Entrepreneurship is one of the best ways to advance as a person and it is the singular most important factor in nation building in that it affects positively the economic growth and development of such nation.
Back in college, I was exposed to the nitty-gritties of what entrepreneurship is and about, the factors that makes up an entrepreneur and their likes. It was definitely a fun experience those days in college.
Well, I hope that you will come off reading this piece having learned all those aforesaid fundamentals of an entrepreneur. But most importantly, I hope that you would indeed learn the traits of highly successful entrepreneurs just so you could someday become a celebrated one yourself and get the opportunity to teach your experiences like I am doing here today.
So who is an entrepreneur?
I looked up the meaning of an “entrepreneur” on my smartphone’s WordWeb application and it laconically and succinctly defined an entrepreneur to be one who organizes a business venture and assumes the risk for it.
I went further in my research and found out too from Merriam-Webster and it said, “An entrepreneur is one who organizes, manages, and assumes the risks of a business or enterprise.”
In short, an entrepreneur is a business leader and innovator of fresh ideas and business processes. He has the knowledge to pull off an idea and groom it into something BIG and that would outlast himself whilst taking huge risks in the process.
However, there is something really important that an entrepreneur is possessed with and that’s the ability to take risk that may or may not help him make profit(s). I will talk more about that later in this book.
There are many folks who have showed and have led the way into becoming a highly successful entrepreneur. You know them and I trust that you can list them if you wanted to.
For the purposes of your learning experience, I will do well to mention some of those folks and share a little bit of their life, work rates, and entrepreneurial experiences with you.
I will mention just five (5):
Steve Jobs: Steve has to be the first on my list, not because I have a thing for the man, but rather because he deserved a top spot.
He’s shown us what it means to build a multi-million dollars company and make its products roll on the lips and in the hands of every individuals from all walks of life.
Now, that’s huge, isn’t it?
But you know Steve Jobs had to endure trying times, times when he was kicked out from his own company. You know he was faced with so many different challenges whilst growing into the person he became; from serving and returning coke bottles, eating free meals in Krishna Temple and sleeping in front of friends’ door in India.
The man however got an epiphany and eureka moment where he discovered something about himself, pull up ideas, pursued these ideas head on with utmost passion, resilience, strong-willed and utmost believe in himself, grander vision and of course the willingness to take risks.
Bill Gates: I won’t dwell much about this man and the others I will mention after him. The reason is simple. You could easily read up their biography or auto-biography online.
If I have learned anything in my life, it would be because I have spent enough time in studying the lives of highly successful people. And in my several hours of studying their lives, I had found out that they all had or have something in common.
I will do well to mention these things in the body of these texts. Read on…
Wale Adenuga, and the list is actually endless. They all are people who embraced passion and push hard on themselves to get to the height in which they are today.
Before I share with you my 7 essential traits of highly successful entrepreneurs, I’d love to share with you this formula I stumbled on in my journey across the internet-web.
Here you go:
“Entrepreneur + Capital = Products + Customers = Business.”
I looked very closely at this equation and realized its trueness and factualness in that most entrepreneurs I have had the rarest of opportunity to chat with practiced this exact same thing.
They make sure to have a capital in which to run a smooth business in hand. Plus a sellable solution packaged in form of a product(S). And a hungry customer base to sell to. All these put together make for a smooth sail into entrepreneurship.
Hence, you are not an entrepreneur if you don’t already have this formula or strategy in place for your business.
That said. Let’s take a dive in into sharing the real meat with you about the essential traits of highly successful entrepreneurs.
Are you ready?!
7 Essential Traits of highly successful entrepreneurs
1: Vision – What is vision if not the ability to peep into the future through the lens of your imagination and to top that up, imagination is the preview of life’s coming attraction.
I love the definition my uncle shared with me some years back. He wittily stated, “Imagination is an image nation.” And Albert Einstein further reaffirmed this truth when he said, “Imagination is greater than any knowledge in the world”.
Well, the two men were right in their views.
And that is why I believe when you tap into the huge resource inside your inner recess, which is your mind, otherwise known as imagination, you get the amazing opportunity to sightsee into the future, paint pictures of how you’d love your business to turn out in the next 3 or so years to come.
Now, that’s vision!
And vision allows an entrepreneur to see opportunities where other people think there are none.
I once read a story of two men who travelled from Europe to Africa to survey and see if or not there are business opportunities in the locals.
