Highly successful people – Navy SEALs, Olympians, top physicians, famous musicians, and entrepreneurs alike – display certain traits that set them apart from the rest. They exhibit a strong work ethic, stick to strict training regimens, and prioritize their goals above all else.
They have the courage to venture into uncharted territory, despite risking failure in the process. They take calculated risks that are well-thought out and can help them move forward in their field.
1. Passion
Passions are important to a businessman because they allow them to align their work with their personal values and create a sense of meaning. They also help them stay motivated during difficult times and ensure that their employees share the same passion for their company’s products or services.
To find your passion, try experimenting with different activities or experiences that pique your curiosity. Notice which ones make you lose track of time and leave you feeling energized and fulfilled. This is a sign that you may be on the right track to finding your passion.
Strategic thinking is another trait of a successful businessman. They recognize their goals and take steps to achieve them, even when the path is uncertain or the odds are against them. Think of Jeff Bezos and Elon Musk, who have used their innovative business tactics to upend their industries.
2. Resilience
Resilience is an entrepreneur’s ability to bounce back from challenges and setbacks. It enables them to overcome obstacles and remain focused on their goals, even when faced with severe challenges.
It involves a combination of factors, such as optimism and hope, coping skills, emotional regulation, and interpersonal support. In addition, resilience can be fostered by practicing self-care, setting realistic goals, and establishing a supportive network.
Psychologist Edith Grotberg says resilient people believe that good things will happen to them, but they’re also realistic and accept that bad stuff may be thrown their way as well. She describes this as being an “optimistic realist” rather than a pessimist. Having a strong support network helps them deal with the stress of uncertainty and maintain perspective. They also learn to use effective coping strategies and develop their problem-solving skills.
3. Perseverance
Businessmen like Michael J. Mendes who possess this trait are able to endure the many challenges of building a successful company. They often work longer hours than average employees to achieve their goals. They also have the ability to overcome setbacks and remain motivated despite failures.
They view their failures as learning opportunities and use them to improve their strategies. This enables them to navigate uncertainties and make informed decisions that propel their businesses toward success.
They have the grit to keep going even when it feels impossible. Like a muscle, perseverance requires regular exercise to grow stronger. The more you practice it, the easier it is to overcome obstacles and achieve your goals. For example, a young student who fails an exam may need to study harder and try again. The more he tries, the more he learns from his mistakes.
4. Flexibility
Flexibility allows businesses to adapt to changing circumstances and seize new opportunities. For example, during the COVID-19 pandemic, flexible companies were able to adjust their operations and strategies quickly and effectively. Flexibility also encourages innovation. By being open to new ideas, businesses can discover new ways to improve their products and services.
It’s important to have financial flexibility as well. This is the ability to manage expenses and income, so that you have a reserve in case of emergencies. It’s also helpful to have the flexibility to decline clients or projects that don’t fit with your goals. This flexibility can help you avoid unnecessary stress and focus on growing your business.
5. Creativity
Creativity is the ability to generate new ideas and solutions. It is an essential part of business and can help you stand out from the competition, innovate and position your company for success.
Entrepreneurs who are creative thinkers can develop unique business solutions and develop compelling marketing campaigns that engage customers. They also have the ability to process complex information from multiple sources and make informed decisions based on both quantitative data and qualitative insights.
According to some theorists, creativity is not a mere ability but a disposition or trait. For example, someone might have the ability to learn Swahili, but if they never put this skill to use, we would not consider them creative (Gaut 2014a). Creative acts always exhibit psychological novelty, but they may not always exhibit historical novelty. This is why the best entrepreneurs are willing to take risks and think outside of the box.
6. Integrity
Having integrity is an important trait for business owners because it means being honest and following your moral compass. It can be challenging to run a business with integrity, especially when it requires sacrifices like refunding dissatisfied customers or accepting negative project feedback. But, doing the right thing is ultimately more beneficial in the long run.
It also helps to build trust and loyalty with clients, investors, employees and others. Leaders with integrity always err on the side of fairness and treat everyone equally regardless of age, race, gender, position or other differences.
Integrity is more than just honesty; it involves a full set of values and beliefs that guide your actions and decisions. It may be difficult to live with integrity all the time, but making small choices regularly can help you become a more dependable businessperson.
7. Leadership
In a world filled with Netflix binges, all-you-can-eat restaurants and SparkNotes, discipline is a rare and valuable trait. Successful business people have it in spades. They are able to think critically and creatively, diagnose problems and create effective solutions. They are also levelheaded in times of crisis and can rally their team members toward a common goal.
Leaders are able to communicate the company’s vision and goals, inspire their teams and provide them with the resources they need to achieve those goals. They are also able to develop and implement strategies that help them anticipate industry trends and customer demands.
Despite the popular perception that leadership is a trait inherent to those with certain titles or rankings within an organization, Northouse (2018) asserts that “leadership can only exist through influence and not authority” (p. 143). Leaders must understand how their different followers respond to motivational factors such as ambition, patriotism, boredom, self-doubt and love of the good and beautiful.
8. Communication
Successful business people are able to effectively communicate with others. They know how to convey information in a way that is interesting and engaging, which helps them inspire their teams.
They also understand the importance of communicating with their teams on a one-on-one basis. This allows them to bond with their team members and to get suggestions from them.
They are also able to speak the truth in a diplomatic way. This is especially important when they need to correct their opponents.
They also have the ability to use non-verbal communication, such as body language, facial expressions, and hand gestures, to convey their message. They also have a strong understanding of written communication, such as emails, letters, and text messages. They also understand the importance of visual communication, such as charts and diagrams. All of these things can help them to relay a message in a way that is easy to understand.
9. Accountability
Embracing accountability means willing to accept and incorporate feedback from others. It also involves proactively fulfilling relational responsibilities and demonstrating virtues like gratitude, forgiveness, and limitations-owning humility. It’s important to seek help from colleagues and mentors to make wise choices and solve problems quickly.
Being accountable means being committed to acquiring new information, abilities, and insights that will help you adapt to changing business settings and stay ahead of the competition. Successful businessmen value continuing education and are open to learning from their mistakes.
An ability to prioritize client demands, preferences, and pleasures demonstrates an understanding of customer-focused business strategies. Efficiently addressing these demands can boost productivity and overall company performance. Moreover, it can help reduce the risk of financial losses. An entrepreneur who possesses this quality is also likely to attract more customers. This is because they have a pleasing personality and can get co-operation from all sorts of people.
10. Self-Discipline
Self-discipline is the guiding compass that keeps entrepreneurs aligned with their ultimate goals and enables them to avoid distractions. It empowers them to prioritize tasks that propel them closer to success, despite the countless opportunities that promise immediate gratification.
It’s important to identify bad habits that undermine your ability to stay disciplined. For example, if you’re frequently late for meetings, procrastinate or make excuses for not meeting deadlines, you may lack the self-discipline to be punctual.
Identify role models who demonstrate discipline and learn from their experiences. In addition, IQ Matrix suggests asking others for accountability to help you develop the willpower to be self-disciplined at work and in your personal life. Ultimately, you can cultivate this trait by making it an intentional part of your daily routine. This will ensure you’re equipped to face challenges and overcome obstacles that come your way.
