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6 Key Traits For Entrepreneuring

6 Key Traits For Entrepreneuring

Ted Iwere
April 15, 2025

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IN THIS ISSUE

6 Key Traits For Entrepreneuring

DEEPTHINK

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6 Key Traits For Entrepreneuring

Starting and running a successful business might look easy but it is not a quick run. It is a marathon race.

It requires vision, execution, and financial acumen all working in harmony.

But beyond that you need to develop the right mindset. This isn’t just about having a good idea; it’s about cultivating a specific way of thinking that allows you to navigate the unpredictable journey of business ownership.

You must train your brain to embrace uncertain success and possible failure, to look for hidden lessons in difficult times, to visualise and set your intentions, and to aim high.

In this newsletter, we highlight the key traits business owners must possess or develop to achieve success:

1. Drive To Succeed

Most business owners want to see their businesses grow from start-up to being established. This growth journey requires persistent effort and unwavering determination. Starting and running a business is a very challenging undertaking that tests your resolve daily.

A business owner must have the motivation and determination to be competitive in the marketplace. This means pushing forward even when faced with obstacles, working longer hours than you might in traditional employment, and constantly seeking ways to improve and expand your business operations.

Successful entrepreneurs don’t give up at the first sign of trouble – they double down, problem-solve, and find creative ways to overcome barriers that would stop others in their tracks.

How do you measure progress in developing this skill? You can do this by monitoring how consistently you follow through on commitments, how quickly you recover from setbacks, and whether you’re regularly pushing beyond your comfort zone to tackle challenging business objectives.

2. Goal-Oriented

A business owner acts with plan and purpose. He or she is able to block out distractions and focus on a chosen issue or task as well as the bigger picture.

Effective entrepreneurs work with clear goals and detailed action plans for achieving them. They understand that random activity without strategic direction rarely leads to success. Instead, they establish short-term milestones that align with long-term objectives, creating a roadmap for growth.

The discipline to channel attention on targets to be reached, and things that need to be done to get there, are essential for business success. This includes prioritising important tasks over urgent ones, and making decisions based on whether they move the business closer to established goals.

How do you measure progress in nurturing this skill? You can do that by tracking the percentage of business objectives achieved within their planned timeframes, how frequently you review and adjust your business plan, and whether your team can clearly articulate the company’s priority targets when asked.

3. Self-Confidence

A business owner must be secure and must exude a feeling of assurance in his or her own abilities, qualities, and judgment. This doesn’t mean never experiencing doubt, but rather developing the capacity to act decisively despite uncertainty.

A business owner must exhibit a sense of being certain in thought and in action which, in turn, inspires the respect and trust of others. Employees, investors, customers, and partners all look to the entrepreneur for leadership and direction.

This ability to think and act intuitively promotes self-reliance and helps the business owner in building and managing a team in pursuit of the success of the business. When faced with challenging decisions, confident entrepreneurs assess the situation, gather necessary information, consult relevant experts, and then move forward with conviction.

How do you measure progress in developing this skill? You can gauge how quickly you make important business decisions, tracking instances where you successfully defended your vision to skeptics, and observing whether team members increasingly seek your guidance on complex issues.

4. Passion

A business owner is driven by passion. He or she must be passionate about the problem that the business is solving or the desire to improve the lives of the customers being served. This emotional connection to your work provides fuel when rational motivation might falter.

A business owner must have passion for the product being created or the service being provided. This authentic enthusiasm is contagious, inspiring employees and resonating with customers who can sense when someone truly believes in what they’re offering.

It is passion that keeps the business owner going, despite the ups and downs, and the setbacks and victories that come with starting and running a business. When you genuinely care about your business mission, you’ll find reserves of energy and creativity that can carry you through difficult periods that might otherwise seem insurmountable.

How do you measure progress in nurturing this skill? Your passion level can be measured by how energised you feel when discussing your business with others, whether you’re continuously seeking industry knowledge beyond what’s strictly necessary, and through feedback that mentions your visible enthusiasm for your products or services.

5. Budget-Conscious

Financial success is a key measure of business success. A business owner must be savvy at creating budgets for running the business and must stick to them in the day-to-day running of the business.

Consciousness about the budget enables the business owner to monitor how the business is meeting its income goals, whether it is staying within or exceeding its projected expenses, and what needs to be done to correct the course of the business towards achieving financial success.

Effective entrepreneurs understand that every financial decision impacts the health of their business. They maintain vigilant oversight of cash flow, regularly review financial statements, and make adjustments as needed to ensure profitability. They know when to invest in growth opportunities and when to conserve resources during challenging periods.

How do you measure progress in developing this skill? You can monitor how closely actual expenses align with projected figures, whether your profit margins are steadily improving over time, and how quickly you identify and address financial inefficiencies in your operations.

6. Open-Minded

A business owner is able to keep an open mind by considering alternative ideas and differing perspectives in the daily affairs of the business. In today’s rapidly changing business environment, flexibility and adaptability are crucial competitive advantages.

He or she will readily admit a wrong, accept constructive criticism, or ask for help when the business needs it. This humility allows entrepreneurs to learn continuously and improve their operations based on feedback and changing market conditions.

Open-minded business owners surround themselves with diverse talent and perspectives, recognising that the best ideas often come from collaborative thinking and challenging established assumptions.

How do you measure progress in implementing this skill? You can evaluate your open-mindedness by counting how many suggestions from team members you’ve implemented in the past quarter, and noting how frequently you revise your business strategies based on new market information or customer feedback.

This article is extracted from The Small Business Handbook. Get a copy to get more practical insights about starting and running your business in Nigeria.

Action Steps

The entrepreneurial journey demands patience, persistence, and the ability to weather storms that would cause many to quit. You’ll face rejection, disappointment, and failures along the way – these aren’t signs that you should abandon your vision, but rather opportunities to refine your approach and strengthen your resolve.

Talk to a seasoned business coach today to get started on developing and nurturing these six essential traits to position yourself to join the ranks of successful entrepreneurs who turn their visions into thriving businesses that make a meaningful impact in the marketplace.

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