What sets successful entrepreneurs and their million-dollar companies apart from the pack?

A few characteristics.

And today, I’m going to tell you exactly what characteristics make for successful entrepreneurs.

Ready to dive in?

What is an entrepreneur?

Put simply: 

An entrepreneur is someone who has come up with and sells an innovative idea that solves a problem. 

Some of the most successful entrepreneurs include:

• Mark Zuckerberg (Meta)
• Elon Musk (Tesla)
• Jeff Bezos (Amazon)

But an innovative idea doesn’t always have to be a revolutionary one.

For example, Sara Blakeley launched a multi-million dollar line of shapewear (Spanx)…

…While Ben Chestnut launched the email platform Mailchimp.

The truth is: 

An entrepreneur can sell anything, including: 

• Services (like consulting, coaching, or freelancing)
• Informative products (like ebooks or courses)
• Physical products

What kind of entrepreneur you are depends.

Solo entrepreneurs run a one-person business; single founders run a team; and co-founders launch a business with someone else.

Keep reading to learn about the four types of entrepreneurs.

The different types of entrepreneurs 

Entrepreneurs launch and run four types of businesses:

• Small businesses, which have a revenue of up to but no more than $35.5 million, according to the Small Business Administration.
• Scalable startups, which are businesses that grow fast thanks to funding.
• Large companies and corporations, which have millions, billions, or even trillions of dollars in revenue each year.
• Social entrepreneurs, who run a for-profit business that works to have a positive impact on social issues or the environment.

There are also four categories of entrepreneurs to be aware of:

• Product-fixated entrepreneurs are focused on the product. For example, Apple founder and iPhone creator Steve Jobs was product-fixated.
• Explorer entrepreneurs are focused more on the problem than the scalability of the business and often join new ventures.
• Crusader entrepreneurs are focused on a company’s long-term mission. Ben and Jerry’s co-founders, Ben Cohen and Jerry Greenfield, are great examples of this. They wanted to improve their customers’ quality of life.
• Captain entrepreneurs are focused on the people. 

You can learn more about all of these types in this guide.

So, what traits make for the most successful entrepreneurs? 

You’ll find out in the next section, so keep reading!

10 key characteristics of very successful entrepreneurs

Entrepreneurs are a lot of things – resilient, creative, and passionate, just to name a few.

But they need specific characteristics to be successful.

And here are ten of the most important characteristics of successful entrepreneurs.

1. Willingness to fail 

The number one fear I see in new entrepreneurs is the fear of failure. 

Yes, even the most successful entrepreneurs are afraid of failure.

But here’s what sets them apart from less successful entrepreneurs.

They know that if they build their business with a mindset of “How will this work for me” rather than “Will this work for me,” there’s no reason they can’t be successful. 

So failure is part of building a business. 

When you use it to grow and build your resilience, you’re much closer to success.

Personally, I failed many times before I found success.

2. Discipline  

Successful entrepreneurs show up consistently, even when they don’t feel like it.

They know that they could be waiting forever if they sit and wait for inspiration or motivation to strike.

So, they approach building their business like a job from day one.

For example:

You might establish a strong morning routine that gets you excited to show up to work on your business every day – even if you only have a few minutes to do it.

3. Taking action

I can always tell who will be a successful entrepreneur by how they take action.

People who take a bit longer or find excuses won’t be hugely successful entrepreneurs.

For example, if a student asks for feedback or guidance on landing a client, I might suggest they talk to three potential clients in the next week.

If they come back and say that they didn’t get around to it, they’ll likely not find great success.

But if they took the feedback and built on it – for example, they talked to ten potential clients even if they were doubtful – it’s safe to say they’ll succeed.

4. Optimism

Successful entrepreneurs can focus on everything they’ve achieved instead of what they haven’t.

Let’s say you set a goal of making $10,000. (Which can feel impossible when you start with nothing.)

But if you focus only on what you don’t have – how much money you haven’t made – it’s easy to get discouraged.

The most successful entrepreneurs reframe the narrative and look at everything they’ve done.

“I built my business from nothing and have made $2,500!” sounds more positive than:

“I’ve only made $2,500 and still have $7,500 to go,” right?

5. Open-mindedness

One of the most important traits I look for in successful entrepreneurs is a sense of open-mindedness. 

