Do you have what it takes to become your own boss?

Stories of successful entrepreneurs are enticing, and the advertisements promising easy money that flood social media are tempting: a five-figure income, working from the beach, being your own boss. But caution is advised, because not everyone is cut out for self-employment.

The foundation for success in self-employment is personal suitability. To help you avoid a potentially business-threatening misstep, this article introduces you to the most important personality traits of successful entrepreneurs.

As you read through, take a moment to answer the questions in our self-assessment test and find out whether you are cut out for self-employment.

The 5 Pillars of an Entrepreneurial Personality

1. The foundation for your success in self-employment: the desire for it
2. Broad shoulders that can carry responsibility
3. Your personal resilience is what matters
4. A willingness to learn helps you grow
5. Good self-awareness and healthy self-confidence

Many people start their own business to answer a deeper question about purpose: they feel trapped in a career that no longer fulfils them and in which they can no longer make a meaningful contribution.

If an inner fire for greater self-determination and freedom in your work burns within you, this can be a powerful driving force for success in self-employment.

5 Statements for Self-Assessment

How strongly do the following statements apply to you?

• I want to shape more than I currently can.
• I long for a fulfilling, meaningful occupation.
• I feel suffocated when my freedom to make decisions is restricted.
• I have skills that I am unable to apply profitably in my current position.
• I regularly think: I don't want to carry on like this.

Moving from employment into self-employment means taking full responsibility for every decision you make. You can no longer deflect blame onto colleagues who missed a deadline or suppliers who failed to honour a contract. Every decision you make — or fail to make — has a direct impact on your professional success.

How do you currently handle responsibility in your life? Do you often look to blame others, or do you see problems as challenges and proactively seek solutions?

Taking responsibility means not blaming others or circumstances for difficulties, but becoming proactive in order to get back on the right track as effectively as possible.

This character trait is of the utmost importance in self-employment. You will face many challenges along the way, but only with the right mindset will you be able to overcome them.

5 Statements for Self-Assessment

How strongly do the following statements apply to you?

• I seek out challenges
• I handle criticism well
• I enjoy making decisions
• I delegate tasks, but not responsibilities
• I focus on my own strengths rather than on the weaknesses of others
• I see problems as challenges to find solutions for

As a rule, there is no paid time off – such as holiday or sick leave (unless covered by voluntary or private insurance contributions) – especially not in the early stages of self-employment.

You will notice that new challenges arise every day that need to be addressed. This is why physical and mental resilience is something that self-employed individuals should actively invest in. Good health across all areas also promotes effectiveness during working hours.

Being successfully self-employed also means taking care of your body and mind. How much does a healthy lifestyle feature in your daily routine?

The willingness to take good care of yourself is an important prerequisite for success in self-employment.

5 Statements for Self-Assessment

How strongly do the following statements apply to you?

• I am mentally and physically fit.
• I consciously invest in my mental and physical wellbeing.
• I handle stressful situations well.
• I have ways and means to recover after demanding days or phases.
• I can rely on my ability to make sound decisions even in high-pressure situations.

One thing is certain when taking the step into self-employment: along the way, you will discover what you have yet to learn. That is why a genuine enjoyment of learning is a personality trait shared by successful entrepreneurs.

Does the thought of constantly having to deal with new things make you break out in a cold sweat? Or do you look forward to learning new things about people, processes, tax matters, or legal issues?

Of course, some new subject areas will be easier or harder, more interesting or less engaging. But if you fundamentally welcome change and look forward to growth, self-employment could be a good fit for you.

5 Statements for Self-Assessment

How strongly do the following statements apply to you?

• I embrace change.
• I enjoy learning and have never stopped doing so.
• I continue my personal development.
• I have wide-ranging interests.
• I don't give up at the first hurdle.

Whether someone takes the step into self-employment ultimately comes down to self-confidence. As a self-employed person, you are typically responsible for everything — revenue, expenses, staff, and of course the overall success of the business. There is no room here for self-doubt or for overestimating your own abilities.

5 Statements for Self-Assessment

How strongly do you identify with the following statements?

• I have a strong sense of self-confidence.
• I believe I can find solutions to almost any problem.
• Others perceive me as a person with great self-confidence.
• I can present myself convincingly.
• Difficulties don't intimidate me.

If you have answered the questions in this article predominantly and without hesitation with "Yes", then based on our experience you have the personal qualities needed for a successful self-employment journey.