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5 Qualities Of Successful Entrepreneurs

Brian Tracy shares the top five traits that all entrepreneurs must have to succeed.

Brian Tracy

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successful-businessman

Are there certain qualities that all successful entrepreneurs share?

After years of personal experience and coaching, I’ve discovered that entrepreneurs share very similar qualities that make them successful. Fortunately, all of these qualities can be learned. It is up to you to carefully examine your strengths and dedicate yourself to learning them.

How do these traits match up to your own?

1. Self-Discipline

The first trait that all successful entrepreneurs must possess is self-discipline. Self-discipline is the single most important quality for success in life and business. If you can discipline yourself to do what you should do, whether you feel like it or not, your success is virtually guaranteed. Self-discipline requires self-mastery, self-control, self-responsibility, and self-direction.

The difference between successful entrepreneurs and failures is that successful entrepreneurs make a habit of doing the things that failures don’t like to do.

What are those things?

The things that failures don’t like to do are the same things that successful people don’t like to do. But, successful entrepreneurs do them anyways because they realise that this is the price they must pay for the success they desire.

Related: 15 Qualities of Smart Business People

2. Integrity

The second trait that all successful entrepreneurs must possess is integrity.

Perhaps the most valued and respected quality you can develop is a reputation for absolute integrity. Be perfectly honest in everything you do and in every transaction and activity. Never compromise your integrity. Remember that your word is your bond and your honour is everything when it comes to your business. All successful business is based on trust.

Your success in becoming an entrepreneur will be determined solely by the number of people who trust you, are willing to work for you, give you credit, lend you money, buy your products and services, and help you during difficult times.

Your character is the most important asset that you develop in your entire life, and your character is based on the amount of integrity you practice.

persistence-achievement-never-giving-up

3. Persistence

The third trait that all successful entrepreneurs must possess is persistence. Persistence is the iron quality of character. Persistence is to the character of man as carbon is to steel. It is an indispensable quality that goes hand in hand with all great success in life.

Here is one of the great secrets to persistence and success: Program your subconscious mind for persistence well in advance of the setbacks and disappointments that you are going to have on your upward quest toward success.

Resolve in advance that you will never give up, no matter what happens.  The courage to persist in the face of adversity and disappointment is the one quality that, more than anything, will guarantee your success.

Your greatest asset can be your willingness to persevere longer than anyone else. In fact, your persistence is a true measure of your belief in yourself and your ability to success.

Related: 8 Entrepreneurial Qualities That Contribute to Success

4. A Clear Sense Of Direction

The fourth trait that all successful entrepreneurs must possess is a clear sense of direction.

Because of the turbulence and rapid change in today’s marketplace, most business owners have been reduced to operating day-by-day, almost like firefighters.

They are totally preoccupied with short-term problems and the need to get short-term sales and profits. They intend to spend more time thinking and planning for the future, but they don’t ever seem to get around to it.

This is not for successful business owners. You need to set clear targets for yourself and for every part of your business. In fact, perhaps your most important responsibility to your people is to give them a clear sense of direction in their work.

5. Decisive And Action Oriented

The final trait that all successful entrepreneurs must possess is being decisive and action-oriented. They must think and make decisions quickly. They discipline themselves to take action and to carry out the decisions they have made. They move fast and they get quick feedback from their actions. If they find they have made a mistake, they quickly self-correct and try something else.

The key to triumph is for you to try.

Successful people are decisive and they try far more things than other people do.

If you try far more different ways to be successful, the odds are that you will eventually find the right way for you, at the right time.

Related: 5 Unforgettable Leadership Qualities for Successful Entrepreneurs

Those are my top 5 traits that all entrepreneurs must have to succeed. Now I have a question for you:

What traits do you feel every entrepreneur MUST have to be successful?

If you want to learn more about the path to wealth, download my free report, the Way to Wealth here.

This article was originally posted here on Entrepreneur.com.

Brian Tracy is the most-listened-to audio author on personal and business success in the world. His talks and seminars on leadership, sales, managerial effectiveness and business strategy provide people with proven ideas and strategies that they can implement immediately for improved results.

Self Development

5 Inspiring Quotes From Madiba To Stir You Into Action On Mandela Day

In honour of Mandela Day, here are 5 of Nelson Mandela’s most inspiring quotes.

Casandra Visser

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Bouncing Back

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“Do not judge me by my successes, judge me by how many times I fell down and got back up again.”

