12 Traits of Highly Successful Entrepreneurs

What are the traits of successful entrepreneurs that set them apart from everyone else? What trait do entrepreneurs like Bill Gates, Steve Jobs, Lawrence Ellison and Richard Branson have that the ordinary entrepreneurs don't? All these questions are going to be answered in this article.

After understudying the lives of these great entrepreneurs, i was able to pinpoint 12 traits that make them successful. Without wasting your time, below are the 12 traits of successful entrepreneurs:

1. Successful Entrepreneurs are proactive learners

Entrepreneurship is a life long process and successful entrepreneurs know this. Things change so fast in the business world; you could be an innovation today and become obsolete tomorrow. To stay on course and adapt swiftly to the ever changing trend, they keep studying and learning.

They read industrial journals, books and magazines. They attend seminars and update themselves regularly with the latest industrial trend. Successful entrepreneurs know that their cup is never full; they know that they don't have the right answers to all questions. So they humble themselves and learn when availed the opportunity.

2. They thrive on risk

I have never seen a successful entrepreneur who rose to the pinnacle of success without a measurable amount of risk. Successful entrepreneurs are risk takers; they risk their time, energy and resources with the hope of building a strong business. If they fail, they risk losing everything they've ever owned. Risk is the main reason many employees fail to start a business.

3. They work for free

Working for free is one of the traits of successful entrepreneurs that set them apart from others. It's hard to find individuals who will be willing to work for free, without pay for many years but successful entrepreneurs do this. They work on their business for many years without pay.

Being an entrepreneur, i can attest to this trait because i have built businesses without getting a dime from them for some years. All profits generated are re-invested into the business. To be a successful entrepreneur, you must always bear in mind that you are not building a job for monthly pay. Instead, you are building an asset that can generate residual income for you and add value to humanity in the coming years.

4. They work longer hours than employees

Successful entrepreneurs are known for their extraordinary resilience and long standing commitment to the course of building a business. Building a business is never easy and it requires time and dedication. Some entrepreneurs are known to work for 70 - 80 hours per week while average employees work less than that.

So if you are going to join their league, then you definitely need to develop the trait of working longer hours than normal.

5. They learn quickly from mistakes

Of all the traits of successful entrepreneurs, this one interests me the most. Many individuals shy away from the game of entrepreneurship because of the fear of making mistakes. They perceive mistakes as bad because mistakes sometimes cost money and pain; so they avoid it like a plague. But great entrepreneurs see mistakes as a learning tool; they see it as an opportunity to learn something new.

"Even a mistake may turn out to be the one thing necessary to a worthwhile achievement." - Henry Ford

They make mistakes in business but they don't quit. They know mistakes are part of the process of entrepreneurship, so they learn quickly from these mistakes and move on.

"Excuses cost a dime and that's why the poor can afford a lot of it." - Robert kiyosaki

6. They have the ability to run on debt

As a rule of life, we are all indebted to someone in one way or the other. With respect to building a business, i have never seen a successful entrepreneur that hasn't been in debt. Everyone owes but these set of entrepreneurs know how to use debt to their advantage, they know how to use debt as an instrument and leverage to build a business and get richer.

"Be careful when you take on debt. If you take on debt personally, make sure it is small. If you take on large debt, make sure someone else is paying for it." - Rich Dad

7. They are accountable and responsible

Successful entrepreneurs are accountable and responsible for the failure or success of business. They shoulder the responsibility of piloting the business through its trying times. If they succeed, it becomes a plus to them but if they fail, they will be held responsible.

8. They thrive on criticism

Another trait successful entrepreneurs share in common is the ability to forge ahead in the face of criticism. Building a business comes with its own challenges; as the entrepreneur, you are bound to be loved and hated by the public. But they always devise a means to use every bit of criticism to make themselves better and stronger.

"When everything seems to be going against you, remember that the airplane takes off against the wind, not with it." Henry Ford

"Sometimes, i think my most important job as a CEO is to listen for bad news. If you don't act on it, your people will eventually stop bringing bad news to your attention and that is the beginning of the end." - Bill Gates

9. They are ambitious

Ambition is one of the traits of successful entrepreneurs. Successful entrepreneurs think big and do things big. They are never satisfied with their current achievement; they believe there is always room for constant improvement and they go for it.

Take a look at Mukesh Ambani's achievement in building Reliance Group; the world's largest refinery. Lakshmi Mittal built Mittal Steel, the world's largest steel producer. Look at Larry Ellison's ambition to surmount Microsoft. In generality, entrepreneurs are very ambitious personalities.

10. They are opportunist

This is another trait of successful entrepreneurs. They share a common ability to see opportunities, where others see problems. They know that behind every problem lies an opportunity. Great entrepreneurs are the drivers of creativity and innovation.

"The way to make money is to buy when blood is running in the streets." - John D. Rockefeller

11. They are great leaders

Successful entrepreneurs are great leaders with a proven leadership strategy. They possess the ability to bring out the best in their employees. They inspire creativity and foster innovation. They also have the ability to hire and lead smarter individuals.

"Good leadership consists of showing average people how to do the work of superior people." - John D. Rockefeller

12. Successful entrepreneurs are team players

"I want to start my own business," 'i want to be my own boss,' 'i want to do this my own way.' These are the words i often hear from would be entrepreneurs. Successful entrepreneurs know that entrepreneurship and investing are team sports. So therefore; they never work alone, they join forces with other entrepreneurs and professional advisers to build a stronger business.

