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.
Successful businesspeople have many traits in common with one another. They are confident and
optimistic. They are disciplined self-starters. They are open to any new ideas which cross their path.
Here are traits of the successful entrepreneur.
1. 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.
2. 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.
3. 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.
4. 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 ones 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. (Wilner)
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 is 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. (Wilner)
5. Disciplined
These individuals are focused on making their businesses work, and eliminate any hindrances or
distractions to their goals. They have overarching strategies and outline the tactics to accomplish them.
Successful entrepreneurs are disciplined enough to take steps every day toward the achievement of
their objectives.
6. Confident
The entrepreneur does not ask questions about whether they can succeed or whether they are worthy
of success. They are confident with the knowledge that they will make their businesses succeed. They
exude that confidence in everything they do.
7. Open Minded
Entrepreneurs realize that every event and situation is a business opportunity. Ideas are constantly
being generated about workflows and efficiency, people skills and potential new businesses. They have
the ability to look at everything around them and focus it toward their goals.
8. Self-Starter
Entrepreneurs know that if something needs to be done, they should start it themselves. They set the
parameters and make sure that projects follow that path. They are proactive, not waiting for someone
to give them permission.
9. Competitive
Many companies are formed because an entrepreneur knows that they can do a job better than
another. They need to win at the sports they play and need to win at the businesses that they create. An
entrepreneur will highlight their own companys track record of success.
10. Creativity
One facet of creativity is being able to make connections between seemingly unrelated events or
situations. Entrepreneurs often come up with solutions which are the synthesis of other items. They will
repurpose products to market them to new industries.
11. Determination
Entrepreneurs are not thwarted by their defeats. They look at defeat as an opportunity for success. They
are determined to make all of their endeavors succeed, so will try and try again until it does. Successful
entrepreneurs do not believe that something cannot be done.
12. Strong people skills
The entrepreneur has strong communication skills to sell the product and motivate employees. Most
successful entrepreneurs know how to motivate their employees so the business grows overall. They are
very good at highlighting the benefits of any situation and coaching others to their success.
13. Strong work ethic
The successful entrepreneur will often be the first person to arrive at the office and the last one to
leave. They will come in on their days off to make sure that an outcome meets their expectations. Their
mind is constantly on their work, whether they are in or out of the workplace.
14. Passion
Passion is the most important trait of the successful entrepreneur. They genuinely love their work. They
are willing to put in those extra hours to make the business succeed because there is a joy their business
gives which goes beyond the money. The successful entrepreneur will always be reading and
researching ways to make the business better. (Adams)
15. Team Concept
Most entrepreneurs believe in the power of a team and understand that the unity and the uniform
cohesive effort of a team will outperform any one individual. This is essential to the entrepreneurs
beliefs of organizing resources. Entrepreneurs understand the power in speed of implementation and
often find it more efficient to hire others to perform tasks than for them to invest the time in learning
the skill themselves. This strategy depends on where the entrepreneur is in their career, the capital, the
other resources they have as to how the entrepreneur builds their team.
16. Money Management
Another characteristic of entrepreneurs is that most have learned how to manage money. Whether its
saving money for unexpected expenses or finding capital for the next businesses venture, most
entrepreneurs realize that money is a resource. Therefore once entrepreneurs start viewing money as a
resource, then they quickly learn that over a lifetime money may come and go. And during different
periods of an entrepreneurs life, if financial resources are lost, entrepreneurs know that money can be
earned again by providing value to clients. Understanding these principles and often going through
peaks and valleys of financial success, allows the entrepreneur to develop an incredible confidence and
self-belief in their own abilities.
17. Creative Thinking
Another characteristic of entrepreneurs is the ability to think creatively. Creative thinking is normally
associated with the right side of the brain. But this creative ability allows entrepreneurs to view
resources in a completely different aspect than normal individuals. This creativity helps in the
organization and structure of the business, implementing tasks, utilizing resources, finding new
resources and leveraging current resources. For many entrepreneurs, there are not many decisions,
where creativity does not assist in the decision making process.
18. Positive Outlook
Most entrepreneurs see the glass half full versus half empty. This positive outlook motivates them to
take calculated risks, believe in themselves and thrive under adversity. It also allows entrepreneurs to
turn unfavorable situations to their advantage.
Other attributes
1. Courage/willingness to take risks
2. Positive attitude, opportunistic
3. Strength of character/fortitude
4. Integrity/authenticity
5. Ability to engender trust/confidence/respect, to develop credibility
6. Vision/ability to see things as they might be and to anticipate change
7. Self-confident, assured
8. Dedication/commitment
9. Self-starter/proactive
10. High energy level
11. Decisive/result-oriented
12. Leadership skills
13. Team building/teamwork abilities
14. Clarity/consistency of thought
15. Resourceful/resilient
16. Tenacity/perseverance
17. Flexible/adaptable
18. Strength in concept development/implementation
19. Broad knowledge base in critical areas
20. Ability to accept rejection and turn failures into learning opportunities
21. Open minded and willing to listen to others views
22. Strong negotiating skills and ability to develop win/win results
23. Ability to create strategic alliances/understanding of leverage (Forbes)


Successful entrepreneurs want to see what the view is like at the top of the business mountain. Once
they see it, they want to go further. They know how to talk to their employees, and their businesses soar
as a result. (Adams)
Bibliography
Adams, J. (n.d.). Retrieved September 1, 2013, from http://under30ceo.com/10-qualities-of-a-
successful-entrepreneur/
Forbes. (n.d.). Retrieved September 1, 2013, from
http://www.forbes.com/sites/alanhall/2012/10/24/top-characteristics-of-successful-
entrepreneurs-larry-levy-kellog-school-of-management-weighs-in/
Wilner, J. (n.d.). Retrieved September 1, 2013, from http://suite101.com/article/characteristics-of-a-
successful-entrepreneur-a162472