough time and savvy for a DIY approach. Just take a look at our secret weapons; almost all of these tools come in under $100.

If you’re tight on cash at the moment, get creative. Sell some old stuff on e-bay. Go mow some lawns as the weather gets warmer. Offer to do some freelancing for a local business or through places like Freelancer or Elance.

Or hey, you can hone your marketing skills and earn some start up cash by working part-time as a telemarketer. Recommending any job is normally not something you’ll catch me doing, but this is one of the few that will provide real-world experience relevant to launching a business. In fact, several top copywriters I know have honed their skills in exactly the same way.

Whatever you choose, the important thing is to put some extra cash in your bank account and move forward with your business.

Shiny Object Immunity

Quote

“Simple can be harder than complex: you have to work hard to get your thinking clean to make it simple. But it’s worth it in the end because once you get there, you can move mountains.” 

Steve Jobs

I cannot tell you how many potential entrepreneurs I’ve seen waste away because they did not have this crucial trait.

The Internet is a very fast-paced environment. It seems like every week there is a new fad that gets heralded as “the next big thing” in digital marketing.

Even worse, there are a surplus of marketers out there that know exactly what buttons to push. They’ll make you honestly believe that you NEED to capitalize on each and every one of these “shiny objects”.

In order to succeed online, you need to be able to recognize “shiny objects” when you see them. But, you also need to recognize legitimate trends (such as social media) so that you don’t get left in the dust. This is where a knack for objective evaluation and awareness of your target market become important.

If you ever deviate from your business plan in any way shape or form, make sure you’re actually improving and not just succumbing to the latest trend.

Whatever happens, don’t let some slimy marketer forge your opinion for you… That’s a quick way to lose a lot of money and a lot of time.

Patience and Persistence

Quote

“Patience, persistence and perspiration make an unbeatable combination for success.”

Napoleon Hill

Yeah, yeah, I know that I already used a quote from Napoleon Hill. I can’t help it; the guy’s a stud! Really knows his stuff. And he hit this one right on the head.

Successful entrepreneurs don’t magically gain business-prowess overnight. It takes time in the real world to develop the skills you’ll need to become successful. It can be a tedious process.

Actually, scratch that; it WILL be a tedious process.

You have to put your nose to the grindstone every day just to get a little further on your journey to success.

And the days that you don’t work hard? Well, you’ll just stay put.

If you get discouraged? The only person to cheer you up is yourself, unless you’re part of a great community like the one here at StartupBros (have you joined our Rewards program yet?!).

Nobody said being an entrepreneur would be easy. This is where that first trait becomes relevant; if you’ve got an unquenchable desire, then you won’t be satisfied with anything less than your full potential. Even if you have to push yourself beyond your limits to get to it.

Self-Awareness

Quote

“People of the world don’t look at themselves, and so they blame one another.”

Mevlana Rumi

Self-awareness is a trait that you will never fully master. Let’s get that out of the way up front.

It’s easy to slip into this autopilot state where you let your your mind go numb and fall into a box of routine, but that is a very unproductive place to be.

One of the best ways to move forward is through self-examination. Give your self an objective analysis:

  • How do you see yourself?
  • How do others see you?
  • Who is the person that you actually are?
  • What needs to improve about your habits, or how you spend your time?
  • What are you doing well?
  • Are you moving towards your goals, or are you staying stagnant?

Now, start asking yourself those questions every day. Get used to it.

This isn’t an exercise to make you doubt yourself – You and I both know that you have what it takes to see success. Rather, this exercise is designed to develop an objective mental mirror to check that you’re going where you want to go as an entrepreneur. Learn to check it regularly.

Humble Time

I will finish by trying to salvage some semblance of modesty.

Just because these traits make up my prerequisites for a successful Internet entrepreneur does not mean that I have mastered each and every one of them. However, I see at least a glimmer of each in myself, and I’ve seen them in other successful entrepreneurs, too. I’m sharing them with you to give you a jump start on your own personal entrepreneurial journey.

Still, keep in mind that it’s possible there are a few essential traits that I missed. Can you think of any?

I’d love it if you’d chime in below with any other important entrepreneurial traits you see in yourself or others around you. Share with the community, help us all be better!