What do I mean by that?

The most successful entrepreneurs know what they don’t know. 

In other words:

They know they don’t know it all and are open to learning.

This kind of learning continues even after you’ve found success. 

Entrepreneurs who succeed know that they’ll discover something new to learn at every new level they reach. 

So you have to be open to learning those things until you reach a point where you don’t want to grow or are at a good stopping point.

I talk more about it here: 

6. Perseverance

Persevering, even in the face of mistakes or failure, makes for highly successful entrepreneurs.

The truth is:

The most successful entrepreneurs have failed at least once.

But they think about how to make it work for them rather than whether or not it will work.

So, focus on what you can control: 

Where you are in your business and what’s next. 

By tailoring advice to and finding new solutions for your unique situation, you’ll find success no matter what.

You can learn more about the importance of perseverance in my guide to thinking like successful entrepreneurs do.

7. Curiosity 

Successful entrepreneurs never stop learning or asking questions.

Curiosity fuels innovation and problem-solving so you can build the best business possible. 

It also helps you better learn about and understand the needs of your customers, which will drive satisfaction and loyalty.

Most importantly, curiosity helps successful entrepreneurs build their resiliency so they can better: 

• Embrace change
• Change their strategies
• Solve problems effectively

So stay curious. Talk to your clients, check out forums relevant to them, and ask for feedback. 

Then, use what you’ve learned to improve your product.

I talk about curiosity in a deeper way in this video: 

8. Adaptability

The most successful entrepreneurs turn whatever they’re going through in their lives into something that fuels their business.

They don’t strive for perfection. Instead, they know that imperfections make for a better business.

Adaptability has been crucial to my success.

I use the good in my life to make things better.

And I turn the bad into something good by working through it and making it a teachable moment. 

I ask, “What do I need to learn, and how?”

Once I’ve done this, I use that new knowledge to fuel my business.

Learn more about adaptability in this video.

9. Taking calculated risks

Successful entrepreneurs aren’t afraid of taking risks because they drive innovation and growth – after all, no risk, no reward, right?

But they’re calculated risks. 

Research has found that people who take big risks actually have lower sales than people who are a bit more risk-averse.

I am very risk-averse but have still found success.

For instance, I didn’t just quit my 9-to-5 and build a business.

Instead, I chose a relatively risk-free business model and built it while still working full-time.

To this day, I always make sure to minimize my risk – because I’m the one responsible for my business. 

10. Setting boundaries  

Successful entrepreneurs know when and how to set boundaries. 

In other words:

They consciously decide not to let their business take over their lives.

I worked nonstop during my first two years – but it was okay because I knew why I was doing it.

I established boundaries around year three when I was more comfortable. Now, I sign off at 5 p.m. and only work on weekdays.

The key to setting boundaries is knowing what phase of your business you’re in, how much you want to work, and your goals.

Learn more about setting boundaries in this video: 

Keep reading for a few tips for becoming a successful entrepreneur!

4 proven tips to improve your entrepreneurial skills

Here are four tried-and-true tips for becoming a successful entrepreneur:

●      Listen more: Proactively listen to people! To this day, I speak with as many people as possible to find out what they want, their hesitations, and how I can help them. Feedback helps me create the best product possible.

●      Obsess over details: Successful entrepreneurs put themselves in the customers’ shoes. What is their experience with your business, from your website to your product? This will help you start noticing the little things that will make a world of difference. 

●      Have a clear vision and goals: You don’t need a big vision to be successful – you just need to know what motivates you. What are you working toward, and what’s driving you? 

●      Focus on people: When you focus on people instead of things like money or marketing, you’ll create products that solve a problem. For example, if I made a course just for the money, I would end up selling a product that didn’t do much. But by focusing on the people I wanted to help, I was able to create a course that actually helped them reach their goals.

You can hear more about these tips in this video: 

Next steps 

There you have it.

Now you know the top 10 characteristics that all successful entrepreneurs share.

Even the most successful entrepreneurs have to start somewhere. Entrepreneurship is a skill you learn.

How? 

Get my FREE blueprint that shows you how to build your own 6-figure online business: 

Read more:

How to Become an Entrepreneur Without an Idea

How Many Americans Are Self-Employed?

Top Mindset Habits of Successful Entrepreneurs