Qualities, and Characteristics of An Entrepreneur 2

ATTRIBUTES, QUALITIES,
AND CHARACTERISTICS
OF AN ENTREPRENEUR
Attributes, Qualities, and

Characteristics of an
Entrepreneur
The Entrepreneur
According to Schumpeter (1950), an
entrepreneur is a person who is willing
and able to convert a new idea or
invention into a successful innovation.
Schumpeter is also famous for
the phrase creative destruction

Entrepreneur
The Entrepreneur
Websters someone who runs a
business at his or her own financial
risk
An entrepreneur is a person who
undertakes the creation of an
enterprise or business that has the
chance of profit (or success).

Entrepreneur
Who is the Entrepreneur?
Somebody who has IDEAS and
makes these ideas happen or come
to life.
Must have some BUSINESS SKILLS
(ideation, creativity & innovation)
Somebody who ASSUMES RISKS
Desires to MAKE PROFIT

Entrepreneur
The Role of an Entrepreneur:
1. Entrepreneurs are innovators
They observe an opportunity.
They create new goods and services.
They improve existing products.

Entrepreneur
2. Entrepreneurs provide choice
They add goods and services to the
marketplace.
They offer variety.
They design different approaches to
familiar
problems.

Entrepreneur
3. Entrepreneurs provide jobs
They hire workers for their
businesses.
They consume resources, thus
providing jobs in
the industries that supply those
resources.

Entrepreneur
4. Entrepreneurs help the
economy grow.
Why Become an Entrepreneur?

1-9
The three primary reasons that people become

entrepreneurs and start their own firms
Desire to be their own boss
Desire to pursue their
own ideas
Financial rewards
Characteristics of Successful Entrepreneurs

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110
Four Primary Characteristics

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Passion for the Business
The number one characteristic shared by successful

entrepreneurs is a passion for the business.
This passion typically stems from the entrepreneurs belief
that the business will positively influence peoples lives.
Product/Customer Focus
A second defining characteristic of successful entrepreneurs

is a product/customer focus.
An entrepreneurs keen focus on products and customers
typically stems from the fact that most entrepreneurs are, at
heart, craftspeople.

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112
Tenacity Despite Failure
Because entrepreneurs are typically trying something new,

the failure rate is naturally high.
A defining characteristic for successful entrepreneurs is
their ability to persevere through setbacks and failures.
Execution Intelligence
The ability to fashion a solid business idea into a viable

business is a key characteristic of successful entrepreneurs.

Entrepreneur
The Qualities of an Entrepreneur:
1. Inner Drive to Succeed
Entrepreneurs are driven to succeed and
expand their business. They see the
bigger picture and are often very
ambitious. Entrepreneurs set massive
goals for themselves and stay committed
to achieving them regardless of the
obstacles that get in the way.

Entrepreneur
2. Strong Belief in themselves
Successful entrepreneurs have a healthy opinion of
themselves and often have a strong and assertive
personality. They are focused and determined to
achieve their goals and believe completely in their
ability to achieve them. Their self optimism can
often been seen by others as flamboyance or
arrogance but entrepreneurs are just too focused to
spend too much time thinking about un-constructive
criticism.

Entrepreneur
3. Search for New Ideas and
Innovation
All entrepreneurs have a passionate
desire to do things better and to
improve their products or service.
They are constantly looking for ways
to improve. They're creative,
innovative and resourceful.

Entrepreneur
4. Openness to Change
If something is not working for them they
simply change. Entrepreneurs know the
importance of keeping on top of their industry
and the only way to being number one is to
evolve and change with the times. They're up
to date with the latest technology or service
techniques and are always ready to change if
they see a new opportunity arise.

Entrepreneur
5. Competitive by Nature
Successful entrepreneurs thrive on
competition. The only way to reach
their goals and live up to their self
imposed high standards is to
compete with other successful
businesses.

Entrepreneur
6. Highly Motivated and Energetic
Entrepreneurs are always on the move,
full of energy and highly motivated.
They are driven to succeed and have
an abundance of self motivation. The
high standards and ambition of many
entrepreneurs demand that they have
to be motivated!

