Characteristics of a Successful Entrepreneur

Attributes for Systematic and Deliberate Entrepreneurial Practice

Oct 26, 2009

Undertaking small venture start-up can be a trying task, but with developing certain attributes and personality traits entrepreneurship can be more feasible.

Entrepreneurship is a dynamic process that involves a blend of vision, change, and creation. It involves opportunities and risks, and is a fluid process that requires adapting to the economic state and taking advantage of innovative opportunities that arise. Entrepreneurship is a practice involving traits and behaviors that can be cultivated and developed to better manage an entrepreneurial venture.

There are certain qualities and traits that are essential for the entrepreneur’s success in the ever changing economic environment. Below are four groups of interrelated characteristics that are crucial for being an effective entrepreneur.

Innovation and Creativity

The entrepreneur must be able to recognize and seize external opportunities that relate to innovation in a specific industry. Specifically, it is important to apply innovation when sources of opportunity are presented through the entrepreneurial environment. Three main sources of innovative opportunity are: incongruities, demographics, and perception change.

Incongruities: Many times there are incongruities within industries. Go for the area in an industry where there is an apparent lack, like filling in missing pieces in a puzzle to make it whole. Make things as they “ought” to be instead of going along with how they are assumed to be in an industry.

Demographics: In regards to demographics there is always an emerging niche through changes in demographic make-up. Being able to recognize these ecological niches provides innovative opportunity by catering to the unmet needs of an emerging group.

Changes in perception: When values and characteristics change in the masses an innovative opportunity is present. Look for changes in social behavior and activity that can be capitalized on and developed. Examine the trends that are emerging and focus on the trends that will be emerging in the future.

Total Commitment and Determination

As John Maxwell says, “Commitment: It separates doers from dreamers.” Commitment to a project, and the determination to fulfill the outcome, are essential character traits for an entrepreneur. Similarly, an entrepreneur must be goal oriented and able to follow an action plan set up to achieve the business goals.

Set up a timeline to gauge how long it may take, and the willingness and commitment necessary for achieving a certain goal. It takes self-motivation to prioritize goals, and one must take initiative and have personal responsibility for the priorities of a business in order for the venture to be a success.

Perseverance

Thirdly, an entrepreneur must be able to persevere through barriers and setbacks. There will be much problem solving through starting up a small venture and it will be important to maintain a positive attitude and believe in the company through difficult circumstances.

Maintaining a sense of humor and internal locus of control through setbacks can provide the means to grow and learn from mistakes. It is great to think big and act now, but it is also important to determine contingencies for dealing with potential problems. The hope is that through a comprehensive business plan one will avoid many setbacks, but in many cases, setbacks happen regardless, so an entrepreneur must have realism for business expectations and maintain belief in the vision of the company through difficult times.

Self-Confidence

One must truly believe in themselves to be a leader and spearhead innovative ideas. This involves willingness to take risks in a calculated manner and being willing to fail at times. This relates to a low need for status and power as the entrepreneur must maintain confidence throughout the duration of a project even if a high level of status is not immediately obtained. It will take time to grow the venture to a prominent position.

Self-confidence also means being comfortable enough with one’s self to accept feedback and having the confidence and flexibility to change course through unexpected circumstances. Also, being teachable and open to learning throughout the growth process of a business is important in developing the expert skills of any trade or discipline. Finding a mentor to consult with can provide learning and growth through the initial stages of small venture start-up.

Systematic Entrepreneurship

All of these characteristics are essential attributes for developing a foundation that can bolster an innovative idea. The interrelated nature of the characteristics mentioned above are tied together, forming a strong base to forge an entrepreneurial project. They overlap to provide a character that is able to practice entrepreneurship and gives a direction through a systematic process. There are many strategies that the entrepreneur can use to their benefit but without the cultivation of certain personality traits, it will be a more cumbersome journey.

The copyright of the article Characteristics of a Successful Entrepreneur in Entrepreneurs is owned by Joseph Wilner. Permission to republish Characteristics of a Successful Entrepreneur in print or online must be granted by the author in writing.