Growing Your Business

12 Experts Weigh in on the Qualities that Make an Entrepreneur Great

1/23/2017

What makes an entrepreneur succeed? Accountants have a unique viewpoint when it comes to entrepreneurs – and some unique insight into what makes one individual succeed where others falter. We polled our professional accountant community to come up with some of the qualities that successful entrepreneurs share. These tidbits, combined with some wisdom from personalities and leaders in different fields, present a picture of a fearless, confident individual who is not afraid to think creatively or take risks.

Persistence, Even Through Tough Times

Entrepreneurs have ups and downs, just like anyone else; the main difference for a solo accountant or a new business owner is that there is not an established employer to fall back on. The ability to persist and stick out the lean times and working long hours is a must for those who want to succeed.

“Persistence makes a big difference. You're not going to have a ton of business overnight. You really need to be able to work hard, put in long hours, and follow through with what you promise.”-- Joshua Standley (DKK Accounting LLC)

“One of the easiest things to do is to do the work when you're fired up about the prospects of a new endeavor... but the core characteristic of entrepreneurs who actually "make it" is the ability to continue the work long after the emotion that got you started as faded.”-- Michael Henninger (Summit Consulting Group, LLC)

"Do. Or do not. There is no try." -- Yoda, Jedi Master

“It's hard to beat a person who never gives up.” -- Babe Ruth

Confidence

Confidence and believing you can succeed are required to take the plunge into becoming an entrepreneur in the first place. Sometimes all you start with is a dream – and the confidence that you can stay the course and succeed in your chosen field.

“In my humble opinion, the most important trait I see in a successful entrepreneur is confidence. Sadly, they are often mistaken by others as conceited.”-- Travis Tandy (Tandy Consulting)

“If you can dream it, you can do it.” -- Walt Disney

Willing to Take Risks

Walking away from the safety and security of an employer or a guaranteed paycheck is a risk – but one that often pays off for those willing to take the plunge. The most successful entrepreneurs are risk takers; often, that willingness to accept reasonable risk is the whole reason they were able to forgo the more conventional, safer approach in the first place.

“In order to be a successful entrepreneur one must be willing to fail, willing to look like a fool, and willing to risk everything. If a person isn't willing to fail, they won't "try" anything." -- Christi Bender (Christi Bender, CPA)

“If you’re not a risk taker, you should get the hell out of business.” -- Ray Kroc, founder of McDonald’s.

“Do not be embarrassed by your failures; learn from them and start again.” -- Richard Branson, Virgin Group.

“Risk more than others think is safe. Dream more than others think is practical.” --Howard Schultz, Starbucks CEO

Versatility

Being versatile and keeping an open mind allows successful entrepreneurs to consider multiple, sometimes unconventional, approaches to problems. That core personality trait leads to new discoveries, new solutions and a thriving business for those willing to follow their dreams.

“In my opinion, the most important trait is the ability to be versatile. Having the insight to adjust and grow is becoming more relevant because things are so fast paced due to technology.” -- Teszra Cody (One On One Tax and Financial Group, LLC)

“You shouldn’t focus on why you can’t do something, which is what most people do. You should focus on why perhaps you can, and be one of the exceptions.” – Steve Case, AOL founder

Most entrepreneurs share one or more of the above traits combined with a dash of creativity, an extra dose of sales smarts, and a willingness to dedicate themselves completely to success.

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Lee Reams II

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I am a tax and business news junkie who has spent the last 20 years developing and executing "best in class" word-of-mouth marketing campaigns for tax and accounting professionals. With TaxBuzz and CountingWorks we have taken that same commitment to quality content directly to the consumer. Keeping you up-to-date with the latest tax law changes, business growth tips and planning strategies to help you reach your best financial outcome.

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