Do you have it to conquer the world?

There is no one-size-fits-all when it comes to figuring out the characteristics of successful entrepreneurs. You may check yourself against the list of characteristics below and if you find yourself short on a few of them, don't worry, you are perfectly alright. Many of the characteristics can be learnt through practice and experience.

Commitment, determination, and perseverance. Success comes to those who are focused on what they are doing and what they want to achieve. You then commit yourself, your time, energy, and resources fully into realizing your dream. Being half-hearted and flimsy most probably will lead down the road to nowhere. You would also need determination, that is, the earnestness and strength - the willingness to walk the extra mile. You are all ready to run through a wall to get what you desire. It is that single-mindedness for success. And, of course, we need perseverance too - that never-say-die spirit of getting up again and again from every knockout blow. Commitment, determination, perseverance - this is a very potent concoction for success, not just in entrepreneurship, but also in life.

Drive to achieve. Keyword here is "drive" - the inexhaustible energy that an individual has in his pursuit of success. Of course, there is a limit to every person's physical capability but it is the mental strength that keeps him going and going. Very much similar to the first marathon runner, Pheidippides, who ran 280 km in two days to announce the victory of the Greeks over the Persians. After he announced "we have won!!", he collapsed and died. His last breath, "Joy to you". Well, you are not going to die after all your hard work. LOL!!! It's just that you need to have that willingness to work long and hard to get what you want.

Opportunity orientation. Meaning to say that successful entrepreneurs are always on the lookout for opportunities. The world is beset with problems - social, health, environmental, educational, etc. Opportunity oriented thinking and innovation are required to provide solutions to these problems, given that we have limited resources. Opportunity orientation may involve recognizing an opportunity when it arises, evaluating and then exploiting it. Looking at things from new angles, exploring new possibilities, and finding new ways of doing things can all help to open our eyes to opportunities for innovation.

Initiative and responsibility. Successful entrepreneurs are people with initiatives, that is to say that they are the first ones off the starting block. It also means that they lead from the front - they reap the glory of victories, and they also bear the responsibilities of failures. They are people who dare to be different, and they have no qualms whatsoever about going into the unknown. Unlike some people - wait and see la what happens first!!! Entrepreneurs - just do it!!! Ok, fail already, I'll take the stick but I will return!!!

Persistent problem solving. Problems? There will always be problems. Many of us are good in creating problems!! LOL!! Entrepreneurs focus on finding solutions to problems. They alleviate problems, not exacerbate them. For many people, a problem is seen to be an impediment to success. To the entrepreneur, a problem represents an opportunity to find a better solution. It's all in the mind. 

Seeking feedback. Getting feedback from customers enables the entrepreneur to know what his customers like or don't like, make customers feel that they are important and involved, and it helps him to consistently improve the value proposition to customers. Asking customers for their feedback allows the entrepreneur to get valuable insight about his business. This feedback helps the entrepreneur to decide on his next course of action.

Internal locus of control. Successful people, not just entrepreneurs, have internal locus of control. This means that they believe they themselves are in charge of their lives, they determine their own destiny. They are not easily influenced by external factors. They live or die by their own decisions. Past research suggests that entrepreneurs with internal locus of control tend to favor innovative strategies while those with external locus prefer low cost strategies.

Tolerance for ambiguity. Being an entrepreneur is similar to being in the pits. Let's just hope that you don't die there!! LOL!! Life for an entrepreneur is not always a love story with a happy ending. More often than not, it's a romance that ends in tragedy, just as in Shakespeare's Romeo and Juliet. :)) There is a lot of chaos, making contingent decisions, and plenty of moments in which fear and doubts tend to engulf you. In other words, life for the entrepreneur is full of uncertainty - it's a long and torturous journey. And to be tolerant of this ambiguous journey makes the difference between success and failure. The ability to paint a compelling vision and charge ahead - creating order out of chaos - is what sets an entrepreneur apart from other people.

Calculated risk taking. The difference between risk takers and calculated risk takers is the difference between failure and success. Risk takers bet their life on one gamble and if they lose, they will not live to fight another day. Risk takers simply leave too much to chance. Successful entrepreneurs, being calculated risk takers, reduce their risk on every step of the way. They take one small step at a time, and if they stumble and fall, they can still recover and fight another battle. They may lose a battle but not necessarily lose the war. 

Tolerance for failure. How does an entrepreneur look at failure? Failure, to an entrepreneur, is not period. Meaning it is not the end of life. On the other hand, it is perceived as an opportunity - a lesson well-learned. Life carries on. It is this tolerance for failure that makes the entrepreneur keep on persevering in his endeavors. Failure? The entrepreneur doesn't have this word in his dictionary. Only learning opportunity.

High energy level. Entrepreneurs are very energetic people. They work hard and they play hard. They put in long hours to get to the mountain top. Their high levels of energy are translated in enthusiasm and charisma. It is this enthusiasm and charisma that draw other people (customers, employees, suppliers) into the game plan of the entrepreneur.

Self-confidence and optimism. Successful entrepreneurs have a lot of confidence in their own abilities. Pretty cocky, you may say, but that is what gives them the courage to do what others dare not. And going into the unknown enables them to explore new opportunities and to open up new frontiers. They are also optimistic people - looking at the positive side of things. The glass is always half full, never half empty.

Creativity and Innovativeness. Entrepreneurs are creative people, always thinking up newer and better ways of doing things or solving problems. They are innovative - bringing with them changes that rock the market. Creativity and innovativeness represent the driving power of entrepreneurship. The entrepreneur who continuously creates new ideas and innovates will be able to meet the demands of contemporary markets, and in so doing, creates wealth not only for himself but also for the nation.

Vision - Successful entrepreneurs should look ahead to the future. They should develop a vision for future growth. This vision helps guide daily operations and strategic decision-making necessary to achieve success. Not only should an entrepreneur possess a vision, but this vision needs too to be articulated to those people around him - people whom he relies upon for support - his family, friends, employees. These are the ones who give him support through the ups and downs of business, and he must make them believe that his vision is achievable as well as the reason for achieving it.

Independence. It is said that independence is what drives entrepreneurship. Large organizations stifle the entrepreneurial individual because you always have to answer to someone else. Entrepreneurs have a very strong desire for independence and this is what motivates them to work long, hard hours to make their business a success.

Team building. Successful entrepreneurs are very much aware of the value of people. They are not lone rangers. The success of a venture does not just depend on the feasibility of the idea, but also the people. Building a team of good people around himself, the entrepreneur is already on the road to success. It is people, that represents the most important asset of an organization.

So, there you are - a list of characteristics of successful entrepreneurs. But it's also good to acknowledge that timing, luck, and simply being in the right place at the right time do play a part in many success stories. 

Do you have any ideas you wish to share? You can always share in the comment box below.