Myth Busted: Entrepreneurs are NOT actually risk takers

Entrepreneurs are often mislabeled as “risk takers,” while in reality the most successful ones make calculated and mindful decisions. This sense of purpose and deliberation comprise a few of the qualities that differentiate successful entrepreneurs from the average risk taker.

A risk takers’ biggest mistake is depending too much on chance. Too often, they lay everything on the line, and thus significantly fail, sometimes without the means to pick themselves back up.    

In our experience, the difference between a risk taker and an entrepreneur is that the latter create innovative ways to reduce risk. In fact, they actively avoid risk and are dedicated to planning every small step to achieve their goals.

Tell-Tale Qualities of a Successful Entrepreneur

Here’s a cohesive list of characteristics that make an entrepreneur successful:

  1. Ambition. They are always on the lookout for the next inspiration
  2. Effective manager of time. Many entrepreneurs are juggling multiple projects at once
  3. Delegation is key. They know that success doesn’t come alone
  4. Confident and self-assured. You’re taking a chance on yourself, so you better believe you can accomplish your goals.
  5. Socialable and well-liked. It’s a truth of the trade. You have to be the person other people want to work with.
  6. Thick-skinned. You will fail many times before you hit the jackpot.
  7. Creative thinker. Not every idea is original. Many entrepreneurs leverage an existing service or product, and make it better.
  8. Solid communicator. Wasting time because of poor communication is not a luxury an entrepreneur can afford.
  9. Knows when to step away. From the computer, from a project … a smart entrepreneur knows when to take a break and recharge.
  10. Proactive. No one will seek your service or product out in the beginning and it’s up to you to make your voice heard.

It’s important for any business owner to take these aspects into consideration—no matter what type of business you run. Keeping these tidbits in mind may help you become a better owner, leader and entrepreneur along the way.