There is no special formula that guarantees entrepreneurial success. But there are some characteristics that successful business owners share. These distinctive personality traits can definitely be learned, but many of us are born with them as well. Here are some common characteristics of successful entrepreneurs:

1. They Inspire Everyone Around Them

As a leader, they inspire their entire organization with their own dreams of a thriving, prosperous business and their employees want to emulate them. Good entrepreneurs can see around the corner and will not allow any roadblock to stop them from achieving their goals. They communicate effectively and know how to develop and lead a great team to achieve results.

2. They Are Flexible

Owning your own business can sometime be a challenge. Fluctuations in the economy as well as politics may affect a business owner’s sales and overall cash flow. A good entrepreneur must be able to quickly adapt to new situations without losing sight of the ultimate goal – a prosperous business. Successful entrepreneurs also know how important it is to adjust to new information and changing market conditions.

3. They Don’t Fear New Technology

Successful entrepreneurs know how to utilize new technologies to their advantage. For instance, they are not afraid to use the new iPad or Galaxy to maintain their calendar or utilize hi-tech tracking systems for inventory. Technology is constantly changing and good entrepreneurs find ways to use it to their advantage, making their company even more successful.

4. They Are Passionate About Their Business

A good entrepreneur loves the challenge of starting a business and seeing it grow over months and years. This passion is exactly the motivation needed to continue in spite of temporary setbacks.

It can be very beneficial for entrepreneurs to study and observe the habits and personalities of other successful business owners. Not only do their lives serve as inspiration, but also provide the much needed determination to keep going no matter what.