One of the representatives went back to give his feedbacks; he had said, “There are no opportunities in Africa.”
And the second representatives stayed back to understudy the African people, their cultures and their uniqueness.
Doing these, he found out that most persons goes about barefooted and that was it. He cut an idea in which he shared with his company upon returning to Europe. This gave birth to “shoe” invention.
Entrepreneurs are innovators!
They forever saddles themselves with the responsibility to create new ideas or improve on existing ideas, products and services.
Entrepreneurs are visionaries and futurists who sees something, talk about it and went ahead to create something out of what they see, which could either be a software or a book presenting the idea of how they hope things should be.
I am a visionary!
I discovered sometimes ago that most people want to make money from doing what they love and hence, I positioned myself perfectly to helping these folks start, launch and grow their own successful online businesses.
Now, that’s a core trait of an entrepreneur right there!
2: Passion – Passion is an intense desire to achieve something as though your life depended on it. It is a desire a person have to create and share ideas with people even though there is nothing in it for them.
A senior colleague once asked me, “Sam, if making money was not part of what you do, would you still do it?”
I critically analysed the question, adjusted myself and boldly answered YES.
How many people can answer yes to that question?
Are we not all too concerned about making money that we forget about the solution we are helping to solve?
I can categorically tell you that I have helped people create their dream lives for FREE more than I have ever charged or make from my shared strategies or service rendered.
Looking back, I have helped an Indian fella start and grow his weblog.
I had purchased the domain name, got the template and installed his website online. Contributed in making him go viral by ghost writing a masterpiece for him to publish on a top blog as a guest author.
All these for FREE!
I have freely taught my ideas with people offline and online via Facebook or elsewhere in the online space.
I love doing these things because it’s become my passion along the years. Trust me I love teaching the things I discovered through learning or listening to highly successful people who have made great impact in their various industries and on my life.
If it were not for passion, my friend, I would have given up on my dreams, I would have given up everything about online business, because I literally spent all the money I made in my 9 – 5 job on my online business only to make nothing back from the business. It was heartrending but I kept doing it anyways, all for passion.
So your passion is what you need to keep going the journey of becoming a successful entrepreneur.
3: Resilience – I don’t claim to know or be an expert with words so I always almost look up the meaning of words or any abstract idea that I stumble upon. 🙂
That said. I looked up the meaning of this word and my WordWeb app again presented me with a perfect definition: The physical property of a material that can return to its original shape or position after deformation that does not exceed its elastic limit.
Another brilliant definition is that resilience is an occurrence of rebounding or springing back.
So resilience is needed to run a successful business that makes huge profit.
Most times, life would knock you out of your wit causing you to go crashing down be it emotionally or financially.
This is all a part of the entrepreneurial experiences and it is in fact what makes an entrepreneur tick and make progress in business in that it births experiences that is sure able to make you make better choices next time around.
However, to stay strong and focused is to have resilience. To have the capacity to be flexible in making needed changes.
Many people are inflexible and as such break down completely when failure hits them hard in the face. They get all confused as to what they should do to outturn their current predicaments.
You can’t be a successful entrepreneur or perhaps a leader that people would want to cluster around to learn from if you are not flexible and elastic enough to fall back to formation, to go back to the drawing board and make some certain alterations in your plans and visions for your business.
I love that famous Winston Churchill’s quote when he said, “Success is the ability to go from one loss to another with no loss of enthusiasm.”
Churchill was right and trust me you will fail over and over again but your flexibility will be the distinguishing factor for you. It would be what will stand you out from other people.
So when others give in to circumstances because they fail all too often in their business, you will instead stick it out by finding new ways to fly and maybe this time on Eagles’ wings.
If you feel you need more stories of entrepreneurs who have gone far and beyond to becoming successful despite the huddles they were faced with, I would think these guys names are no alien to you. Steve Jobs, Walt Disney, Bill Gates,Roman Abrahamovic, Thomas Edison, Henry Ford or Donald Trump.
These entrepreneurs experienced first-hand setbacks and failures unique to their businesses but what they didn’t do is to give up on their dreams. They took on the armour of resilience and pressed on as though their lives depended on it and as such made enormous progress to becoming successful entrepreneurs.
4: Strong sense of self – I am a believer and I believe so much in the power of self! I believe that whatever the mind can think and believe, it can achieve.
