Entrepreneurship is both a challenge and a great opportunity, being an entrepreneur necessitates a set of qualities. Successful Silicon Valley entrepreneurs, from Steve Jobs to Mark Zuckerberg, share similar qualities with one another. While some of these qualities are innate, others can be learned or developed with practice.
Curiosity - Successful entrepreneurs have a distinct personality trait that sets them apart from other organizational leaders: a sense of curiosity. An entrepreneur's ability to remain curious allows them to continuously seek new opportunities. Rather than settling for what they think they know, successful entrepreneurs ask challenging questions and explore different avenues.
Entrepreneurship is a process of discovery. Without curiosity, entrepreneurs can’t achieve their main objective of discovering new opportunities. Curiosity is the driving force of entrepreneurs as they inquire, pursue, and challenge the status quo, leading them to encounter valuable discoveries and innovations overlooked by other business professionals.
Persistence - Along with curiosity, entrepreneurs require the trait of persistence. They must be able to persevere in spite of fatigue or frustration of each failed opportunity. They are comfortable with the possibility of failing, and it doesn’t cause them to give up easily. Rather, they see failure as an opportunity to learn and grow.
Throughout the entrepreneurial process, many hypotheses turn out to be wrong, and some ventures fail altogether. Part of what makes an entrepreneur successful is their willingness to learn from mistakes, continue to ask questions, and persist until they reach their goal.
Adaptability - The nature of business is ever-changing. Entrepreneurship is an iterative process, and new challenges and opportunities present themselves at every turn. It’s nearly impossible to be prepared for every scenario, but successful business leaders must be adaptable. This is especially true for entrepreneurs who need to evaluate situations and remain flexible to ensure their business keeps moving forward, no matter what unexpected changes occur.
Decisiveness - To be successful, an entrepreneur has to make difficult decisions and stand by them. As a leader, they’re responsible for guiding the trajectory of their business, including every aspect from funding and strategy to resource allocation.
Being decisive doesn’t always mean being correct. If you want to be an entrepreneur, it means having the confidence to make challenging decisions and see them through to the end. If the outcome turns out to be less than favorable, the decision to take corrective action is just as important.
Team Building - A great entrepreneur is aware of their strengths and weaknesses. Rather than letting shortcomings hold them back, they build well-rounded teams that complement their abilities.
In many cases, it’s the entrepreneurial team, rather than an individual, that drives a venture toward success. When starting your own business, it’s critical to surround yourself with teammates who have complementary talents and contribute to a common goal.
Risk Tolerance - Entrepreneurship is often associated with risk. While it’s true that launching a venture requires an entrepreneur to take risks, they also need to take steps to minimize it. While many things can go wrong when launching a new venture, many things can go right. Successful entrepreneurs are comfortable with encountering some level of risk to reap the rewards of their efforts.
Great entrepreneurs come from all walks of life embodying the characteristics of successful entrepreneurs is about more than just a desire to make money. It is about the entrepreneurship spirit of “the pursuit of opportunity beyond the resources currently controlled”, of discovering innovative opportunities throughout their personal and professional lives.