Perseverance. As J.D. Rockefeller said, “I do not think there is any other quality so essential to success of any kind as the quality of perseverance. It overcomes almost everything, even nature.” The amount of times I've wanted to quit over the last 15 years is substantial. But, I didn't. Because that's what separates entrepreneurs from wannapreneurs. Not quitting.
One characteristic a successful entrepreneur has is the ability to be humble. It's important to embrace the fact that you will not know everything and leaders are not perfect. A successful entrepreneur surrounds themselves with a diverse network, knows when to ask for help, and is able to understand no matter how good they are, there will always be mistakes and low-points. For example, just because they might be an amazing world class chemist with a PhD. doesn't mean they can figure out how to be great at digital marketing. Having a sense of humility gets an entrepreneur much further along on the journey, and naturally others are much more excited to work by your side!
I’ve advised a lot of startup founders, and one characteristic that all the successful entrepreneurs I know have is boundless optimism. Being an entrepreneur is hard. You have to build something from the ground up, convince total strangers you have something worth paying money for, and inevitably, things don’t go your way. There’s a lot that can get you down and make you want to give up. Being able to stay optimistic and keep going even through all the trials and tribulations is an absolute must for any entrepreneur to be successful. That positive, “Can do!” attitude can make all the difference!
The characteristic often seen in an entrepreneur is a sense of urgency and executing on ideas. Taking action and having a sense of urgency is the most valuable traits of an entrepreneur. Successful people in general have a sense of urgency. Reply to customers as soon as possible - time kills business, don't build the perfect strategy or plan, go out there and build something simple, test it, speak to customers and get their feedback. Start selling as fast as you possible can. Stay on your toes, iterate loads until you find the right approach.
I don't think it's a coincidence that the vast majority of successful entrepreneurs I meet are extroverts. So many of my own opportunities have come through friendships and personal connections; if I were a shyer person, I'd have seriously missed out. Chatting people up wherever I go has proven invaluable in meeting my business goals, because it means I never stop networking. That's key in most industries. You'd like to think it's hard work and ability, but far more often, success is about who you know. And while introverts can force themselves to engage this way regularly, if it doesn't come naturally, they're going to be fighting an uphill battle.
One key characteristic I've noticed in successful entrepreneurs is curiosity. It drives them to constantly explore new ideas, learn about different industries, and seek innovative solutions to problems. This relentless quest for knowledge keeps them ahead of the curve and opens up opportunities that they might otherwise miss. Speaking from personal experience, staying curious allowed me to adapt and evolve with the times.
Creativity is a crucial characteristic of successful entrepreneurs. Where creativity thrives, structured experimentation is necessary. As an entrepreneur, whenever you encounter new opportunities, it's vital to conduct tests to see if they're worth pursuing. For example, if you have an idea for a product or service and you're unsure about the demand, you need to find out if customers will actually pay for it. This involves running meaningful tests and conducting thorough market research to validate your idea and assess its potential. Creativity and entrepreneurship are intertwined. For an entrepreneur, creativity is fundamental to developing new concepts and methods. Coming up with ideas is just one part of creativity. The ability to think creatively is a key component of sound business judgment; without it, a company may stagnate. Successful entrepreneurs must be creative for several reasons. They work without boundaries, constantly seeking new perspectives on problems. They think the unthinkable, crossing the boundaries of what is considered "usual" and "normal" to think outside the box. They find similar patterns in different areas, always thinking about how to improve their processes, products, and knowledge. They foster innovation by looking at the same things from different perspectives and remove the fear of failure, accepting and even honoring creative failures.
Every successful entrepreneur that I’ve ever met, and every other successful person who isn’t an entrepreneur, reads everyday. And it's not just books that are relevant to your role or industry. Those are very helpful, but reading and expanding knowledge every single day is the key to enhance our creativity. Reading sparks our divergent thinking, and we make associations that we wouldn’t have made without that knowledge. This leads to creative solutions to problems at work. In addition, reading builds empathy and enhances our ability to manage other people. So if you’re looking for a ticket to a successful career, carve out time and pick up a book.
Many factors contribute to entrepreneurial success, but in my experience, not one but two qualities rise above the rest: perseverance and belief. The entrepreneurial journey can be challenging. There will be moments when giving up feels like the easiest option. But successful entrepreneurs embrace a growth mindset, learning from setbacks and adapting their approach. They relentlessly pursue their vision in the face of difficulties - analysing what did not work, learning from it, and using the vision to validate that they are on the right track. They arm themselves with the confidence that they are making the best decisions possible with the information and resources available. Perseverance makes you push through, while belief fuels your conviction. It's the trust in your idea and the belief that you're on the right track, even when the path is unclear. Belief fosters resilience, clarifies your vision, and transforms perseverance into action.
Resilience. The ability to challenge yourself, learn from your successes and failures, and use that gained knowledge to continuously improve is essential when building a business.
Adaptability is a defining characteristic of a successful entrepreneur. In my experiemce working with AI startups and various industries, the ability to pivot quickly in response to changing market conditions has always been a game-changer. For instance, in 2017, I helped Drivetribe grow to 1 million users by implementing viral features and growth hacking techniques. This required constantly iterating on our strategies based on user feedback and data, allowing us to stay ahead in a competitive space. Another example is from 2020, when I was brought on board as a freelancer to design a new product experience from scratch. Managing the design of both the website and the app, I had to collaborate closely with a large team, making fast, informed decisions to ensure the product met user needs effectively. This project not only required creativity but also an ability to adapt swiftly to new information and team dynamics. Adaptability was also crucial when I redesigned the search experience for 33 online marketplaces in 2019 using React components. Working with developers and data scientists, I navigated outdated systems to create a modern, efficient solution used by millions. The successful launch was a direct result of our ability to adapt to the latest technologies and user expectations, demonstrating that staying flexible and responsive is key to long-term success.
