5 Key Success Factors of Thriving Entrepreneurs This article helps entrepreneurs re-focus on the value that soft skills bring to success.

Many stories would have you believe that the markers of entrepreneurial success are confidence, talent and grit. And while possessing these things can certainly play a part in your achievements, there are other foundational skills — specifically, soft skills — that drive success.

As a CEO, I've come to recognize the important characteristics of other entrepreneurs, what makes them tick and, ultimately, key predictors of success. Here are the stand-out factors that make a high-achieving entrepreneur.

Related: How Mastering These 4 Soft Skills Has Propelled My Business to Success

1. Self-motivation

While confidence is essential for driving the first steps of your entrepreneurial journey, self-motivation is the fuel that ensures sustained effort over time. Successful entrepreneurs have a strong internal force that keeps them in motion, even through tough times. Self-motivation means your internal drive (aspirations, goals and fulfillment) rather than external motivators (coaches, money or competition) keeps you going. You see challenges and failures as learning experiences rather than dead-ends.

For example, an entrepreneur may experience several rounds of rejection from investors before they get that first "Yes" to fund their startup. Instead of falling victim to self-loathing or constant comparison, they brush themselves off and use the feedback to refine their pitch. Self-motivation keeps the wheels turning even when outside motivators fall short.

2. Healthy habits

Running a business is challenging, and people who prioritize their well-being through rest, mental health and physical health are better equipped to meet these challenges. Healthy habits are fundamental, as they support sustainable productivity, creativity and resilience.

For me, time with family supports my happiness and mental health. Prioritizing time with my kids is absolutely vital, not just for me but for their growth and well-being. This time is blocked out on my calendar as a non-negotiable. That time is protected, and no one gets to interrupt it except in case of a real emergency.

For you, it might be your daily time at the gym, evening meditation not skipping breakfast or date night with your spouse. The "grind" is not worth it if it comes at the expense of your health or relationships. Successful entrepreneurs are well-balanced and know to prioritize what feeds them relationally, physically and spiritually.

3. Emotional intelligence (EQ)

Emotional intelligence (EQ) is about more than just recognizing your emotions and feelings; it's also about being attuned to the needs and feelings of others. Long expired is the idea that entrepreneurs should be stoic and self-absorbed. The mark of a good leader is someone who can manage their emotions while empathizing with others.

In entrepreneurship, EQ impacts everything from team dynamics and client relationships to advertising and professional partnerships. High EQ entrepreneurs stay calm under pressure, solve interpersonal problems diplomatically, motivate others and listen to understand. Emotional attunement builds trust and ensures that your team feels heard and valued, which is a cornerstone of organizational success.

Related: What Makes a Good Leader? Here's What I've Learned After 20-Plus Years as a CEO.

4. Collaborative thinking

As entrepreneurs, we may be the visionary in our business, but that doesn't mean we have all the answers. Being an effective leader means being able to admit that certain areas (for example, accounting or operations) are not your strong suit and are better complemented by the hive mind of your team. This requires a flexible ego and an openness to collaborative thinking.

For instance, I am the "ideas guy" who loves to propose new business endeavors, speaking gigs, marketing campaigns and service offerings. But I need my counterbalance, my COO, to not only know how to make these visions come to fruition but also when to say "No." He knows how to keep me on track without raining on my parade. He provides structure and a "where the rubber meets the road" energy that's a perfect mirror to my creativity and can-do attitude.

Impactful entrepreneurs know there's power in collaboration, and they rely not only on their own skills but the strengths of their team, colleagues and mentors.

5. Resilience

Even the best business minds face setbacks, whether market downturns, investment mishaps, partnerships gone awry or financial struggles. The true test of a successful entrepreneur is whether they can persevere through tough times, transforming disappointment into drive and challenges into learning opportunities.

Resilience is the backbone of entrepreneurship — picking yourself up, pivoting to new ideas and pushing forward even when things are difficult. For instance, when the Covid-19 pandemic hit, many restaurant owners pivoted to a delivery-only business model. They leveraged technology to find new ways to get goods to customers, even in the face of serious financial risk.

Adaptability in action empowers you to preserve your business, keep staff employed and evolve your business structure, particularly in times of uncertainty.

Related: 10 Lessons About Failure That Every Entrepreneur Needs to Know

Great business owners aren't born, they're made. Anyone is capable of developing the skills needed to become a confident, compassionate and successful entrepreneur. Whether that includes establishing healthy habits, building emotional intelligence or practicing resilience, these soft skills are what's needed to keep your business in balance.

Remember to channel your internal drive to keep trucking ahead, and see setbacks as a chance to challenge yourself rather than cave under pressure. Success is often on the other side of difficult decisions, market shifts and personal development.