10 Important Personal Characteristics of

Entrepreneurs
July 25, 2018

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What are successful entrepreneurship characteristics?

Being an entrepreneur requires much more than just big ideas. A true entrepreneur is a rare
breed; it’s someone who possesses a unique cocktail of traits, skills and characteristics that
enable them to beat the odds and go after their dreams full throttle. But what are those
attributes? What does an entrepreneur need to succeed? While we’d all love an entrepreneur's
handbook that tells us whether we have the ‘E Factor’ or not, the truth is that there is no right
or wrong answer—there is no discernible formula. But that doesn’t mean there aren't a
handful of traits we can pinpoint that are specific to entrepreneurs. Here are some of the
attributes that, in our experience, successful entrepreneurs tend to possess in abundance.

1. Entrepreneurs are goal-oriented

Entrepreneurs are all about setting goals and putting their all into achieving them; they’re
determined to make their business succeed and will remove any encumbrances that may stand
in their way. They also tend to be strategic in their game plans and always have a clear idea in
mind of exactly what they want to achieve and how they plan to achieve it.

2. Entrepreneurs are committed to their business

Entrepreneurs are not easily defeated; they view failure as an opportunity for future success,
and if they don’t succeed the first time, they’ll stay committed to their business and will
continue to try and try again until it does succeed. A true entrepreneur doesn’t take ‘no’ for
an answer.

3. Entrepreneurs are hands-on

Entrepreneurs are inherently proactive, and know that if something really needs to get done,
they should do it themselves. They’re ‘doers’, not thinkers, and tend to have very exacting
standards. They view their business as an extension of themselves and like to be integral in its
day-to-day operations—even when they don’t have to be.

4. Entrepreneurs thrive on uncertainty

Not only do they thrive on it—they also remain calm throughout it. Sometimes things go
wrong in business, but when you’re at the helm of a company and making all the decisions,
it’s essential to keep your cool in any given situation. True entrepreneurs know this and
secretly flourish and grow in the wake of any challenges.

5. Entrepreneurs continuously look for opportunities to

improve
Entrepreneurs realize that every event or situation is a business opportunity, and they’re
constantly generating new and innovative ideas. They have the ability to look at everything
around them and focus it toward their goals in an effort to improve their business.

6. Entrepreneurs are willing to take risks

A true entrepreneur doesn’t ask questions about whether or not they’ll succeed—they truly
believe they will. They exude this confidence in all aspects of life, and as a bi-product,
they’re never afraid to take risks due to their unblinding faith that ultimately they will
triumph.

7. Entrepreneurs are willing to listen and learn

The most important part of learning is listening—and a good entrepreneur will do this in
abundance.

8. Entrepreneurs have great people skills

Entrepreneurs have strong communication skills, and it’s this strength that enables them to
effectively sell their product or service to clients and customers. They’re also natural leaders
with the ability to motivate, inspire and influence those around them.

9. Entrepreneurs are inherently creative

This is one trait that, due to their very nature, entrepreneurial business people have by the
bucket load. They’re able to not only come up with ingenious ideas, but also turn those ideas
into profits.

10. Entrepreneurs are passionate and always full of

positivity
Passion is perhaps the most important trait of the successful entrepreneur. They genuinely
love their job and are willing to put in those extra hours to make their business grow; they get
a genuine sense of pleasure from their work that goes way beyond just cash.

Very few people are fortunate enough to be born with all of these characteristics, but the
good news is that they can all be learned. Nowadays there are webinars, seminars and books
you can sign up for to learn the rules of being a great entrepreneur. So what are you waiting
for? Get those entrepreneurial juices flowing!

Owning a business isn't for everyone. The stress and hard work that come with it makes many
people unwilling to dive in.

It takes a special kind of person to be an entrepreneur - to come up with an idea and put that
idea into action. But not all ideas work out. In fact, the Bureau of Labor Statistics finds that
50% of small businesses fail within the first four years. Not a big vote of confidence for
quitting your job and becoming an entrepreneur.