Entrepreneurs need to improve. Their dissatisfaction with their current situation is what pushes them to succeed. But that drive might not be enough for every entrepreneur. This need to improve needs to be nurtured every day. For me, it was finding new ways to make my software more attractive to businesses. This meant research, trial and error prototypes, and meetings with people who really didn't care for my software. But feeding that need makes it easier to take feedback constructively and work on your business. If you stubbornly push ahead with only profit on your mind that drive to improve will die down and be replaced by greed. It needs to be improvement for the sake of development, or it won't lead to success.
Resilience is a characteristic all successful entrepreneurs share. Business is inherently risky, and one in four U.S. businesses fail within their first year of operation. Success can take years with numerous challenges and setbacks. Successful entrepreneurs have the ability to bounce back from each one and keep moving forward. They don’t view setbacks as failures, but rather learning opportunities and a chance to fine-tune their processes, products or services. Resilience is what prevents successful entrepreneurs from throwing in the towel when things go wrong and becoming failed business owners.
We're risk-takers! Successful entrepreneurs aren't afraid to take risks. I can confidently say that my willingness to take risks has been a crucial factor in becoming an eight-figure entrepreneur. I've experienced highs and lows, weathered pandemics and economic downturns, and faced big wins as well as significant losses. Every time, I had the grit to embrace risk. I believe this characteristic is one of the scariest yet most rewarding aspects of entrepreneurship. Charting a course that hasn't been charted before isn't for the faint-hearted. When I left a secure, well-paying corporate finance job to start my short-term rental business, many people doubted my idea and told me it wouldn’t work. But I took that huge risk. And it paid off. Not only did I help create a new industry, but I also built a multi-million dollar business. Since its launch, I’ve grown the business to over $35 million in revenue. I’ve had over 100 employees and managed more than 300 units. In 2023 alone, we made $11.5 million, which breaks down to over $30,000 a day! So, I believe great entrepreneurs understand there's always light at the end of the tunnel. However, not all risk-takers become successful entrepreneurs—knowing how to take calculated risks is essential. It’s about understanding which risks to take and how to assess them properly. This is part of the intelligence we often talk about in the entrepreneurial world.
One key characteristic of a successful entrepreneur is relentless persistence in making customers happier and solving problems they didn't even realize they had. This dedication to continuous improvement and customer satisfaction drives long-term success.
A key characteristic of every successful entrepreneur is the ability to pivot. When faced with a problem, instead of becoming frustrated and giving up, they proactively seek help and find solutions. This resilience and adaptability enable them to navigate challenges and turn obstacles into opportunities for growth. Successful entrepreneurs understand that setbacks are part of the journey, and they use these experiences to refine their strategies and improve their businesses. Their willingness to adapt and find creative solutions sets them apart and drives their long-term success.
In my extensive experience in the banking and finance sector, particularly through my role at SAFC where we focus on enhancing the financial well-being of Filipinos and supporting small and medium enterprises (SMEs), I have observed a pivotal trait among successful entrepreneurs: effective risk management. Indeed, about 70% of our portfolio at SAFC comprises SMEs, providing me a close view of diverse entrepreneurial approaches. Entrepreneurs are often perceived as high-stake risk-takers, but the reality diverges significantly. Successful entrepreneurs do not merely take risks; they manage them well. Comprehending their market in-depth, managing finances strategically, and being flexible enough to adjust to shifting economic conditions are all necessary for this. At SAFC, we assist our clients not just by providing financial support, but also by offering tools and insights that help them manage risks effectively. For example, we've observed from our engagements that the most successful clients are those that are adept at reducing risks in addition to being willing to accept them. They prepare for probable downturns and have backup plans ready. This strategic risk management competence is frequently what separates successful businesses from unsuccessful ones. Successful business ultimately depends more on one's ability to handle and navigate through risks than it does on having the guts to take them. This is especially true in a dynamic market like the Philippines.
Listening and taking feedback to heart. It's not just about hearing what other people have said, but you also have to digest that information and see if it can improve your business or situation. Great entrepreneurs and successful leaders know that they don't know everything. This is a key to not just achieving, but maintaining success an ever changing environment.
When I first got interested in productivity as a concept, I tried a lot of different options on offer to help people improve it, including productivity and accountability apps. But nothing seemed the right fit--no one app seemed to have all the features I was seeking. So I built the platform I wanted with Boss as a Service, where technology, strategy and the human touch come together. So my advice to entrepreneurs would be the same--look at what's out there, find what's missing and work on that.
I've had close experience with the traits that define a successful entrepreneur. Beyond the common traits of resilience and vision, there are deeper, more nuanced characteristics that truly shape entrepreneurial success. Here, I'll explore one such distinctive trait that is essential yet often overlooked. One critical characteristic of a successful entrepreneur is "contextual intelligence." This refers to the ability to understand the limits of our knowledge and adapt that knowledge to different environments effectively. At our organization, we constantly adapt our strategies to meet the diverse needs of our global user base, which requires an acute understanding of varying market dynamics and cultural nuances. This ability to not only recognize but also effectively operate within different contexts is essential for any entrepreneur looking to scale their business internationally. It involves a blend of keen observation, flexibility, and the capacity to learn quickly from each new environment.