What makes a successful entrepreneur?

By Mark Hinds, Charles Stanley Norwich.
Becoming a successful entrepreneur is no easy feat. It’s a goal shared by many but achieved by few - at least at the first attempt.
Published in UK Director Magazines Summer 2024

Financial Planning & Investments: Mark Hinds, Charles Stanley Norwich

Successful entrepreneurs are tenacious, and they can look positively on their experiences and move forward with determination.

Ten characteristics of successful entrepreneurs

Passion: Find an industry that truly aligns with your passions, hobbies, and values to do your best work and be successful.

Knowledge: With passion comes a good level of knowledge about the industry your business operates in, and the challenges you could face. 

Motivation: Life will become challenging and intense; passion or enjoyment typically make better entrepreneurs than seeking money or fame.

Creativity: Think ‘out-of-the-box’ to create and develop a business that truly stands out.

Leadership: Lead by example with your behaviours and values. Embed a culture and inspire, motivate, and bring others along on the journey. 

Communication: Whether pitching, negotiating, or leading, you have to convey ideas clearly and persuasively. Listen actively, give constructive feedback, and build strong relationships.

Financial literacy: In the early stages, managing cash flow and balancing the books is essential. Without the luxury of a chief financial officer, you’ll have to crunch the numbers.

Resilience: You need an unwavering commitment despite setbacks as there will be plenty of them! Remain focused on the long-term goal and trust the process.

Risk-taking: Don’t be afraid to take calculated risks. Don’t be afraid to step out of your comfort zone, pursue ambitious goals, and make bold decisions, even in the face of uncertainty.

Continuous learning and development: Successful entrepreneurs are lifelong learners. So, seek new knowledge, hone your skills, and stay up-to-date on industry trends and changes. It’s important to be aware of your strengths and weaknesses. 

Take courage

Some of these might seem off-putting at first, but don’t lose faith. The last point is the key to success in any walk of life: when you’re presented with a challenge, take it as an opportunity to learn and grow. Do your research and talk to others who have already walked the path ahead. Building a strong network of connections around you is an important element of this process.

It’s worth remembering that you don’t have to do it all yourself. Focus on the parts you’re good at and seek out specialist help where needed – this includes around your finances. Talking to a financial professional can help you plan your business and personal affairs more efficiently, increasing the chances of proudly carrying the moniker: ‘successful entrepreneur’.

The value of investments, and any income derived from them, can fall as well as rise. Investors may get back less than originally invested. Charles Stanley & Co. Limited is authorised and regulated by the Financial Conduct Authority.

What makes a successful entrepreneur? 1

GET IN TOUCH

Mark Hinds is Branch Manager and Senior Investment Manager at Charles Stanley Norwich. Contact our team to discuss the themes raised here or to find out how Charles Stanley could help you create a more secure financial future.

T: 01603 856932
E: norwichbranch@charles-stanley.co.uk
Or visit www.charles-stanley.co.uk

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