But entrepreneurs don't see the risk: they see the reward. As an entrepreneur myself, I know
how to put the time and effort in to make my dream a reality.

If you want to be an entrepreneur, you need to have the right personality and the right
attitude. Here are 10 essential characteristics to be successful as an entrepreneur:

1. Creative
Entrepreneurship starts with an idea. To be successful, you need to always be thinking of new
ideas and better ways of doing things.

In an interview in Martyn Lewis's book "Reflections on Success," Virgin Airlines founder

Richard Branson said, "I've gone into business, not to make money, but because I think I can
do it better than it's been done elsewhere. And, quite often, just out of personal frustration
about the way it's been done by other people."

Entrepreneurs are not satisfied with the status quo. They think outside the box and look for
opportunities to come up with new solutions.

2. Passionate
Perhaps the most important characteristic for entrepreneurs, passion is essential to any
business owner or working professional's success. Without passion, there is no reason for
your work and no drive to do it.

Entrepreneurs love what they do and are extremely dedicated to the businesses they create.
To be successful, you must be confident in yourself and your business, and you must be
proactive with what you do and how you do it.
3. Motivated
In an interview with The Computerworld Smithsonian Awards Program, the late Apple
founder Steve Jobs said, "I'm convinced that about half of what separates the successful
entrepreneurs from the non-successful ones is pure perseverance."

Because of their passion for their ideas, entrepreneurs are willing to put in the long hours and
hard work required to launch and run a successful new business. Are you self-motivated?
Entrepreneurs are their own boss, which means there's no one telling them to do things. You
must be in charge of your own time and how you spend it.

4. Optimistic
Do you see the glass half empty or half full? For entrepreneurs, it's always half full.
Entrepreneurs always look on the bright side and are constant dreamers. They look at how
they can do things better and make the world a better place. They never dwell on the past or
the negative. Instead, they focus on moving forward and moving up.

When they're confronted with challenges, entrepreneurs don't see them as problems; they see
them as opportunities. Challenges fuel entrepreneurs and make them reach higher and do
more.

5. Future-oriented
Because entrepreneurs are focused on moving forward, they are always looking toward the
future. Entrepreneurs are very goal-oriented and know exactly what they want. They set their
goals and everything they do is aimed at achieving those goals.

Having a strong vision helps propel you toward accomplishment. Consider setting a goal for
yourself - a north star that can guide you on your path to success.

6. Persuasive
To be successful in business, you have to know business. If you're a people person and know
how to get people to listen to you, you could be a successful entrepreneur.

Especially when first starting out, entrepreneurs need to gain buy-in from those around them
on their big idea. If it's an out-of-the-box idea, which it usually is, many people will be
skeptical before giving their support or investing any money. That's why entrepreneurs need
to use their persuasiveness to sell themselves and their ideas.

7. Flexible
According to professional development coach Ruchira Agrawal in an article for Monster, "As
an entrepreneur, you'll typically start out as a 'solopreneur,' meaning you will be on your own
for a while. You may not have the luxury of hiring a support staff initially. Therefore, you
will end up wearing several different hats, including secretary, bookkeeper and so on."
Entrepreneurs know how to adapt to unfamiliar situations. If their business requires that they
learn how to build a website or send an invoice, they'll do it. Whatever it takes, entrepreneurs
are ready and willing. They always approach things with an open mind and are willing to
change course if they need to.

8. Resourceful
In business, problems aren't a matter of if, but when. Entrepreneurs do not shy away from
challenges or conflicts. Instead, they face them head on and come up with a solution. They
know how to solve problems effectively.

Entrepreneurs also know how to make the most of what they have. Time, money and effort
are never used haphazardly. Everything has a plan and a purpose.

