Success Strategies

5 Qualities Of Successful Entrepreneurs

Brian Tracy shares the top five traits that all entrepreneurs must have to succeed.
5 Qualities Of Successful Entrepreneurs
Image credit: Getty Images | Ezra Bailey
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Are there certain qualities that all successful entrepreneurs share?

After years of personal experience and coaching, I’ve discovered that entrepreneurs share very similar qualities that make them successful. Fortunately, all of these qualities can be learned. It is up to you to carefully examine your strengths and dedicate yourself to learning them.

How do these traits match up to your own?

1. Self-Discipline

The first trait that all successful entrepreneurs must possess is self-discipline. Self-discipline is the single most important quality for success in life and business. If you can discipline yourself to do what you should do, whether you feel like it or not, your success is virtually guaranteed. Self-discipline requires self-mastery, self-control, self-responsibility, and self-direction.

The difference between successful entrepreneurs and failures is that successful entrepreneurs make a habit of doing the things that failures don’t like to do.

What are those things?

The things that failures don’t like to do are the same things that successful people don’t like to do. But, successful entrepreneurs do them anyways because they realize that this is the price they must pay for the success they desire.

2. Integrity

The second trait that all successful entrepreneurs must possess is integrity.

Perhaps the most valued and respected quality you can develop is a reputation for absolute integrity. Be perfectly honest in everything you do and in every transaction and activity. Never compromise your integrity. Remember that your word is your bond and your honor is everything when it comes to your business. All successful business is based on trust.

Your success in becoming an entrepreneur will be determined solely by the number of people who trust you, are willing to work for you, give you credit, lend you money, buy your products and services, and help you during difficult times. Your character is the most important asset that you develop in your entire life, and your character is based on the amount of integrity you practice.

3. Persistence

The third trait that all successful entrepreneurs must possess is persistence. Persistence is the iron quality of character. Persistence is to the character of man as carbon is to steel. It is an indispensable quality that goes hand in hand with all great success in life.

Here is one of the great secrets to persistence and success: Program your subconscious mind for persistence well in advance of the setbacks and disappointments that you are going to have on your upward quest toward success.

Resolve in advance that you will never give up, no matter what happens.  The courage to persist in the face of adversity and disappointment is the one quality that, more than anything, will guarantee your success.

Your greatest asset can be your willingness to persevere longer than anyone else. In fact, your persistence is a true measure of your belief in yourself and your ability to success.

4. A Clear Sense Of Direction

The fourth trait that all successful entrepreneurs must possess is a clear sense of direction.

Because of the turbulence and rapid change in today’s marketplace, most business owners have been reduced to operating day-by-day, almost like firefighters.

They are totally preoccupied with short-term problems and the need to get short-term sales and profits. They intend to spend more time thinking and planning for the future, but they don’t ever seem to get around to it.

This is not for successful business owners. You need to set clear targets for yourself and for every part of your business. In fact, perhaps your most important responsibility to your people is to give them a clear sense of direction in their work.

5. Decisive And Action Oriented

The final trait that all successful entrepreneurs must possess is being decisive and action-oriented. They must think and make decisions quickly. They discipline themselves to take action and to carry out the decisions they have made. They move fast and they get quick feedback from their actions. If they find they have made a mistake, they quickly self-correct and try something else.

The key to triumph is for you to try.

Successful people are decisive and they try far more things than other people do.

If you try far more different ways to be successful, the odds are that you will eventually find the right way for you, at the right time.

Those are my top 5 traits that all entrepreneurs must have to succeed. Now I have a question for you:

What traits do you feel every entrepreneur MUST have to be successful?

If you want to learn more about the path to wealth, download my free report, the Way to Wealth here.

Brian Tracy is Chairman and CEO of Brian Tracy International, a company specializing in the training and development of individuals and organizations. He is the top selling author of over 70 books, including Eat That Frog, a New York Times Best Selling book. In addition, he has written and produced more than 500 audio and video learning programs, including the worldwide, best-selling Psychology of Achievement, which has been translated into more than 28 languages.