Everyday Cheapskate: 8 Traits of Successful Entrepreneurs

People who can bring an idea to life are not particularly special. However, they seem to have some personality traits in common. Do you have what it takes to turn your talents into profits?

No. 1: Collaboration. At the top of the list of successful entrepreneurs is the ability to collaborate.

Successful entrepreneurs don’t assume they know everything. Through cooperation, they seek advice and counsel from others.

Those who can brainstorm, draw strength from others, delegate tasks, and build strong relationships will be more likely to click with customers, which will set them up for success.

No. 2: Self-realization. People who work for themselves place great value on the personal fulfillment they derive from being an entrepreneur. They love being their own boss and like to have control over their financial destiny. These people are constantly surprised that others are willing to pay them to do what they love. They find contentment and satisfaction in creating something valuable.

READ MORE: Everyday Cheapskate: A great recipe for a homemade cleaner for glass, countertops and floors

No. 3: Focus on the future. Solo entrepreneurs are good at both short- and long-term planning. They are just as likely to have a well-thought-out plan for the day-to-day running of their business as they are to have a roadmap of how to move from place to place to grow their business for many years to come.

No. 4: Curiosity. Good entrepreneurs always read and ask questions. They want to learn everything – from why a particular company failed to how to find, motivate and retain good employees. They are not afraid to try new things and take calculated risks.

No. 5: Technology literacy. Face it. Nowadays, if you’re not willing to learn how to operate and maintain an active website, participate in social media, and rely heavily on technology, you probably won’t be able to compete. Successful entrepreneurs demonstrate a “can do” attitude when it comes to gaining technological knowledge.

No. 6: Action-oriented. Successful small business owners are proactive and always stand out from the competition. They tend to focus less on the state of the economy, preferring instead to look at adversity as a much-needed kick in the pants that helps them move forward.

No. 7: Positive attitude. One of the most valuable personal characteristics of successful entrepreneurs is their positive attitude. Being around such a person is reassuring because their enthusiasm and excitement are contagious. A successful entrepreneur focuses on how to achieve something, preferring not to hear about all the reasons why it won’t happen.

No. 8: Imagination. Einstein said: Imagination is more important than knowledge. I won’t go as far as to say, as some people do, that if you can dream it, you can do it. However, I will say that the ability to visualize the future and how things might look is one of the most useful tools in a successful entrepreneur’s toolkit. An active imagination creates excitement and enthusiasm that can spur you to action.

Think you have what it takes to start your own small business? It won’t cost you a penny to start exploring!

Mary invites you to visit her at EverydayCheapskate.com, where this column is archived along with links and resources for all the products and services she recommends. Mary invites you to ask questions and comment on the Ask Mary page. This column answers questions of a general nature, but lists cannot be answered individually. Mary Hunt is the founder of EverydayCheapskate.com, a frugal living blog, and author of Debt-Proof Living.


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