The Qualities All Successful Entrepreneurs have

With Josephine Paris

The Inspiration Coach

​Have you been considering starting your own business, but are worried that you don’t feel like you have the traits that you see in Oprah Winfrey or Elon Musk?  You may be overlooking some of the more subtle characteristics that all entrepreneurs need to be successful.  The Inspiration Coach, Josephine Paris, works with entrepreneurs to help take their businesses to the next level.  She shares which qualities she thinks all successful entrepreneurs have, and how you can work on developing these during your entrepreneurial journey.

Open-mindedness and optimism

​Being both open-minded and optimistic means that a person is open to any opportunity, but also can see the potential positive outcome of that opportunity, no matter how small, where others can’t.  However, even for people who are typically positive, the ups and downs of entrepreneurship can take a toll on someone’s spirit.  So how can continued positivity be generated during the down times?  Josephine suggests reminding yourself of the benefits of being a positive thinker.  “Ask yourself when in your previous successes did positive thinking help you towards your goal and purpose?  On the flip side of that, think of a time when you were feeling pessimistic, or in a negative spiral.  Did it serve you and your purpose well?  What was the added value of having pessimistic thoughts

​The challenge entrepreneurs face is not only having these characteristics, but staying open-minded and optimistic when times get tough in business.  This is why resilience is so important.  “Resilience is a skillset that helps you navigate negative experiences,” Josephine explains.  “Resilience is important in any career, as there are so many daily distractions that make you lose your focus.”  As an entrepreneur one email signalling a lost client can negatively change your day and be a huge disruption to your mood.  “But having the coping skills to bounce back when things go wrong or mistakes are made can set you up for future success.”

​Good communication skills

Many people think that the key to launching a successful business, is keeping the project in ‘stealth-mode’ and not telling anyone about their idea until they're ready.  However, you'd be surprised how useful it can be to share and brainstorm ideas with other entrepreneurs, mentors and business leaders, so it’s important that you can communicate the premise of your business to take advantage of these opportunities.  “Entrepreneurship can also be lonely,” says Josephine.  “Think about joining a collaboration group or a workspace that cultivates a network.  Finding a co-founder can also be an option.”  Working with others can be good for your communication skills, and this sociability and support can help to drive your business forward. ​

Good communication can help you work on proving your business concept, but also when it comes to selling your services or product.  Sales skills are a combination of talking and listening, which don’t come naturally to many people.  Some people are also uncomfortable with the idea of ‘selling’, but think about it this way - no one else will care about your business as much as you do.  So use that passion and reframe the idea of ‘selling’ into ‘informing’.  By listening to your customer’s problems or needs, you can ‘inform’ them on how your product or service is going to help them.  “In practical terms, it’s also expensive to hire for this skill set in the early days of business,” says Josephine.  So whether it’s with your fellow entrepreneurs or customers, get chatting!

Organised and analytical

In any day of an entrepreneur, a lot can be happening within different elements of the business, and being able to multitask is a useful talent.  But multitasking is not just switching from one job to another.  It requires great organisational skills to know what needs to be done at what time point, and what the follow up task is.  In the early days of a business when there may be only one or two people accountable for all roles, there’s no one else to pass the blame to when a task is forgotten or a mistake is made.  You thankfully don’t have to keep all your to-do lists in your head or on missing scraps of paper nowadays.  With Asana, Trello, Wunderlist and many more productivity apps it’s never been easier to stay organised! 

Organisation is also important as a motivating factor.  “Many entrepreneurs work alone, and being organised can provide the discipline necessary to stay focused in challenging times,” says Josephine.  “You are setting your own rules, and no one is holding you accountable to following through.”  At these times it can be useful to set yourself some structure and guidance to help you adapt to being your own boss.  