"Go to the wolf, consider its ways and be wise. A wolf will never hunt alone; it hunts in packs because it knows the power of team work." - Ajaero Tony Martins

In conclusion, these are the 12 traits of successful entrepreneurs which you must possess to succeed. These entrepreneurs were not born with these traits, they developed them over time. You can also develop these traits if only you are willing.

How Do Entrepreneurs Do It? The Incredible Power Of Mental Focus

Wouldn't you just love to know how the likes of Richard Branson or Dragon's Den entrepreneur Peter Jones accumulated their wealth? To truly discover the attributes and qualities that separates the rich, successful people from those who struggle against life?

Well, all successful people have one thing in common- the power of their mental focus. These people are experts in mirroring their inner world with what they desire in their outer world. It is living the principles of Whole Science to its fullest- noticing and appreciating that our inner, mental world is not distinguishable from the outer, material world.

It truly seems a miracle how many entrepreneurs go from nothing to great riches, doesn't it? So what is it about their mental state that is so important? And how can you replicate this mind-set to succeed in your life? Just think-what would happen if you won the lottery tomorrow, if you became a millionaire overnight? I'm sure you're already thinking of the house(s) you would have, the places you'd visit, the clothes you'd wear... and soon enough you're becoming excited at the prospect of having wealth beyond your wildest dreams.

What would happen if I told you that part of what you were doing just then is the secret to many entrepreneurs' success? No, not dreaming of winning the lottery, but thinking of all those things you do want. I bet if I told you to think of a car you'd like to buy, you have a mental image- right? Maybe even hearing the sound of the powerful engine or the good feeling you'd have driving it around.

Entrepreneurs have these kinds of images running through their heads pretty much all the time, which enables them to consistently gain the specific results they want.

'The power of positive thinking' has now become a marketable commodity. From empowerment gurus such as Anthony Robbins to groundbreaking movies such as 'The Secret', we are consistently told that the way to achieve our desires is to focus on what we want- not what we don't want.

Anthony Robbins likens it as to a speed rally driver racing round a track- if we focus on the wall, that's what we're going to crash into! To achieve the outcomes, goals and dreams you truly want in life, focusing on the end point- where you want to go, is the main key to success.

So what if there were solid, reliable scientific evidence for the power of mental focus? I'm guessing we would all begin to hold images in our minds of cheques instead of bills arriving through the post! But firstly, why is it important to focus on where you want to go, instead of those things you want to avoid? Well, by making pictures or images in your mind, you are giving instructions to your unconscious mind.

Believe it or not, your unconscious mind doesn't know the difference between a real image and an imagined one, which is why dreams can often seem so terribly lifelike and can sometimes frighten us- as if they were actually happening. An important thing to remember is that the unconscious mind does not process negatives. It actually deletes them. The reason being is that you will, consciously or unconsciously, create an internal picture or representation of that which you were trying to avoid. Have you ever thought 'I mustn't spill this' or 'I better not knock that over' . Your unconscious mind will create a picture of that which you wish to avoid- so a spilt glass of wine or broken crockery can often result.

But what about those negative things we hold in our mind on a consistent basis? Things like 'I'm poor' or ' I'm no good at anything'. What kind of images do these create?

'So what?' You may be thinking. 'It doesn't actually matter what thoughts I have, positive or negative, these thoughts are mine and thinking positively won't change a thing'. This would be indeed true under the interpretation of our current scientific model. However, the power of our mind is much more influential than we first thought.

To put it briefly, advances in physics have discovered that when you delve through the levels of our being, our molecules and our atoms, all that is left is energy- interconnected energy fields. They discovered that particles also act like waves, and can change depending on our observation.

What do I mean? Well, everything exists as possibility, or a waveform. When quantum physicists discovered that the act of observation causes possibility to collapse, it meant that our minds have the potential to create reality.

Simply put, our minds are like a laser beam which when focused, have the potential to change the 'energy' around us. Since the new paradigm of science has revealed that mind and matter are part of the same force, the same 'energy', it means that having a consistent focus is akin to being a magnet, pulling those things toward you which you hold in your mind.

Our thoughts create our reality? Having focused thoughts of wealth can bring us riches? Surely, its not that easy? I hear you say. And you'd be right. Just think, if our minds are lasers we need to have enough power within us to drive that laser towards what we want. Many successful people have noted that a burning desire and passion towards what they wanted to achieve helped them towards financial freedom.

As Napolean Hill, author of the acclaimed 'Think and Grow Rich' states 'weak desires bring weak results'. So if you were setting up a business say, but were not truly focused, passionate or determined about that business it is less likely to succeed.

To create enough 'mental energy' that is needed to achieve your goal there has to be so much desire for what you want that it will drive you into taking action. For example, entrepreneurs such as Donald Trump, Duncan Bannatyne and Richard Branson all mention that their goals sometimes became a bit of an obsession- something that they would pursue at all costs.

So as you think of that house or car you want, stop, and just ask yourself- how much do I really want this? You'll know how much if you get an excited feeling- the feeling of 'I've got to have this!' Ask yourself- what will it be like if you get what you want? Imagine living in the house, or driving that car. If your reaction is nothing less than bursting with excitement and enthusiasm you can be sure you're on the right track.