As a business broker in Singapore, my role requires me to talk to entrepreneurs on a regular basis. By talking to them, this allow me certain insights into who they are as an individual.

These are the 5 most common traits that I observe among successful entrepreneurs.

1.        Risk Taking

In every entrepreneurial pursuit, it’s a given that the odds are stacked against you. Regardless of how confident you are despite your preliminary research, or the awesomeness of your offering, things may not work out to your expectation.

According to ACE (Action Community for Entrepreneurship), 30% of Singapore startups fail within their first 3 years. I suspect that the actual figure is way higher as most people are not comfortable about sharing their failed exploit.

One of my favourite entrepreneurs is Noah Kagan, the founder of App Sumo. He built 20+ startups that didn’t work out before hitting home run. In 2023, App Sumo generated USD $80 million revenue, and he made around USD 3 million share of his company profit.

Question: Are you comfortable with failure?

2.        Resilience

Many people are aware that starting a business is tough, hence resilience is part of the game. But it’s hard to relate until you faced in firsthand. The difficulties come in all shape and size. E.g. Taking 12 months to launch a product only to see it flopped. Not able to pay rent due to the lack of sales. Putting in 100 hours work week for the first 3 years. Taking 12 months just to win your first deal. Co-founder tapping out just when you are about to experience the first breakthrough.

A good example is Colonel Sanders, KFC (Kentucky Fried Chicken) founder. His earliest business venture at age 30 is a ferry boat service over the Ohio River, USA. This alongside with his subsequent entrepreneurial pursuit flopped before he made it with KFC. (Oil lamp business, petrol kiosk, motel etc.)

Question: Can you handle setbacks on a regular basis?

3.        Curiosity

Curiosity is an easily overlooked but essential quality of an entrepreneur. It’s this trait that allows one to question the state of things, rather than the blind acceptance of situation. Only by asking hard questions, does one gain the perspective to uncover and evaluate business opportunities.

Curiosity is the essence of problem solving. Without curiosity, one will not be taking the time and effort to find a solution to address a problem. Contrary to a well-known proverb "Curiosity killed the cat", curiosity inspires learning and is the root of entrepreneurship.

Question: Are you someone who probe and ask questions?

4.        Decisiveness

Decisiveness is a key trait that differentiate doers and dreamers. Decisiveness negates procrastination. How often do you hear someone says that they will do something but never get around to it? Regardless of how incredible the opportunity is or how much resources one has, if they don’t kickstart it, nothing is going to materialize.

The hardest step is normally the first step. Can you recall this saying? “A journey of a thousand miles begins with a single step” by Lao Tzu.

The most common example of decisiveness is typically displayed by immigrants. According to New American Economy, there are 3.2 million immigrant entrepreneurs in US during 2019. Sometimes it’s the circumstance that forced one to take bold actions.

Question: Do you have a Why?

5.        Passion

Passion helps an individual to stay monomaniacally focused on their goal, despite all the prevailing challenges they may face. Passion forces one to blur out the shiny objects they encounter along the way.

A business is a lonely sport that is typically defined by years or even decades. For many newly minted entrepreneurs (especially those in the B2B category), finding their first 10 customers can sometimes take up to a year or even more. As a business broker in Singapore, I came across many instances where new business owners simply give up after failing to find their first 10 B2B paying customers.

Question: What truly matters to you?

Whether you are looking to start something new or to buy a business in Singapore, there bound to be a big impact on your life. Only by having a good understanding of yourself, can you effectively navigate the journey ahead.

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