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Self Development

25 Bad Words That Make Other People Feel Inferior

If the harshest thing you have to say about someone is partly true, say the other part.

John Rampton

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word-choice

Did you know that in every language, there are more negative words than positive ones? It seems we need lots of words to describe our negative feelings, but we’re content with a handful of positive ones.

For instance, researchers have found that most cultures have words for seven basic emotions: Joy, fear, anger, sadness, disgust, shame and guilt.

That’s one positive emotion, and six negative

It’s no wonder so many of us have a hard time keeping our negative comments in check. Over the past six months I’ve been working on the verbal language that I’ve been using that I don’t even realize hurts others and in some cases makes them feel inferior. I even noticed that I’ve used a couple on my personal and business website. This is a “no-no” that I needed to fix.

This post will list 25 negative words you should avoid…so that you stop hurting, belittling and intimidating those around you!

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Self Development

How To Control What You Can And Influence What You Can’t In Your Life

Every day you need to get up and face numerous challenges. Here’s how you can keep your head in the game — even when all you want to do is quit.

Erik Kruger

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resilience

On Monday you wake up ready to take on the world. You’re focused, determined and business is doing well. Tuesday feels like you’re invincible and things could not be going any better. Wednesday, your world collapses. You doubt your ability to deliver to your clients. You wonder whether you should still pursue the same business. You think that quitting at this stage is easier than dealing with the ups and downs of entrepreneurship. And you are dramatically reminded that entrepreneurship is hard.

Mix in human nature and it becomes borderline insanity to try and build a business. And yet, the reward is worth it. I therefore want to share three strategies that might help you cope with this tough but deeply rewarding pursuit.

Influence and control

Most of the things in business and life are out of our control. You cannot control how other people react to your service or product. You cannot control how your employees will show up. You cannot control how the market will react and how that will affect your business.

Related: How You Can Do Big Things

This makes it very important to control what you can and then influence the rest to the best of your ability.

So, what can you control? You can control your actions, reactions and perceptions of the challenges you face. Meaning essentially, that you can control yourself and your efforts.

Do this with excellence and you will automatically influence the people around you and the situations you find yourself in.

Override your moods

If we only did the hard work when we felt like it, we would hardly get anything done. Our moods fluctuate like the tides of the ocean. Not because we are temperamental but because the external world has a profound impact on us.

When you wake up to news that the economy is in recession, it has the potential to plant seeds of doubt in your mind. When you receive an email from a disgruntled customer complaining about your service, it has the potential to ruin your day.

The fact is that you can receive a hundred testimonials singing your praise, but you will obsess and become despondent over that one negative comment.

This means that we have to move beyond our emotions. Sure, they are important in the decision-making process and for fostering meaningful relationships. But you cannot allow them to dictate when you will do work.

In other words, work hard, irrespective of your moods, especially on the days when you don’t feel like it.

Create a calibration practice

One of the best ways to deal with this rollercoaster effect is to create a daily calibration practice. I am a big fan of any action taken on a daily basis. Not only because of the accumulation effect that occurs over time, but also because it keeps you focused.

So, what does a daily calibration practice look like?

It differs for everyone. It could range from meditation to a vision board to journaling to listening to a specific playlist of songs. My suggestion is that you give journaling a go.

Because it’s sometimes difficult to start a new calibration practice, I have included my journaling template for you.

It’s called ‘J1G’ (pronounced as jig). I use Evernote or a notebook from HumanWrites for journaling purposes.

J: Journal

For the first few minutes, simply allow your hand to run across the paper. The idea is for you to dump as many of your thoughts onto the paper as possible.

Some questions you can answer in this section are:

  • What am I currently excited about?
  • What am I currently worried about?
  • Where am I currently winning?
  • What can I learn from what happened yesterday?

1: The one thing that you want to get done today

In this time, I usually have a look at my to-do list and decide which one action I want to get done today. Write it down and then expand on why it is the most important action. How will it move you or your business forward?

Related: Better Thinking For A Better World

G: Gratitude

In the last section, you simply write down three things that you are grateful for. Trust me, this is an important daily practice, but even more so on the days when you feel as if life is beating you down.

When you focus on the things that you are grateful for, you crowd out fear and shift your state of mind to a more positive and productive one.

The punch line

If you can stick to the three ideas I outlined above, I guarantee you will develop more resilience and perseverance. You are an entrepreneur because you chose to be one. Do not allow life to impose its will on you. I have no doubt that you will be better off because of all the challenges you face. Not in spite of them.

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