9. Adventurous
In an interview with Y Combinator president Sam Altman, Facebook founder Mark
Zuckerberg said, "In a world that's changing so quickly, the biggest risk you can take is not
taking any risk."

Entrepreneurs know that to be successful, they must be willing to take risks. While they don't
mind walking on the wild side, they don't take risks lightly. They know how to plan for the
unknown and make a calculated decision that is best for them and their business.

10. Decisive
There is no room for procrastination in business. Entrepreneurs know what needs to be done
and don't hesitate to make the decisions that will lead them to success. They don't let
opportunities pass them by; instead, they seize the day and get the job done.

Ideally speaking, anyone who has the capacity to start a venture and undertake risks can
become an entrepreneur. But not all entrepreneurs are successful. There are certain
characteristics of entrepreneurship that make for a successful venture. So let us talk a little
about these traits that an entrepreneur must possess in order to be successful.

Characteristics of Entrepreneurship
While there can be as many characteristics of entrepreneurship as there are people in this
world with opinions, there are some characteristics that are considered indispensable or
necessary in an entrepreneur. These are listed here as follows.

Ability to take Risks

This is the first and foremost trait of entrepreneurship. Starting any business involves a
considerable amount of risk of failure. Therefore, the courage and capacity to take the said
risk are essential for an entrepreneur.
 Understand the Nature of Business Risk here in detail.

Innovation

In a world, where almost everything has been done, innovation is a priceless gift to have.
Innovation basically means generating a new idea with which you can start a business and
achieve a substantial amount of profits. Innovation can be in the form of a product, i.e.,
launching a product that no one is selling in the market. It can also be in the form of process,
i.e., doing the same work in a more efficient and economical way.

An easy example of product innovation could be the launching of touch screen cell phones
when the world was still using a keypad on cell phones.

Process innovation can be seen in capital-intensive industries that have to replace manual
labour with machines, therefore, increasing their production and reducing their costs.

Another type of innovation can be the one concerned with usage. For examples, cell phones
are now used for various functions such as viewing, creating and editing various files and
documents, thus, eliminating the need for computers to a large extent.

Visionary

Every entrepreneur needs to be a visionary. Without a vision for the future of his venture, he
or she would just be working aimlessly without reaching any point of success.

Leadership

An entrepreneur has a vision. However, it takes a lot of resources to turn that vision into
reality. One of these resources are the people that the entrepreneur hires to perform various
functions like production, supplying, accounting, etc.

A single person cannot perform all the tasks and therefore it is important to bring some more
people to do it. This also makes leadership very important as a leader provides the required
direction to the efforts of the employees. Without proper leadership, everyone would be
working independently without achieving the desired results.

Open Minded

A good entrepreneur realizes that every situation can be a business opportunity. Thus can be
utilized for the benefit of the organization. For example, Paytm realized the significance of
demonetization and recognized that the need for online transactions was more than ever
during this time and so it utilized and grew massively during this period.

Confident and Well Informed

An entrepreneur needs to be confident about his ideas and skills. This confidence also
inspires the confidence of the people working for him as well as the other stakeholders
involved in his business.
 Learn more about Stakeholders and their Information Requirement

This confidence comes from being well informed about the industry and environment.
Various legal and political policies enhance business and trade opportunities, while some
hinder them. Having knowledge about these can really help an entrepreneur make the right
decision at the right time.

Success in entrepreneurship isn’t just about your idea or your money. Plenty of people have
interesting ideas or a lot of cash to throw around — and they never quite manage to find
success in their ventures.

If you want to be an entrepreneur, take a step back and evaluate whether or not you have the
following characteristics. (And remember: if you don’t have these traits now, you can
develop them down the road to improve your chances of success.)

1. Self-Motivation
One of the most important traits of entrepreneurs is self-motivation. When you want to
succeed, you need to be able to push yourself. You aren’t answerable to anyone else as an
entrepreneur, and that sometimes means that it’s hard to get moving without anyone to
make you. You need to be dedicated to your plan and keep moving forward — even if you
aren’t receiving an immediate paycheck.

