Top 5 Personal Traits of a Successful Entrepreneur

Let’s face it. Almost everyone wants to be their own boss. This can be attributed to many things, the most notable being the freedom that comes with employing yourself. You also have a higher chance of gaining financial freedom as an entrepreneur compared to an employee. It’s important to realize that it takes some unique personal traits to become a successful entrepreneur. Out of the many traits of a successful entrepreneur, there are some that have been tested and proven to be best. Here is my list of the 5 top personal traits of a successful entrepreneur.

1. Self discipline: This is by far one of the most important – if not the most important – personal traits of a successful entrepreneur. Contrary to popular belief, you need to have more self discipline when you are self employed. Most people who are employed want to be self employed so that they can do what they want when they want to do it. This is pretty much the worst mindset to have if you aspire to be a successful entrepreneur. Self discipline is a crucial personal trait because it ensures that you’ll do whatever you have to regardless of what else is going on in your life.

2. Frugality: This is another important trait because of the nature of entrepreneurship. Since most new businesses are faced by financial problems more than any other problems, you need to be naturally conscious about how you spend money or you will run into financial problems in no time. Being naturally frugal will help you cut down on unnecessary spending, which translates into more money going into the business. Frugality also helps you make the best use of the financial resources you have in the most crucial stage of business, which is when the business hasn’t started generating income.

3. Integrity: To be a successful entrepreneur, you also need to be a person of integrity. People need to trust you in order to do business with you. Your clients need to trust you to recommend you to others. The most successful businesses are built by repeat customers and one of the best ways of getting repeat customers is through integrity. If your customers know they will never be ripped off when they deal with you, you don’t have to worry about some of the other  problems that can cripple new businesses.

4. Self motivation: The best entrepreneurs are very self motivated people. If you need to be pushed to do things, you shouldn’t consider entrepreneurship. Successful entrepreneurs are proactive people who have a vision backed by actions. They are willing to go through hard times that are a natural part of the  start-up process. Without being self motivated, you can’t expect to run a successful business in the long-term.

5. Good communication skills: Communication is a critical component of all business processes. It is therefore essential for a person to have good communication skills if they plan to run a successful business. If you don’t have good communication skills, you need to work on that in order to communicate effectively with your clients and employees.

What do you think? What do you think an entrepreneur needs to be successful?

A graduate of the U.S. Air Force Academy, entrepreneur Tyson Rhame served in the USAF during the Iraq war, achieving the rank of Lt. Colonel. Rhame credits his military background with giving him the skills he needed to become the successful businessman he is today. He is owner or partner in a diverse portfolio of businesses and continues to seek new opportunities for investment. Rhame is also committed to philanthropy and established the Rhame Family Foundation in 2012 to enrich the educational experience of k-12 students in Atlanta public schools.