Entrepreneur
7. Accepting of Constructive Criticism and

Rejection
Innovative entrepreneurs are often at the forefront of
their industry so they hear the words "it can't be done"
quite a bit. They readjust their path if the criticism is
constructive and useful to their overall plan, otherwise
they will simply disregard the comments as pessimism.
Also, the best entrepreneurs know that rejection and
obstacles are a part of any leading business and they
deal with them appropriately.
Types of Entrepreneurs
20
Novice Entrepreneur
Has no prior business ownership
experiences as a business founder,
inheritor, or purchaser
Habitual Entrepreneur
Has prior business ownership experience
Nascent Entrepreneur
In the process of starting a new business
Can be either a novice or a habitual
entrepreneur
21
Types of Entrepreneurs
(contd)
Serial Entrepreneur
Has sold or closed an original business
and establishes another new business
Continues the cycle of selling/closing
and establishing
Portfolio Entrepreneur
Retains an original business and builds
a portfolio of additional businesses
Through inheriting, establishing, and
purchasing the businesses
Common Myths About Entrepreneurs

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Myth 1: Entrepreneurs Are Born Not Made
This myth is based on the mistaken belief that some people

are genetically predisposed to be entrepreneurs.
The consensus of many studies is that no one is born to
be an entrepreneur; everyone has the potential to become
one.
Whether someone does or doesnt become an entrepreneur,
is a function of the environment, life experiences, and
personal choices.

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Although no one is born to be an entrepreneur, there are common

traits and characteristics of successful entrepreneurs
Achievement motivated
Optimistic disposition
Alert to opportunities
Persuasive
Creative
Promoter
Decisive
Resource
assembler/leverager
Energetic
Has a strong work ethic
Is a moderate risk taker
Is a networker
Lengthy attention span
Self-confident
Self-starter
Tenacious
Tolerant of ambiguity
Visionary

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Myth 2: Entrepreneurs Are Gamblers
Most entrepreneurs are moderate risk takers.

The idea that entrepreneurs are gamblers originates from
two sources:
Entrepreneurs typically have jobs that are less structured, and so they
face a more uncertain set of possibilities than people in traditional
jobs.
Many entrepreneurs have a strong need to achieve and set
challenging goals, a behavior that is often equated with risk taking.

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Myth 3: Entrepreneurs Are Motivated Primarily by

Money.
While it is nave to think that entrepreneurs dont seek

financial rewards, money is rarely the reason entrepreneurs
start new firms.
In fact, some entrepreneurs warn that the pursuit of money
can be distracting.

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Myth 4: Entrepreneurs Should Be Young and

Energetic.
The most active age for business ownership is 35 to 45

years old.
While it is important to be energetic, investors often cite the
strength of the entrepreneur as their most important criteria
in making investment decisions.
What makes an entrepreneur strong in the eyes of an investor is

experience, maturity, a solid reputation, and a track record of
success.
These criteria favor older rather than younger entrepreneurs.

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ATTRIBUTES, QUALITIES,

Attributes, Qualities, and

Attributes, Qualities, and

Attributes, Qualities, and

Attributes, Qualities, and

Attributes, Qualities, and

Attributes, Qualities, and

Attributes, Qualities, and

Why Become an Entrepreneur?

The three primary reasons that people become

Characteristics of Successful Entrepreneurs

Four Primary Characteristics

Characteristics of Successful Entrepreneurs

Passion for the Business

The number one characteristic shared by successful

A second defining characteristic of successful entrepreneurs

Characteristics of Successful Entrepreneurs

Tenacity Despite Failure

Because entrepreneurs are typically trying something new,

The ability to fashion a solid business idea into a viable

Attributes, Qualities, and

Attributes, Qualities, and

Attributes, Qualities, and

Attributes, Qualities, and

Attributes, Qualities, and

Attributes, Qualities, and

Attributes, Qualities, and

7. Accepting of Constructive Criticism and

Common Myths About Entrepreneurs

Myth 1: Entrepreneurs Are Born Not Made

This myth is based on the mistaken belief that some people

Common Myths About Entrepreneurs

Although no one is born to be an entrepreneur, there are common

Common Myths About Entrepreneurs

Myth 2: Entrepreneurs Are Gamblers

Most entrepreneurs are moderate risk takers.

Common Myths About Entrepreneurs

Myth 3: Entrepreneurs Are Motivated Primarily by

While it is nave to think that entrepreneurs dont seek

Common Myths About Entrepreneurs

Myth 4: Entrepreneurs Should Be Young and

The most active age for business ownership is 35 to 45

What makes an entrepreneur strong in the eyes of an investor is

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