2. Understand What You Offer

As an entrepreneur, you need to know what you offer, and how it fits into the market.
Whether it’s a product or a service, you need to know where you fit in. That means you need
to know when it’s time to tweak things a little bit. This also includes knowing whether you
are high end, middle of the road or bargain. Being able to position yourself and then adjust as
needed is an important part of entrepreneurship.

3. Take Risks
Successful entrepreneurs know that sometimes it’s important to take risks. Playing it safe
almost never leads to success as a business owner. It’s not about taking just any risk, though.
Understanding calculated risks that are more likely to pay off is an important part of being an
entrepreneur. You’ll need to be willing to take a few risks to succeed.

4. Know How to Network

Knowing how to network is an important part of entrepreneurship. Sometimes who you know
is an important part of success. Being able to connect with others and recognize partnership
opportunities can take you a long way as a business owner. Figure out where to go for
networking opportunities and make it a point to learn how to be effective.

5. Basic Money Management Skills and Knowledge

We often think of successful entrepreneurs as “big picture” people who don’t worry so much
about managing the day to day. And it’s true that you might have an accountant or other team
members to help you manage the business. However, if you want to be successful, you should
still have basic money management skills and knowledge. Understand how money works so
that you know where you stand, and so that you run your business on sound principles.

6. Flexibility
To a certain degree, you need to be flexible as an entrepreneur. Be willing to change as
needed. Stay on top of your industry and be ready to adopt changes in processes and product
as they are needed. Sometimes, you also need flexibility in your thinking. This is an essential
part of problem-solving. You want to be able find unique and effective solutions to issues.

7. Passion
Finally, successful entrepreneurs are passionate. They feel deeply about their product or
service or mission. Passion is what will help you find motivation when you are discouraged
and it will drive your forward. Passion is fuel for successful entrepreneurship. If you find
yourself losing your passion, that might be the clue that it’s time to move on to something
else (that stokes your passion). There are many serial entrepreneurs that create successful
businesses, sell them, and then create something else.

ENTREPRENEURIAL COMPETENCIES

It refers to the key characteristics that a successful entrepreneurs should have in order to be
successful.

Entrepreneurial Competencies McClelland and McBer

(1985)

1. Use of Influence Strategies The art of

planning and establishing influence among the customers or the public.
2. Self-Confidence A person who
has confidence in himself or herself and in his or her own abilities.
3. Persuasion Merriam
Webster : "the act or process or an instance of persuading Persuade " to move by
argument, entreaty, or expostulation to a belief, position, or course of action".
4. Assertiveness Confident in
style or behavior
5. Problem Solving English
Oxford:"to engage in the actions or thoughts necessary to discover solutions to
problems".
6. Information
Seeking Wikipedia: "Information
seeking is the process or activity of attempting to obtain information in both human
and technological contexts".
7. Systematic
Planning Wikipedia: "Systematic
 planning is a planning process that is based on the scientific method and includes
concepts such as objectivity of approach and acceptability of results".
8. Sees and acts on opportunities Cambridge
Dictionary : "opportunity an occasion or situation which makes it possible to do
something that you want to do or have to do, or the possibility of doing something".
9. Concern for High Quality of Work refers to the
favorable or unfavorable of a job environment for the people working in an
organization.
10. Commitment to Work Contract Answer.com:
"an entrepreneur always delivers his promise promptly and he values his reputation"
11. Persistence English
Oxford: "the fact of continuing in an opinion or course of action in spite of difficulty
of the opposition".
12. Efficiency Orientation Course hero: "A
successful entrepreneur always finds ways to do things faster or with fewer resources
or at a lower cost ".
13. Initiative English
Oxford: "The power or opportunity to act or take charge before others do". "An act
or strategy intended to resolve a difficulty or improve a situation; a fresh approach to
something".