Entrepreneur, or having an entrepreneurial spirit, is a term that’s thrown around frequently.  But what exactly does it mean?

The face of entrepreneurship is changing, and there is no one template to follow. Entrepreneurs now come in all shapes, sizes, ethnicities, and ages.  Where entrepreneurs were once old school businessmen with a knack for self-promotion and a determined work ethic, the new wave of tech billionaires are typically younger, more introverted. A totally different kind of entrepreneur.

So what do they all have in common? Are there certain traits you need to be successful?

Here’s some advice from the people who have done it.

They Are Passionate

True entrepreneurs are driven to succeed. Mike Borlaug, CEO of capstoneitservices.com stated on the By The Beach Podcast that “you make your own destiny, you make your own happiness.”

They are passionate about what they do.  If they weren’t, they wouldn’t love it so much, sacrificing time and money to make their vision succeed.

They Fail…But Learn From It

Mark Zuckerberg once gave this piece of advice “don’t even bother trying to avoid mistakes because you’re going to make tons of mistakes”, his current net worth is $74 billion.

JK Rowling was rejected by 12 different publishers before she was able to get Harry Potter published. She has now sold over half a billion books.  The point was, she didn’t stop.  She kept refining her work and going after her dream of being a published author.

Failure shouldn’t define you. People learn more from their failures than they do from their successes.

They Surround Themselves With Good People

Entrepreneurs know they have to surround themselves with the right people to help them succeed.  From supportive friends to competent employees and inspiring business mentors, your network can have an incredible impact.

They Know the Importance of a Work-Life Balance

Last year, a study was published that showed up to 26% of work was completed outside of normal office hours and 40% of people regularly use their computers after 10 pm.

A poor work-life balance negatively affects your mental and physical wellbeing and puts a strain on relationships.  Hilary Clinton once said, “don’t confuse having a career with having a life.”

Entrepreneurs find it particularly hard to switch off. Having outside interests and hobbies is important.

Nigel March, author of Fat, Forty, and Fired said “It’s up to us as individuals to take control and responsibility for the types of lives we want to lead.  If you don’t design your life, then someone else may just design it for you, and you may not like their idea of balance.”

You can see his fantastic Ted Talk below.