According to a recent study conducted in 2007 by the Global

Entrepreneurship Monitor (GEM), a leading international entrepreneurial

research group, high income countries, such as Iceland, Hong Kong, Canada,
and the United States have more early-stage entrepreneurial activity due to
economic opportunity. In these high income per capita nations, new business
owners have vast availability to economic resources, including job placement,
and social security benefits.
On the other hand, middle to low income nations do not have the availability
of such resources and may resort to entrepreneurialism simply because it is
the only option for survival, such as those living in China and Argentina. In
addition to these findings, gender differences of entrepreneurialism also
exist. In both high and low income countries, men were at least 2X more
likely to be entrepreneurs than women. Regardless of which country of origin
or gender, it is apparent that all successful entrepreneurs share some distinct
characteristics.
1. Motivation
First, most successful entrepreneurs are highly motivated individuals. They
possess the personal determination and drive to seek any and all means to
bring forth their business ideas and capitalize on their concept(s). They are
proven to be wise self-starters, in which they take the sole initiative to
properly manage their time and expand upon their existing ideas in order to
avoid some common drawbacks. Yet despite some hurdles and even failures
that they may face, successful entrepreneurs tend to remain disciplined and
motivated, learn easily from their mistakes, and remain resilient in their
entrepreneurial quest.
2. Well-prepared
Another important characteristic that all successful entrepreneurs possess is
the fact that they are always well-prepared. This means that they have
researched all avenues of their entrepreneurship, are ready to face the
challenges of starting a new business, and is able to take their business ideas
to the next level. They are properly organized and equipped to present their
funding proposals, elevator pitches, business plans, and can even properly
provide answers to any inquiries to prospective angel investors and venture
capitalists. They have also test marketed their business ideas and have even
obtained a considerable amount of new customers who are willing to pay for
their products and services. A well-prepared entrepreneur distinguishes
himself/herself from others because they are more structured, logical, and
orderly in their business approach.
3. Risk-takers

Successful entrepreneurs are also known to be avid risk-takers. He or she

does not fear uncertainty and takes sole responsibility for all of the triumphs
and tribulations associated with their venture. They usually abide by their
gut-instinct when making crucial business decisions, are goal oriented in their
approach, and are quite persistent to succeed. At the same time, they are
innovators who introduce new products to the market and always seem to
find novel ways of doing things.
4. Unconditional support from family
All entrepreneurs are faced with the physical and mental demands of their
new venture; however, their abilities to surpass even the toughest of times
may have been made easier through the unconditional support of family
members. The absolute encouragement and backing of their family remains
consistent throughout their venture, regardless of his/her success. This solid
family structure not only enables the entrepreneur to be productive at work,
but it also motivates them to set new goals where they can balance both
their home and work life. As with any new endeavor, there is also a
considerable amount of financial strain that may occur and their family is
completely supportive of any financial difficulties that they may face.
Conclusion
Starting a new business is not an easy task; however, despite the obstacles,
many entrepreneurs work hard in order to achieve success. Regardless of
country of origin or gender, successful entrepreneurs share some very
common characteristics that are highly distinguishable. Many successful
entrepreneurs are extremely passionate about their business ideas. This
passion is what motivates them to go above and beyond an ordinary
individual. They tend to remain strong even through the toughest of times
and learn from mistakes. In addition, they are also organized individuals who
are well-prepared to present their funding proposal, elevator pitch, and
business plans to prospective investors. Many successful entrepreneurs are
also enthusiastic risk takers who are not afraid of failure. Last, they are able
to find a balance between family and work life and have the unconditional
support of their family members.