The COVID-19 lockdowns served as a major launchpad for innovation and entrepreneurship. Amid extreme tragedy and uncertainty, the entrepreneurial spirit surged. That uptick in business ventures continues to this day. The United States averaged 430,000 new business applications per month in 2024, which was 50% more than in 2019.
Small businesses are an essential part of the economy, creating jobs and providing goods and services to their customers. That said, small business development comes with inherent risk. Entrepreneurs face many challenges, and not every one ultimately succeeds. To turn a business idea into an established company, you need relentless drive, impeccable management skills, and an insatiable urge to innovate.
Read on to learn what it takes to be a successful entrepreneur.
What is an entrepreneur?
An entrepreneur is a person who builds or operates their own business. They start with an idea for a product or service; entrepreneurs often identify a unique opportunity in their target market.
Entrepreneurship can also include other kinds of self-employment—for example, you can be a freelance content creator, writer, or graphic designer. Regardless of your path, entrepreneurship requires problem-solving skills and resilience as you bravely embrace risk-taking to forge your path.
What does it take to be an entrepreneur?
It takes more than a good idea and a business plan to succeed as an entrepreneur, and not everyone has the desire to venture out on their own. But if you’re interested in this path, there are a few essentials you need. Some skills, like problem solving, you can develop; others, like passion, come from within.
1. Vision
Having a clear vision of what you want to achieve helps you lay the foundation for your business idea, your product, the problem you’re solving, and your overall brand identity.
“Clarity of vision, to me, is determinative of which brands will succeed and which don’t resonate with people,” says Becca Millstein, cofounder and CEO of premium tinned seafood company Fishwife. “If you can’t articulate your vision, it will be really hard creating something that people connect with and understand.”
Putting together a vision statement can help you articulate why you’re doing what you’re doing, both to yourself and to your team, customers, and investors.
2. Resilience
Failure is a part of success. This is especially true in entrepreneurship. Every new venture involves some risk, no matter your funding and prior experience. Unexpected challenges can and will arise. Suppliers may let you down; a new product may be a flop; customers may complain; a hire may not work out; a business relationship may fall apart.
“Whether you compartmentalize or simply develop a thick skin, you need to find a way to get over things really quickly,” says Becca. “Business owners have to deal with more conflict than most people do. The hard times and hard conversations are inevitable, so you have to get comfortable with them and not let them impact you too deeply or too personally.”
Ben Amanna, the founder of boxing apparel brand Boxraw, recounts how his own company overcame a failed partnership deal with a famous boxer. “That ordeal broke my heart,” Ben says on Shopify Masters. “I really considered this guy a friend, almost like family. … It was a tough pill to swallow, but it toughened me up a hell of a lot. [I think of] the saying that business is business and not to take things personally.”
Boxraw had to get creative, but the company recovered—and in the end, the failed deal was, as Ben says, “the best thing to ever happen to us. Off the back of that, we then got another collaboration with someone who is his rival, and it all worked out. But it was definitely hard in those moments.”
3. Passion
And what helps an entrepreneur stay focused and resilient through all the challenges? Passion. When you have a deep love for your company and the work you’re doing, it helps drive your stamina for dealing with hard work, long hours, and setbacks in day-to-day operations.
“I can’t imagine working this hard and staying this driven about something I wasn’t totally passionate about,” Becca says. “In my opinion, you have to be completely obsessed with your idea and with your company.”
For another entrepreneur, Raquel Acosta, casually taking evening classes in ceramics inspired a passion so strong that she ultimately left her job as a data scientist. On Shopify Masters, she explains how her love for the craft drove her to make a “midlife, quite radical career change” and start her ceramics brand Glaze Me Pretty.
“I felt the urge to do something with my hands,” Raquel says. “I found it fascinating that you could make a professional-looking product out of a bowl of mud. And the possibilities were endless. I love the medium.”
4. Confidence
Discussion about entrepreneurs’ confidence generally focuses on a belief in oneself, Becca says, but she believes it’s even more essential to believe in your company’s need to exist.
“I think this is where a lot of founders stop working on their companies and startups fail: They have an idea and they enjoy it, but in their heart of hearts they’re not totally convinced that this company needs to exist,” Becca says.
If you truly believe in your company as a business, it’s far easier to get customers, employees, angel investors, and other stakeholders on board. What’s more, from the belief in your business model, you’ll find the belief in yourself.
“I knew that a premium, sustainable tinned fish company absolutely needed to exist,” Becca says. “Like, there's no question that's going to happen, and I suppose I thought, why not be the one to make it happen? And then I just followed that thread.”
5. Creative problem-solving
Many entrepreneurs do their homework before starting their companies. They may connect with other founders for advice, seek mentors and investors to guide them, or go back to school to obtain an MBA or other graduate degree. But no advice is one-size-fits-all, and every startup will face unique challenges not found in a textbook. Unique problems require creative solutions, often on the fly.
“Nothing can truly prepare you for what it is to run a business venture until you do it,” Becca says. “You build your own educational curriculum as a founder.”
Becca recalls an early challenge when she needed to be both creative and resourceful to solve problems at Fishwife. In the company’s first year, she waited for a massive shipment of smoked trout. But on the day slated for delivery, the cannery called with bad news related to COVID supply delays: Not only would the pallets of fish not be delivered that day, but they actually wouldn’t be delivered for four months.
“I realized this challenge was actually a growth opportunity to connect with our customers and bring them into our journey as a small business surviving through COVID,” Becca says. “I got on the phone with our illustrator and we put together a graphic explaining the seasonality of the fishing season in the Pacific Northwest, how the cannery was short on staff because of the pandemic, and how that affected us as a new business. The response was incredibly positive.”
6. Self-awareness
You’ll juggle multiple responsibilities as a founder. To delegate effectively as you grow, you need a clear-eyed view of your strengths and weaknesses. Some founders are excellent engineers who can build the product, but their interpersonal skill set isn’t as strong; others may be creative and passionate with many innovative ideas, but need a partner who’s better at logistics and execution.
Understanding and embracing your entrepreneurial skills will help you lean into your strengths as a leader, identify areas where you can grow, and hire people who possess the complementary attributes you need.
“The most incredible thing about being a founder is that your imperative is basically: Do the jobs you’re good at,” Becca says. “You’re your own boss, and you're supposed to delegate the rest to people who are way better at that particular skill than you are. Talk about a dream job!”
What does it take to be an entrepreneur FAQ
What skills are required for entrepreneurship?
Aspiring entrepreneurs need vision, passion, and confidence to bring their ideas to life. It’s also essential to develop self-awareness and creative problem-solving skills to help guide you through the challenges of entrepreneurship.
Can anyone become an entrepreneur?
Yes, entrepreneurs create their paths, and anyone with an idea can choose to pursue it. Not everyone will have the natural inclination, but you can learn the important skills to become a successful entrepreneur.
Why is being an entrepreneur hard?
Successful entrepreneurship requires resilience in overcoming new and unexpected challenges, stamina to stick with an idea for many years through many pain points, and the ability to accept operational and financial risk. Being a successful entrepreneur takes patience and hard work; you’ll likely need to dedicate long hours in your quest for a successful business.
