What Makes a Great Entrepreneur?
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For starters, drive, discipline, courage, and a passion for a roller coaster life. Successful people have a habit of saying “yes” and figuring out the “how” along the way. They are nimble, ready to act swiftly, and able to roll with the punches as part of the gig.
This ride isn’t for the faint-hearted. According to the U.S Bureau of Labor Statistics:
20% of small businesses fail in their first year
50% fail within the first five years
Only about 30% survive beyond 10 years
I believe those who succeed are not just business owners but change agents. Entrepreneurs don’t just dream; they re-imagine what’s possible and take bold steps to make it happen.
Personal development gurus often preach that “balance is the ultimate goal,” but let’s be honest: entrepreneurs thrive on going all in. It’s an all-or-nothing attitude which often sets the winners from the losers. When they are working, they are laser-focused. And when they indulge in life’s thrills, well, they savour every moment of the intensity.
For many entrepreneurs I know, work doesn’t feel like work, it has a heartfelt purpose. Their business is their baby, nurtured through its dependence, tantrums, and rebellious teen years. Few companies make it to adulthood, but those that do almost always have someone strong, tenacious, and uncompromising behind them.
As a coach of entrepreneurs I am very aware that despite the drive required, entrepreneurialism is not about being fearless, it is about courage, adapting quickly, and making good decisions under pressure. Fear (or stress, as we politely call it) can wreak havoc on the nervous system, dragging along insomnia and, eventually, physical ailments.
In my experience visionary entrepreneurs don’t get stuck on obstacles: they see opportunities, not roadblocks, solutions, not problems. They thrive on bringing their vision to life and revel in the journey, no matter how bumpy, trusting that the risk is worth the reward. And what rewards they are: deep personal satisfaction, freedom, financial success, and for those who want it, status. It’s a heady cocktail and fair compensation for the blood, sweat and soul that went into holding their metal even when others might have been doubtful.
Having a coach alongside them on the journey is helpful for many entrepreneurs. It’s useful to have a trusted sounding board who understands the pain and strain of life, can challenge the status quo, and encourage them to dig deep. My client entrepreneurs love the F-word, it is expressive and lets off steam. In fact, studies show swearing can be a powerful stress reliever, and the “Eff It” is part of the mindset that propels them forward.
I often work with people seeking clarity on their purpose for the next career phase. For many, this includes dreams of entrepreneurship. But when I outline the qualities required — resilience, faith in the unknown and the willingness to be a lone wolf — they usually decide a steadier path is their jam.
And that’s okay. It’s horses for courses. Some of us thrive on the thrill of the unpredictable, while others prefer the comfort of solid ground. Both paths have their challenges and rewards.
So, whether you are the type who revels in the chaos of entrepreneurship or prefers life on flatter terrain, the key is to know yourself. Find your passion, play to your strengths, and pursue a path aligned with who you are.
For those who love the wild ride, entrepreneurship is one of life’s incredible adventures. Buckle up and enjoy the journey!