Characteristics of Successful Entrepreneurs

No well-defined entrepreneurial profile exists; individual entrepreneurs differ greatly from each other. (Knowing this should encourage you if you wish to start your own business: you do not need to fit some prescribed stereotype).

Some qualities, however are common among entrepreneurs and probably contribute to their success.

Entrepreneurial characteristics can be grouped into six categories and they are described as “desirable and acquirable attitudes and behaviours” (by two researchers Timmons and Spinelli). These categories include:

Commitment and determination: Such entrepreneurs are tenacious (bold/stubborn), decisive and persistent in problem solving.

Leadership: Such entrepreneurs are self-starters and team builders and focus on honesty in their business relationships.

Opportunity obsession: Such entrepreneurs are aware of market and customer needs.

Tolerance of risk, ambiguity and uncertainty: Such entrepreneurs are risk takers, risk minimizers and uncertainty tolerators.

Creativity, self-reliance and adaptability: Such entrepreneurs are open-minded, flexible, uncomfortable with the status-quo and quick learners.

Motivation to excel: Such entrepreneurs are goal oriented and aware of their weaknesses and strengths.