10 Characteristics of a Successful Business (2024)

10 Characteristics of a Successful Business (1)

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We spoke with 10 business owners who shared the most important characteristics of successful businesses.


Sammi Caramela , Contributor

10 Characteristics of a Successful Business (2)

Entrepreneurship is a difficult yet rewarding career path regardless of the industry. While different types of businesses might measure success differently, there are universal habits or qualities that thriving businesses have in common.

We spoke with 10 business owners about the most important characteristics of successful businesses. Here's what they shared.

Willingness to take chances

Business owners who are willing to take chances tend to achieve more than those who play it safe.

“Successful businesses may be established enough to follow stable business processes, but they’re also bold as well as risk-taking,” said Jake Smith, managing director of Absolute Reg. “They know that failure is just a start to becoming successful. And while they’re practical, successful entrepreneurs are always willing to make modifications.”

Unique value

Providing customers with unique value helps businesses stand out from their competitors, said Reda Elmardi, CEO of Strong Chap.

“We can’t all have the cheapest prices, but you can surely emphasize other aspects of benefit,” Elmardi added. “From engaging industry experts to add to your customer service, to [finding] unique goods/offerings, to executing loyalty programs, there are countless ways to make your business distinct from your competitor.”

[Read: 10 Hugely Successful Companies that Reinvented Their Business]


To both reach and retain success, businesses must have tenacity, or determination, and persistence in the face of conflict.

“Tenacity will allow you to withstand the toughest of times and also fully embrace the best of times,” said Christopher Grozdon, CMO of DASH-SEO. “There will always be ups and downs throughout everyone's lives, yet with owning a business, you will certainly experience those ups and downs to the extreme … If you have the tenacity to push through tough times and work hard to achieve your goals, you'll most likely become a successful business, through and through.”

Customer-centric approach

Many businesses get swept up with their own personal goals and lose sight of those who matter most: their customers.

“One thing successful businesses have in common is … a strong customer focus,” said John Stevenson, marketing specialist at My GRE Exam Preparation. “They create a culture that is centered around their customers and focus their processes, products and services around their services needs. Delivering constant high quality products/services also helps them succeed as people's regard for them remains high and positive.”

[Read: 10 Key Talents Most Great Entrepreneurs Have]

A business that is able to nurture the same passion they have for their offering within their employees is one that will deliver excellence to their clientele at every touchpoint.

Lance Wilkins, founder, Call Outdoors

Good marketing

Chris Taylor, marketing director at Profit Guru, noted that successful businesses tend to have good marketing strategies that got them there in the first place.

“Businesses normally obtain the most success through their marketing efforts,” he said. “The key to your marketing strategy is to employ as many marketing channels as possible. For instance, pulling customers by pay-per-click advertising, newsletters and social media is expected to attract more customers than it would from practicing just one of these courses.”

Strong vision

If you lack a specific vision or company mission, your business won’t be consistent, which can hurt your bottom line.

“Most successful businesses have a strong ultimate objective which they strive for every day,” said Kevin Mercier, founder of Kevmrc.com. “These businesses achieve their goals by setting short-term, medium-term and long-term objectives which they go on to accomplish day by day. This vision is not just instilled into higher-level management but even lower-level employees that work together in synergy to achieve their firm's ultimate goals.”

Passionate leaders

According to Lance Wilkins, founder of Call Outdoors, passionate leaders are the backbone of thriving businesses.

“One of the key characteristics of a successful business is a leader (or leadership team) who gets their employees as excited about their product or service as they are,” he said. “A business that is able to nurture the same passion they have for their offering within their employees is one that will deliver excellence to their clientele at every touchpoint.”

[Read: The Surprising Psychology of Successful Entrepreneurs and Why They Take the Risk]

Empowered employees

Employees play a crucial role in a business’s success and development, and it’s important they’re in alignment with their company’s mission.

“Most successful [business owners] … make sure their employees are empowered to make decisions and take ownership of their work,” said Karthik Subramanian, senior content manager at Picmaker. “That means there is no micro-management, nor is there any fear-mongering. Rather, it is a collaborative approach.”


Tom Winter, founder of DevSkiller, stressed the importance of keeping up with your customers’ ever-changing expectations.

“Businesses that are resilient and withstand the tests of time, including pandemics, are the ones that are the most adaptable,” said Tom Winter, founder of DevSkiller. “With the fast pace of technology these days and constant shifts in trends, it’s important to be able to mold your business accordingly.”


Diversity is especially important today, as consumers and businesses alike are aiming to be more inclusive and socially responsible.

“The notion that two heads are better than one only works if both of those heads are listened to and each of them have something different to say,” said Christy Pruitt-Haynes, leadership development, human resources and diversity consultant. “If not, a company can get a louder version of the wrong answer. Diversity, when coupled with collaboration, ensures innovation and a wider skill set for the company.”