“People who are organised, tend to be more analytical in their thinking,” says Josephine.  “This is important in business as analytical skills are necessary to figure out what’s working and what’s not based on the numbers.”  As many entrepreneurs will tell you, a gut feeling for business direction can help with many big decisions but the numbers don’t lie.  Get in the habit of checking the metrics that matter to your business (revenue; profit and loss; user numbers etc.) to stay up to date with the health of your business.  

Take a Risk

Overall, as an entrepreneur, it's important to be a risk taker.  “With a positive mindset and a high level of optimism, you are more likely to have an appetite for risk,” says Josephine.  “An entrepreneur can often see a potential positive outcome more readily than the ‘average’ person.”  However, being bold, and taking risks is still scary.  “Some people don’t want to take the risk of being vulnerable so publicly,” Josephine explains.  Therefore it’s important to ask yourself how comfortable you are with taking a risk with your idea, and also what level of risk you can commit to.  In the end, starting a project comes down to courage, regardless of whether the idea will work or not.  Courage can be developed through coaching, researching further the idea and gaining advice.  For those who are hesitant, Josephine reminds us that it is important to be mindful of imaginary barriers.  “Ask yourself: ‘is this really an obstacle?’  Putting up imaginary roadblocks can be a form of self-sabotage.” 

“As a coach, I will tell you that anything is possible!”  Josephine says.  “But some of the characteristics that are typically exhibited by entrepreneurs are innate, while others can be developed.  For example, staying open minded and having a positive spirit tends to be innate in character.  A person who wants to be more open-minded or change their perspective can reframe their mindset with coaching, and these qualities can be developed over time and with exposure to different environments, but changing this mindset will be an ongoing effort.” 

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“An entrepreneur can often see a potential positive outcome more readily than the ‘average’ person,”  says Josephine.  However, being bold, and taking risks is still scary.

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​Focus on Your Version of Success

As well assuming self-employed people may have certain entrepreneurial traits, we have also become accustomed to seeing accomplished business owners as being the ones that are overnight successes, when in reality it can take years for even the best ideas to gain traction or become profitable.  For all entrepreneurs, a personal measure of success can help to eliminate outside noise and unsolicited feedback from people telling you what stage they think your business should be at.  “Success is not only material, or a figure to achieve,” explains Josephine.  “What success means completely depends on the individual.  Some people are really attached to outside validation and it helps them to thrive.  These people are also always seeking self-improvement, which can mean they are more self-critical.  However, other people find that the opinions of others doesn’t matter, but sometimes these people can less open to feedback that might actually be valuable.”  Neither approach to success is right or wrong, but it’s useful to acknowledge any blindspots in our thinking and work around it.

To maintain your best entrepreneurial qualities and avoid external distractions, Josephine suggests taking a holistic approach to viewing yourself.  Think about your values, and what these looks like.  Then consider your purpose, why this is important to you.  Finally, think about how you can incorporate your values and purpose into your business and execute this vision. 

​“If you can find enjoyment in all three elements then this can maintain you and keep you going in the long run”, says Josephine.  “Taking this perspective can give you a well-rounded approach to your enjoyment.  If you enjoy what you do, you’ll keep going, get better at it and therefore gain the rewards. The level of enjoyment informs what you are doing and will provide the fuel for your passion and purpose.”

have You Got What It Takes?

​“People see entrepreneurship as exciting and fun, but actually there is a great deal of discipline required,” says Josephine.  Entrepreneurship is not for everyone, but it’s important that we all take charge of our careers as if we are working for ourselves.  So even if you don’t see yourself launching your own enterprise, there are definitely some traits suggested here that can benefit you in the workplace.  If you’re seriously considering starting your own business, ask yourself about how you are going to sustain yourself, have balance in your life and more importantly if you are going to enjoy it before you take the leap.

Check out some more business-savvy advice from successful female entrepreneurs:
"Essential Tips for Running a Business" 

Josephine Paris

A Business Coach based in Hong Kong. Josephine has an international career spanning over 11 years in Marketing and Communications in the retail industry in both the USA and the UK including 7 years being an entrepreneur in Business Coaching & Marketing in Asia.