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What Traits Do the Most Successful Entrepreneurs Have in Common?

What Traits Do the Most Successful Entrepreneurs Have in Common?
Credit: Nivens/Shutterstock

If you rounded up a group of successful entrepreneurs and put them in a room together, you might discover that they have many things in common – including certain personality traits.

Although there are no set characteristics that guarantee a person's success in business, many of those who take the entrepreneurial plunge share qualities like passion, a sense of social responsibility and a desire to help others, according to a 2015 study by U.S. Trust.

Here are some other personality traits exhibited by many entrepreneurs.

They have a reason for what they do. They've found the "why" that makes them soldier on through the ups and downs of being an entrepreneur.

"Successful entrepreneurs realize they can't do it all," said entrepreneur and author Ian Balina. "Rome wasn't built in a day; neither are great companies. The goal is to consistently solve problems each day, and over time those wins add up."

Those who have success in entrepreneurship are willing to be different, very quick, and very efficient in what they do, according to managing director at the Martin Trust Center for MIT Entrepreneurship, Bill Aulet.

"Once they choose what they are going to do, they execute with the skills of a Navy Seal," said Aulet. "The spirit aspect of this helps you to get the business going and continually innovate it, but it is the execution skills that make for sustained success."

Entrepreneurs must be able to lead an organization. This requires creating an inspiring vision that unites employees and external stakeholder – but they must also have clear and consistent values that are lived every day at the company, said Aulet.

An entrepreneur's business often consumes much of their life, and therefore becomes part their personal identity. Successful entrepreneurs often have a healthy – but not all-consuming – sense of pride in themselves and their business.

"[Entrepreneurs] have great pride in the success of the business, but not so much personal individual identification that it blinds them to what is best for the company," said Aulet. "The great entrepreneurs are able to get the greatest satisfaction with the success of the company rather than their individual relative power."

Jennifer Post

Jennifer Post graduated from Rowan University in 2012 with a Bachelor's Degree in Journalism. Having worked in the food industry, print and online journalism, and marketing, she is now a freelance contributor for Business News Daily and Business.com. When she's not working, you will find her exploring her current town of Cape May, NJ or binge watching Pretty Little Liars for the 700th time.