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10 Characteristics of a Successful Business (2024)


What are 15 characteristics found most often in successful entrepreneurs? ›

Here are 15 characteristics you can improve to become a successful entrepreneur:
  • Creativity.
  • Passion.
  • Motivation.
  • Product or service knowledge.
  • Ability to network.
  • Self-confidence.
  • Optimism.
  • Vision.
Nov 30, 2022

What are the qualities of a successful business? ›

Here are 12 characteristics that can indicate that a business is successful:
  • A clear business plan. ...
  • A strong mission statement and company vision. ...
  • Short-term goals. ...
  • Skill development. ...
  • Effective marketing. ...
  • Good customer service. ...
  • Adaptability to change. ...
  • Willingness to take risks.

What are the 10 entrepreneurial skills? ›

By developing these essential skills – leadership, financial literacy, adaptability, networking, communication, problem-solving, time management, marketing and sales, emotional intelligence, and resilience – entrepreneurs can enhance their capabilities and increase their chances of building a successful and sustainable ...

What are the 7 traits of successful entrepreneurs? ›

The 7 signs of an entrepreneur include a strong work ethic, passion and drive, risk-taking, resilience, innovation, adaptability, and networking and building relationships. By identifying these traits in yourself and working to develop them, you can set yourself up for success as an entrepreneur.

What 8 characteristics do successful entrepreneurs have? ›

8 traits of successful entrepreneurs--Do you have what it takes?
  • Strong leadership qualities. Leaders are born, not made. ...
  • Highly self-motivated. ...
  • Strong sense of basic ethics and integrity. ...
  • Willingness to fail. ...
  • Serial innovators. ...
  • Know what you don't know. ...
  • Competitive spirit. ...
  • Understand the value of a strong peer network.

What are the big five of entrepreneurs? ›

The five factors received widespread support after the model was introduced-conscientiousness, openness to experience, emotional stability, extraversion, and agreeableness – proposed by the model causing the big five to be the most often used personality locus (Brandstätter, 2011).

What are the 5 profile that most successful entrepreneurs possess? ›

5 Key Attributes of Successful Entrepreneurs
  • Innovative Thinking. Entrepreneurs find success through creative thinking. ...
  • Willingness to Take Risks. Starting a business is an exciting journey, but comes with inherent risks. ...
  • Persistence. Persistence and resilience are essential to entrepreneurship. ...
  • Passion. ...
  • Managerial Skills.

Which of the 7 traits of entrepreneurs you think is the most important one? ›


Self-confidence is a key entrepreneurial trait. You have to be crazy-sure your product is something the world needs and that you can deliver it to overcome the naysayers, who will always deride what the majority has yet to validate. Researchers define this trait as task-specific confidence.

What are the 4 elements of a successful business? ›

A successful small business must have 4 things in their corner – product, market, money & people. Whether you're a startup looking for venture capital or you want to become a successful small business all on your own, there are a few basic – but important – components every business must have.

What are the 5 key success factors for a successful business? ›

The five critical success factors are strategic focus, people, operations, marketing, and finances.

What are the 3 elements of a successful business *? ›

No matter how bold or ambitious your plans are to grow your business, the key to your business's success lies in three critical, interdependent components: operational excellence, customer relations/communications and financial management.

What are the four 4 types of entrepreneurship? ›

As you start a business and then work to build your start-up, often you will hear about the four types of entrepreneurship: Small Business Entrepreneurship, Scalable Start-up Entrepreneurship, Social Entrepreneurship and Large Company Entrepreneurship.

What are the 10 entrepreneurial competencies with their meaning? ›

The entrepreneurial qualities, more known as the Personal Entrepreneurial Competencies (PECs) are as follows: (1) Opportunity Seeking, (2) Persistence, (3) Commitment to Work Contract, (4) Risk-taking, (5) Demand for Efficiency and Quality, (6) Goal Setting, (7) Information Seeking, (8) Systematic Planning and ...

What every entrepreneur needs? ›

Branding, Marketing, and Networking Skills

In today's competitive business environment, branding, marketing, and networking skills are essential for scaling the business and boosting opportunities. These skills enable entrepreneurs to promote and sell products or services.

What are the three characteristics or qualities of an entrepreneur 10? ›

Curiosity: Being curious helps entrepreneurs to function differently that helps in doing things outside their comfort zone. Taking Risks: Entrepreneurs are risk takers because success can be achieved only by taking risks in business. Perseverance: Entrepreneurs should have the characteristics of perseverance.

What characteristic is common to most entrepreneurs? ›

One common characteristic that all entrepreneurs share is “Confidence.” Entrepreneurs are confident people. They believe in themselves, they believe in their ideas and they believe in their products or services. They know that they can make things happen, even when others doubt.

What is a common characteristic of most entrepreneurs? ›

Entrepreneurial Attributes That Enable Drive
  • Vision. The entrepreneur must be able to create and communicate an easily understandable vision of what the new venture does in order to successfully launch a new business. ...
  • Creativity. ...
  • Focus. ...
  • Passion. ...
  • Perseverance. ...
  • Opportunistic Nature. ...
  • Problem-Solving Ability. ...
  • Self-Discipline.

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