Before his death, his global business empire consisted of 90 factories manufacturing explosives and ammunition. He died December 10, 1896, -1. When his will was drawn up, it was a great surprise to his family, friends, and the public. He left most of his fortune in a trust meant to establish international awards in physics, chemistry, medicine, literature, and peace. This is the story of Alfred Nobel, the Swedish entrepreneur and the founder of the Nobel Prize.

His will was executed according to his wishes. The Nobel prizes were awarded for the first time on December 10, 1901, the fifth anniversary of Nobel’s death -2. Between the years 1901 and 2022, 989 Nobel Prizes were awarded by the Royal Swedish Academy of Sciences and Literature -2. 

Last week, while visiting Stockholm, I toured the Nobel prize museum. A tour guide explained the exhibits of the notable laurates’ possessions that helped them discover and research. There were test tubes, paper models of molecules, and bicycles that belonged to the laureates. What amazed me was when the tour guide said, “Do you know what drives the Nobel laureates for their crucial research and progress?” pointing to the wall that listed the characteristics that drove them. 

I looked at the wall and thought how all these traits of Nobel Laureates responsible for their success were also the traits that an entrepreneur needs for a successful business. When we imagine an entrepreneur, we see a visionary and intelligent person destined to rise. On the contrary, the characteristics of an entrepreneur are behind their success.

In this blog post, you’ll learn about the characteristics crucial to Nobel laureates success and how you can use them as an entrepreneur to grow your business.

Entrepreneurial Lessons From Nobel Laureates

Passion

It is the fuel that keeps entrepreneurs running. Successful businesspeople love what they do. Passion is a key to unlocking creativity, perseverance, and enterprise performance -3. Building a business based on your passion will help you carry on in the most challenging times. Without passion, success is impossible.

Vision

Every Nobel Laureate had an idea. They wanted to discover a treatment, write a book, or start a movement to leave the world a better place. Just like them, every business begins with an idea, and the idea should translate into a Vision. The What, Where, or Who you want the company to become. 

A vision inspires and motivates business owners to challenge themselves to achieve a goal out of their comfort zone. For example, the vision of some of the famous companies is;

“To Make People Happy” – Disney

“Spread ideas.” – TED

To create a better everyday life for many people – IKEA

A vision establishes the direction for your business to attain the highest goal. Creating a good vision requires a good imagination. Most successful business owners are also imaginative.

Question

Imagination and curiosity are two sides of the same coin. Nobel laureates were all very curious people who were always looking for innovative solutions to their problems. Questioning was the driving force behind their discoveries. 

Curiosity is a mindset that fosters the discovery of knowledge and innovation. Business owners must establish a strong desire to learn without constraints. The best way for you to develop a curiosity mindset is to find ways to widen your perspective. Broader perspectives allow the situation to be seen from a new approach, resulting in a better understanding of your environment and a greater insight into your concerns. With a better understanding, you can start working on the solutions.

The important thing is not to stop questioning… Never lose a holy curiosity – Albert Einstein. 

Work

Hard work sets all the Nobel laureates apart from others in their fields. They worked extremely hard to reach new discoveries and inventions. Like Nobel laureates, successful entrepreneurs worked hard even in the face of setbacks and adversity. These aren’t just words being thrown around. Take the example of Thomas Edison, one of the most successful inventors; he used to work 20 hours a day. Hard work is a necessity for your entrepreneurial success, not a choice. Another essential trait is developing the courage to show up day in and day out in the face of adversity.

I do not know anyone who has got to the top without hard work –Margaret Thatcher

Courage

The New York Time headline on October 6, 2022, read, “Nobel Prize in literature is awarded to Annie Ernaux. The Swedish academy states the decision is based on the courage and clinical acuity with which she uncovers the roots, estrangements, and collective restraints of personal memory” -4. The importance of courage in a Nobel laureates’ life cannot be denied. Similarly, courage has an essential place in the success of a business. 

Owning a business means persevering in the face of rejection, keeping your dreams alive when others tell you to give up, and spending money when you’re not bringing in any. To be a successful entrepreneur, you can’t be afraid to move ahead before you’ve all your ducks in a row. A mix of boldness and confidence helps entrepreneurs overcome obstacles like the fear of failure, being in debt, and the inability to collaborate with their network. Visualize your concerns and then try to find a plan to overcome them. Courage will carry you through the tough times.

The Bottom Line

Being an entrepreneur is no easy feat. A lot of factors determine whether your business will be a success or not. Character traits play a significant role in the fate of your business. Adopting the character traits like passion, imagination, curiosity, hard work, and courage can help you push through to achieve the business success of your dreams.