9 Characteristics of Entrepreneurs
What determines the success of your business? You!
You may think it would be fun to launch a start-up, but do you have what it takes to survive the task? You
have to be tough enough to stick it out and so passionate about what you are doing that you don't want to
quit.
As you may have noticed, not everyone is a business owner. Only a select few. If you think you have a great
business idea, don't let me stop you from starting your own business. However, you want to be smart. Be
prepared to work... and have fun.
Here are some characteristics of entrepreneurs.
9 Characteristics of Good Entrepreneurs:
Do You Have What it Takes?
Owning a business is not for the timid. Okay, let's be a little more specific. Entrepreneurship is not for
wimps. In fact, you have to be pretty tough to pull it off without losing your mind. Here are 9 other
characteristics or skills that make a good entrepreneur. While possessing these qualities won't guarantee you
success as a business owner, NOT having most of these qualities should make you think long and hard before
quitting your day job.
1. Tenacity - you will be told "no" by landlords, bankers, potential clients, vendors and others in the
process of getting your business up and running. If hearing the word "no" sends you packing, you should
re-think entrepreneurship.
2. Healthy Ego---while you should not be narcissistic, you should have a certain amount of ego. You're
about to go where the masses don't have the courage to go. You ought to be pretty dang confident that in the
face of all obstacles, you can prevail. If you have a self-esteem issue, entrepreneurship and its many
obstacles and roadblocks, and ups and downs, may overwhelm you.
3. Leadership Drive---you cannot be a follower AND a good entrepreneur. Often times it's just you. Who
are you going to follow? Even if you have a team working with or for you, since you are the owner they will be
looking to you to set the vision and strategy. You had better be able to step up and provide leadership or the
vacuum will be deep and wide.
4. Creativity---it will be hard to compete in your industry if the only thing you know to do is do what
everybody else does. You need to have some creative skills that allow you to see possibilities for your
business beyond the obvious. If you don't, your competition will, and they will leave you in the dust.
Creativity doesn't mean "artsy". Creativity means the ability to see opportunities where others don't and the
ability to find new solutions to old problems. If this is not your strong suit, make sure you have a mentor or
someone on your "success team" who possesses this attribute.
5. Street Smarts-you have to be able to think on your feet and know how to "punt" in difficult, unknown
territory. You won't always have the right answers and will rarely know it all, but as the owner, people will
have high expectations that you do. If methodical processes and logical paths are where you live, you're off to
a great start, but you probably need to get your "street smarts" index up a few notches before launching out
completely on your own.
6. Coping Skills---Entrepreneurship is rewarding but it is hard work and will stretch you sometimes to
the breaking point. Good coping skills are a must. If you are fragile when it comes to stress, you are going to
have serious problems handling entrepreneurship. Be sure to find a healthy and stable outlet for "de-stressing"
in order to maximize your chances for success.
7. Problem Solving---every day is a new day with new problems to solve. The problems you think you
solved last week often reappear in slightly different iterations, and new ones crop up regularly. "Assess and
implement" rather than "analysis paralysis" is critical. Otherwise, stop and re-think whether you really want
to own a business, which actually means owning all of its problems.
8. Risk Taker---you have to be determined to proceed without necessarily having all the pieces of the
puzzle together or all the resources you need available. If you are naturally risk-averse, you will have a hard
time stomaching entrepreneurship for very long. Maybe sharing the risk with a partner or co-owner is a viable
option for you.
9. Common Sense---My friend Lisa always says "Common sense ain't common". I think there's some truth to
that. Nonetheless, you have to be able to break complex issues down into simple terms and get to the root of an
issue. I once had a boss who had the absolutely maddening ability to take the simplest concepts and turn them
into something convoluted. Not surprisingly, he seemed to delight in taking the complex and making it downright
incomprehensible to mere mortals. That is not a cool attribute. People will appreciate you if save them
thinking power. They will talk about you behind your back if everything has to be solved by algebraic
equation.
No doubt that there are at least a dozen more attributes of successful entrepreneurs,
but you get the picture. Do an honest self-assessment. Are you really cut out for this?
© 2010 | Written by Traci D. Ellis, attorney, author, speaker and business "therapist" to women
entrepreneurs. Author of "The Top 10 Legal Issues: The Stuff That Stalls Startups", Traci practices business
law and has represented hundreds of start up businesses with all of their legal needs. Find out more at
http://traciellislaw.com. In addition to
her law practice, Traci provides useful, entertaining and practical business advice to small business owners
on her blog, Launch Therapy. Visit http://launchtherapy.com for more information.