If not, you definitely should. It’s free and eye-opening, although should be taken with a grain of salt since it’s 75 years old… You can download it here if you’re interested

But I digress.

by Will Mitchell

Will Mitchell is a serial entrepreneur and Founder of StartupBros. You can learn more about him at the StartupBros About Page. If you have any questions or comments for him, just send an email or leave a comment!

5 Levels of Entrepreneurship

Level Up As An Entrepreneur

Learn the realizations and epiphanies that allow entrepreneurs to take things to the next level…

We interviewed all the successful entrepreneurs we could find, and came up with this!


Download it now! (Free, of course)→

12 comments… add one

  1. I often look over being persistent, a lot of being successful is about persistence and being productivivity. Thanks for the tips.

    Reply
    1. No problem! Persistence is arguably the most important too. Industry leaders are often those who survived the longest (especially online).

      “Energy and persistence conquer all things.”
      - Benjamin Franklin

      Reply
      1. Yeah, people often quit too easily, persistence is really the driving force of your business. People aren’t consistent enough (me included) which is often why we fail.

        Like Napoleon Hill said:

        “Patience, persistence and perspiration make an unbeatable combination for success.”

        Glad you like my theme by the way.

        Keep up the good work,

        Thanks

        Reply
        1. For sure – also liked the first article ;)

          Good luck on the site, let me know if you have any questions about that theme or anything.

          Reply
  2. Some other qualities I believe are important are the ability to control our own fear and the ability to adapt. Here’s two quotes I’ve got that express these ideas more beautifully.

    Worry often gives a small thing a great shadow. -Swedish Proverb

    Aptitude for maneuver is the supreme skill in a general; it is the most useful and rarest of gifts by which a genius is estimated. -Napoleon

    Reply
    1. Hey Matt,

      Those two are definitely vital as well. We actually have a new ebook were going to be giving away to our email subscribers with 86 or so “epiphanies” on there. I’d love to hear what you think were missing from that :)

      Two great quotes there, I love non-business business quotes :)

      Also, I have your email on my to-do list! I’ll respond this weekend.

      Will

      Reply
      1. Thanks Will!

        I just wanted to contribute to the discussion and share a little of what I’ve learned too as a budding entrepreneur. :)

        I just downloaded the e-book and I’d be glad to offer my insights or other quotes to you as well.

        And thanks for responding brotha!

        -Matt

        Reply
        1. No problem buddy, even planning on responding to your other email tonight! Talk about taking action! :-P

          I’d love to hear your feedback on the ebook, taking everybody’s feedback in mind before we roll this out to Kindle. So every piece of feedback helps!

          Also hope you get some value out of it :)

          Thanks for commenting,
          Will

          Reply
  3. Sound the retweet! I’ll be sending this one out, BUT! I’m surprised at one entrepreneurial quality I would think FO’ SHO the StartupBros would have included:

    DISsatisfaction with the status quo/DISgust with the establishment.

    I became unemployable at nineteen when my ideas got used by a big corporation, while someone else got the promotion and pay raise. Decided I would crack the code and become an entrepreneur. Started dozens of bizness ventures, both offline and online.

    Lots of times along the way I COULD have sold out and become a wage-slave… but I just can’t see going back. I know that you guys got me on this; high on the list of entrepreneurial drives is a healthy disrespect for authority and desire to make things happen.

    My $.02. ;-)

    Keep Stepping,

    Kurt

    Reply
    1. Hey Kurt,

      Thanks for sharing, that would have DEFINITELY been a good addition! A healthy does of rebellion is necessary to even think about becoming an entrepreneur! Sounds like we had the same thinking to get us started, I bet most entrepreneurs do. I guess you can’t really want to change things unless you’re dissatisfied with the status quo!

      Good points, thanks for sharing -

      Will

      Reply
  4. Access to seed money –> Oh, yes!! Finally someone took the courage to say this! I believe this is one of the most important ones since launching a startup is no more so easy in terms of initial capital compared to just few years ago. Great article.

    Reply
    1. Glad you agree Ali! You need some money to get started, if for nothing else than your own livelihood! It’s possible to make it big with no investments at all, but it’s definitely not the path of least resistance.

      Reply

Please leave a comment below!