The Top 5 Traits of Successful Entrepreneurs Who Are Their Own Boss

Entrepreneurs come in all shapes and sizes, each possessing different skills, traits and personality characteristics that enable them to launch, operate and expand their businesses successfully. But those that succeed share certain commonalities that allow them to launch, operate and expand their businesses successfully. Tenacity is an invaluable trait that allows entrepreneurs to stay steadfast during tough times, seeing setbacks as opportunities rather than roadblocks. 1. Passion Passion: Successful entrepreneurs are deeply passionate about their work. From creating unique products or services, delivering much-needed solutions in their community or making positive differences for customers - their drive and love of what they do fuels this motivation, enabling them to remain committed despite obstacles along the way. Passion drives successful businesspeople forward no matter the challenge! Entrepreneurs also find satisfaction in their work. While not every moment may bring enjoyment, entrepreneurs typically find satisfaction from seeing how far their company has come and its impact on others. Unfortunately, such passion can sometimes lead to burnout so it is essential for entrepreneurs to prioritize physical and mental wellness in their daily routines. An easy way to determine whether or not you're on the right path is to consider where your passions intersect with your purpose. For instance, if reading is something you love while caring about helping people, starting a book club or bookstore might be just what's needed; or if painting has always been your passion but has never paid the bills could open one instead of trying for work at it alone. Passion can also help you tackle challenges associated with running a business. When faced with low sales or negative press, passion for what you do can provide the motivation necessary to overcome setbacks and move forward. Your enthusiasm can keep going even when creative blocks arise; passion gives your mind something tangible to focus on when meeting a demanding schedule and expanding a company. 2. Determination Entrepreneurship is a popular goal among Gen Y college grads and mid-career workers seeking change, yet not all possess the required skills for successful entrepreneurship. Determination is one of the key traits necessary for entrepreneurial success, especially during early phases of your business when working long hours is necessary to launch it. Additionally, self-discipline is also key. Setting deadlines, meeting those deadlines and keeping your business moving in the right direction are all part of maintaining success. Entrepreneurs that excel are also creative. They know how to take an existing, timeless or popular idea and find ways to distinguish it from similar products and services in the market - like how Sara Blakely of Spanx transformed her family's recipe for creating perfect fitting undergarment into an entire business line. Creativity can often seem like something you either possess or don't; but according to Michael Michalko's book Creative Thinkering, creativity can actually be learned and practiced - so if it's something you feel you don't possess naturally don't worry -- if anything if lacking this vital entrepreneurial trait just start saving - general advice suggests saving at least six months worth of living expenses before beginning to launch your business venture. 3. Resilience As an entrepreneur, having the resilience to recover from challenges is integral to your success. Being your own boss requires being able to navigate creative ruts or feelings of unmotivated stagnation while remaining productive and moving forward with projects. Being resilient when handling rejection from potential clients or investors also essential. Resilience, in physics, refers to an elastic material's ability to absorb shock without losing energy, while psychologically it refers to people's capacity for adapting and recovering from trauma and adversity stronger than before. Resilience can be understood as a complex phenomenon which depends on many individual, familial, and community factors. These include emotional regulation, stress-management and goal setting. Studies suggest that people who are resilient are adept at effectively managing their emotions by understanding what causes them and taking steps to alleviate feelings or stress management like relaxing techniques or practicing self-compassion techniques. Being compassionate toward themselves also aids them in dealing with life's obstacles in an effective manner. Even in the face of tragic loss, chronic illness, or financial burden, resilient individuals have an ability to remain hopeful that life will ultimately make sense and bring happiness in the form of identifiable contributing factors that are specific and temporary, while viewing obstacles as opportunities rather than threats. Being resilient doesn't mean avoiding trauma in life, but rather allows us to respond more positively and quickly when faced with difficult situations. While some individuals may naturally possess these skills more readily than others, everyone can learn how to build these resiliency abilities themselves. 4. Flexibility Becoming your own boss is the dream of many, yet few actually succeed at making this goal a reality. Being your own boss does not involve sleeping until noon every day or taking long vacations - being your own boss comes with lots of responsibility, and you must put forth effort in order for your business to flourish successfully. Successful entrepreneurs are adept at adapting quickly and flexibly to changes that arise within their businesses, such as if one product line fails. Being flexible also applies when integrating new technology. Entrepreneurs who excel are also creative thinkers who can look outside the box when it comes to solving problems and seizing opportunities in business. For instance, if customers complain that some flavors of your cupcake shop do not meet customer standards, an excellent entrepreneur would know how to adjust recipes or change ingredients as necessary in order to bring back customer satisfaction. Empathy is an essential trait of successful entrepreneurs; they need to be able to put themselves in other people's shoes when making decisions about their business. This is particularly relevant when dealing with employees and customers - empathy helps business owners understand when an employee might be struggling and provide support that will enable them to overcome any hurdles in life or business. Furthermore, empathizing with customers helps create personal connections while building trusting relationships between business and customer. 5. Confidence Entrepreneurship is becoming an increasingly attractive career option among Gen Y college graduates and mid-career professionals looking to branch out on their own. But not everyone should pursue it; prospective entrepreneurs should first make sure they can handle running their own business before taking that first step. Entrepreneurs must be confident, yet humble about their abilities. Additionally, it's essential that they recognize their own strengths and weaknesses so they can focus on the tasks that require more expertise while delegating those requiring less of their skills to others. Being confident means more than simply feeling good about yourself and your abilities; it also involves having a positive effect on those around you. Confident people tend to be assertive, not shying away from taking risks or challenging themselves with new projects and adventures. Furthermore, confident people use body language effectively in creating the impression of confidence; sitting up straight, making eye contact and smiling can all contribute to that impression of confidence. Confidence is essential in the world of entrepreneurship as it allows you to stay motivated when times get hard. Entrepreneurs typically put in long hours at first when trying to launch their businesses on firm ground, knowing that this sacrifice will pay dividends in the future. Becoming an entrepreneur requires hard work and requires significant investments of time and resources. While not suitable for everyone, those willing to stick it out through its ups and downs may eventually enjoy an abundant and fulfilling life of independence as their own boss.