Entrepreneurs, even successful entrepreneurs don’t shy away from the fact that failure can set in anytime. In fact, it is this knowing that helps them prepare and strategize ways of averting these impending business failures.
Challenges are different.
I mean to say your business challenges are not necessarily the same challenge I am faced with in my business even though we are in the same industry.
Hope you got the drift?
So we’ve talked about vision, passion, and resilience. These three are huge factors of becoming a successful entrepreneur but they can only go so far. And this is the sheer reason why successful entrepreneur believes extremely in themselves.
You have got to believe me, you can’t and won’t achieve any success in life let alone in business if you don’t have a strong sense of self.
Every successful entrepreneurs I know are folks who extremely and passionately believe in the purpose to which they serve.
I have a friend in Emeka Nobis, Simeon Taiwo, Abraham Ologundudu, Dayo Samuel, Speaker Samson Egbums, Stephen Michael, Esohe Igbinoba, Akinyemi Akintolu and my mentor, Najeem Akinwande and these folks are people who have showed time and time again the power of self.
They are folks who every fibre of their beings radiate and communicate self-confident and self-motivation, which is also the most important traits of entrepreneurship.
A man who is confident and strongly motivated is a dangerous man. He is dangerous in the sense that he would most times do things that people think and deem unreasonable and unfeasible.
So you might ask, “But Sam, just how confident are entrepreneurs?”
Well, I’d tell you simply that entrepreneurs are extremely self-confident. They are believers and they believe that there’s nothing they cannot do and achieve. A study by the Ewing Marion Kauffman Foundation on behalf of LegalZoom confirms whatever doubt you may already have about the aforesaid ideas, “91% of entrepreneurs are confident that their businesses will be more profitable in the next 12 months.”
Now, that is explosively, right?!
Show me a man who absolutely believe in HIMSELF, works diligently to actualize his DREAMS, not caring about NAYSAYERS, but consistently showing up to build his dreams and I will show you a man who will dine and wine with SUCCESSFUL moguls and cream of the crop of great conglomerates.
5: Receptive to learning – Successful entrepreneurs are lifelong learners! They don’t shy away from the fact that it is important that they grow their knowledge base about their industries.
Successful entrepreneurs are people with keen insights and they are almost always ready to unlearn in order to relearn what they think or actually know.
I have always read, been told and have always believed in those ingrained words “Readers are Leaders” that I have spent the most of my time buying, reading and studying books.
And you can almost trust that these books have sure helped in carving the ME that you’ve read about and that penned skilfully this work of art.
To be an industry leader, you have to stay sharp and on top of your game always. You must not give people the reason to want to doubt you or your business. And to achieve this means to embrace constant learning.
The industry evolves and is an ever changing game – only those who constantly groom their minds have the chance at staying ahead.
In my industry, there are many people who comes out of the blue to claim that they are the next big thing. They buy a cheap domain, get a cheap hosting (some are even hosted by friends), install their blogs and of course steal contents online only to rehash and serve them to online consumers.
It’s such a shame!
But trust me this is what happens almost all the time. It’s why we have more than 163 million blogs on the internet today and with amateurs who knows next to nothing about the trade but parades the web claiming what they are not. I call them charlatans!
The distinguishing factor however between you and these folks would be your acquired knowledge, even those knowledge you have amassed over the years of running your own successful business.
We have said you need to stay ahead of your competitors and by staying ahead we simply mean that you have access to information; information about your industry at your fingertip.
Oh yes! You also need to build your capacity, that is, your reservoir of knowledge such that when you are tapped off your sleep to share tips of achieving success in the niche in which you fill, you won’t have to break a sweat sharing your heart out.
To however get to this standard, you will need to be an avid and voracious consumer of books. Be sure to wake up very early in the morning to read industry news.
Whatever you do make sure you are constantly evolving and growing by learning and absorbing new information.
I have often said that the difference between you and I is simple. The difference between myself and you is simply the amount of information we are exposed to.
Be hungry for information!
6: Network like crazy – Another powerful ingredient of highly successful entrepreneurs is their ability to network.
Successful entrepreneurs are networkers!
They understand that their network is tantamount to their net-worth and hence, they do all it takes to meet and build long and lasting relationships with people.
While many people believe in making fliers and business cards to grow their networks, I am of the opinion that these are not strategies capable enough to help build a formidable business.
