When launching your own business, you may be forced to wear many hats. In less than a day, you’ll likely need to jump between the responsibilities of the manager, the accountant, the marketer, the salesperson, and more. That’s why it takes a particular type of person, someone who can make use of certain essential personality traits, to be a great entrepreneur.
We spoke with Dylan Hrycyshen, Business Planning Advisor at Small Business BC, to find out his top picks for the most useful entrepreneurial traits to support and sustain business success.
4 traits that make for a great entrepreneur
It’s the first trait that comes to mind for an entrepreneur. We think of passion, determination, and ambition when it comes to new entrepreneurs – a driving mission that guides their work ahead – but bravery sums it up even more. An entrepreneur is heading into the (relative) unknown to become a self-starter. They’re the compass for their own ship.
An entrepreneur is heading into the (relative) unknown to become a self-starter. They’re the compass for their own ship. tweet
Bravery means going beyond a desire to be in charge and leading on your own terms. Entrepreneurs thrive in their constantly changing environments, tackling real-world issues as leaders for their employees and their customers. An entrepreneur forges the path ahead and opens their brand to the rest of the world.
Humility is a good counterpoint to bravery. Although bravery comes with a sense of self-confidence that’s necessary to drive the company forward, being overconfident can be detrimental to progress. An open mind and a willingness to learn is one of the most crucial lessons for a new entrepreneur.
Surround yourself with an experienced network, and search for spirited employees who can challenge the status quo. There will always be new and unique challenges to the daily life of an entrepreneur, and even though you may have a good idea (you founded the business, after all!), you don’t have every answer. A successful entrepreneur is a lifelong learner.
A successful entrepreneur is likely not a creature of habit. Within a constantly changing environment, entrepreneurs are rarely comfortable or even satisfied standing still.
Entrepreneurs have an innate ability to tackle new problems head-on, thriving in challenging situations. This means quick thinking, creativity, team building, and getting projects or initiatives into motion. Entrepreneurs who lead their organizations find new opportunities and craft new solutions to elevate their growth and chances of success.
A situation may require a pivot – solving a new problem, hiring for a new role or position, or releasing a new iteration of your business (even before you’re ready).
There’s an entrepreneur’s adage by author Ray Bradbury that says “being (one) means jumping off a cliff and learning to fly on the way down.” For the most part, it’s true. Having the bravery to jump and the self-confidence to feel that everything will be alright on the way down is important. But being prepared means taking some wings with you because you know the cliff lies ahead.
Preparedness speaks to the aspects of business that can be done before taking the leap. Think through the challenges ahead and prepare a formal business strategy with foresight. Use your network and rely on professional advisors to understand what lies ahead. Small Business BC’s free Business Plan Template and Cash Flow Forecasting tool offers a perfect place to begin your preparation.
The life of an entrepreneur is a dynamic one, but some things we know for sure. Have a business strategy to guide your path ahead, be organized and ready for success.
TruShield is here to help
Part of being prepared is having the right insurance to protect your business should something happen. At TruShield Insurance, we want to help entrepreneurs find the right coverage for their business. A solid insurance plan can help ensure you’re covered if things go wrong, so you can operate worry-free and focus on other aspects of your business.
Who is Small Business BC?
Small Business BC is a non-profit organization that helps BC entrepreneurs at any stage of their business. They provide entrepreneurs with products and services that will assist with their successful entry into small business ventures and help them to grow and become resilient.
This blog is provided for information only and is not a substitute for professional advice. We make no representations or warranties regarding the accuracy or completeness of the information and will not be responsible for any loss arising out of reliance on the information. Terms, conditions and exclusions apply to coverage. See policy for details.