What Makes a Successful Entrepreneur?

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Photo: Chesney Bradshaw

Yesterday, I was talking to a few entrepreneurs in a creative space along the False Bay shoreline. The conversation made me reflect on what really separates entrepreneurs—those who turn their dreams of opening a business or studio into reality—from those who simply dream. This is my personal list of essential entrepreneurial traits. It’s not gleaned from the internet or generated by AI. I don’t expect you to agree with it entirely—that would be ludicrous—but I offer it as food for thought, especially if you’re excited about starting your own entrepreneurial venture.

1. Great Ideas That Resonate with the Market

Entrepreneurs come up with ideas that seem perfectly suited to their target market. Often, these ideas are surprisingly simple. In fact, a combination of mundane ideas often works better than an overly elaborate one. Take, for example, a business that combines cereals and coffee shops. I came across this recently, and while the concept might sound ordinary, it’s brilliant. Everyone eats breakfast cereals, especially in a busy city, and coffee is a staple for many people in the morning. Sometimes, it’s the straightforward ideas that succeed.

2. Domain Expertise

Domain expertise is crucial. While the term might sound fancy, it simply means having a skill or quality that makes you stand out in the marketplace. For example, if you want to open a florist shop, you need experience and knowledge in the floristry business. Floristry is a specialized field requiring an understanding of floral design, the characteristics of various flowers, and stock rotation. Look at your own background—what skills do you possess, which ones do you enjoy, and how can you leverage them for profit?

3. Strong Promotion Skills

Promotion is crucial for any business, whether it’s a physical store or an online shop. Some entrepreneurs excel at self-promotion, while others struggle. Promotion includes not just advertising but also building networks and connecting your business with other stores or larger commercial groups in your area. If you’re not great at promoting yourself or your business, have the common sense to find someone who can help.

4. A High Tolerance for Hard Work

Entrepreneurs must have a high tolerance for hard work. Every venture, whether it’s a retail shop, a studio, or an online advice business, requires constant attention and effort. I noticed an owner of a small entrepreneurial business yesterday who looked exhausted after a long Saturday. She was about to close her store at 6 p.m. after dealing with customers and quiet periods throughout the day. Managing a business requires significant stamina. The dream of a one-hour-a-day website business is far from reality.

5. Honesty

While entrepreneurs are often known for talking up their businesses and making big promises, honesty is essential. Dishonesty doesn’t pay—it leads to the loss of staff, customers, and trust. Honest entrepreneurs are realistic about what their products or services can do, they honor their promises, and they treat people with integrity. In today’s world, where cutting corners can seem tempting, honesty remains a cornerstone of lasting success.

This is my list of five essential qualities that entrepreneurs possess. Of course, there are many more, but these are the most critical. Before you dive into a new venture, consider these traits and rate yourself on them. Remember, if you lack a particular quality—like self-promotion—you’ll need to bridge the gap to succeed.

What do you think? Do you agree with these qualities, or would you add others? I’d love to hear your thoughts. Let’s start a conversation.