To build a formidable business that is centred on value-creation means to put yourself and voice on the line. By putting yourself and your voice on the line, I simply mean to be ready and stay consistent in sharing valuable content that will benefit people as to help them get from one level to another.
The question that begs an answer would be, “But how do I build a network?”
It’s pretty simple trust me!
Make a list of 3 social networks that you frequent on.
Determine the amount of folks you’d be able to message in a single day.
Craft out a friendly template message you’d want to send out to these folks.
Make sure that you stay online to follow-up with them.
Keep exchanging HIs and pleasantries.
Greet them on their special days.
If they have a weblog, visit, read, comment on it and share it on your timeline.
Repeat and rinse.
You will be shocked at the kind of response and growth you’d get by simply staying committed to these routine.
I do this often and I can beat my chest to tell you that I have gain a whole lot from practicing the above strategies.
Are you scared of not being able to craft a template to roll out to these people?
Hi [name of your prospect]
My name is [insert your name here], and I am a [your job description and what you do to help people].
I noticed we’ve got some things in common, like some of your friends are my friends and I have taken my time to peruse leisurely some of your works and I have found them extremely useful.
By the way, the points you shared the other day about seven traits of highly successful entrepreneurs are pretty awesome. That was such a resource! You know, I simply wanted to share and like that over and over again. That’s to tell you how much I loved it!
You see, [mention their name again – it makes them feel you really know them and they want to feel at home with you], I’d love to be friends with you and to of course learn from your reservoir of knowledge. Common you are just too loaded!
I hope to connect with you on a much deeper level. If that sounds like fun for you, we could always catch up here sometimes. And hey, should you need help on designing almost perfect graphical representations or websites, I am only a CALL away. 🙂
And here’s where I’d hang my words and anticipate your response.
[Insert your name]
Okay, I really hope that was helpful?
Well, I am sure you noticed the succinctness of the text and its straightforwardness and of course its friendliness. You want to make sure you sound as though you’ve known this person all week or months long.
Also, you want to make sure you make them feel good. You know how people get when they are talked about in some ways that makes them feel important. I know I always have this feel-good-feeling when I get such reactions or compliments from fans of my works.
Really, whatever you do, just make sure you are networking with people as they have the susceptibility to help you grow and accelerate your income in record time.
7: Learn to promote and sell – You are not an entrepreneur if you have not learn and master the art and science of promoting and selling your ideas.
Have you seen the TV show Shark Tank recently?
If you have then you must have heard Mark Cuban insistently telling entrepreneurs on countless times that knowing how to sell is an absolutely essential part of being a successful business owner.
Actually, the man was right on the head without questioning! 🙂
My friend, I will put it to you straight that you are in for a rough ride if you cannot express in simple term what exactly it is that makes your product or service a solution to the problem people are seeking.
So what I am saying in essence is that you need to be able to explain to people what you sell as the one with the grander vision else nobody will do that for you and what that means is that you’d go broke and eventually quit your business.
And that’s not fair on you or is it?
You know, there were times in my life as an entrepreneur when I was all too scared to share about me or my business, that is, what I do to help people.
And then I suddenly begin to see people share so much about themselves and what they do to help people on my Facebook News Feed.
What, are these people crazy?!
I got this way but common these people are liked, trusted and people buy from them almost every time they have a new product to sell out.
Now that’s cool!
So I set out myself to weave and craft out words about myself; I shared everything from how I lost momma to becoming an orphan boy, how I threw myself away in the bid to later in life find myself by leaving home to work different odd jobs, you know I shared pretty much about everything about myself online and sometimes offline via speaking engagements.
Some people feel pity for me.
Some don’t even care.
And some others just contacted me to hire me outright seeing that I was proficient at weaving out words from nowhere.
Plus my skills as a WordPress developer and graphics designer enabled me to get hired, which also affords me the opportunity to pay my bills and send myself through college.
You can do this too if you really want to.
It’s simple but it sure takes a lot of guts and ability to stay consistent at sharing your discoveries and current knowledge with people that makes up your online tribe.
That’s it and you’d be on your way, on a roller-coaster for sure, to building a thriving online business and be able to accelerate your income in just 6 weeks.
Now, that’s my 7 Essential Traits of Highly Successful Entrepreneurs. They are the exact same thing that has stood me out all these years of running my own successful online business.
If you do have questions, please do not hesitate to fire them in via the comment section of this webpage. I’d be willing to answer your doubts for you. Do have fun over there! 🙂