Personal Characteristics of an Entrepreneur

Timmons (1994) describes entrepreneurial mind (which means the attitudes and behaviour of successful entrepreneurs) as those people who are capable of hard work, and are driven by an intense commitment and determined perseverance. They see the cup half full rather than half empty, they strive for integrity, they burn with competitive desire to excel and win. They are dissatisfied with the status quo and seek opportunities to improve almost any situation they encounter. They use failure as a tool for learning and eschew perfection in favour of effectiveness. They believe they can personally make an enormous difference in the final outcome of their ventures and their life.

Successful entrepreneurs have many qualities in common with one another. They are confident and optimistic, disciplined self-starters. They are open to any new ideas which cross their path. Here are ten personal traits of a successful entrepreneur:

i. Disciplined: They are focused on making their businesses work, and eliminate any hindrances or distractions to their goals. Successful entrepreneurs are disciplined enough to take steps every day toward the achievement of their objectives.

ii. Confidence: The entrepreneur does not ask questions about whether they can succeed or worthy of success. They are confidence with the knowledge that they will make their businesses succeed. They exude that confidence in everything they do.

iii. 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 enterprises. They have the ability to look at everything around them and focus it toward their goals. They update their knowledge continuously and seek information form a variety of sources.

iv. 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.

v. Competitive: Many companies are formed because of an entrepreneur knows they can do a job better than another. They need to win at the sports they play and need to win at the business that they create. An entrepreneur will always be willing to highlight their own company’s track record of success. The success of the entrepreneur will depend on the quality of their product or service.

vi. Creativity: One facet of creativity is being able to make connections between seemingly unrelated events or situations. Entrepreneur often come up with solutions which are the synthesis of other items. They will repurpose products to market them to new industries.

vii. Determination: Entrepreneurs are not thwarted by their defeats. They look at defeat as an opportunity for success. They are determined to make all their endeavours succeed, so they will try and try again until it does. Successful entrepreneurs do not believe that something cannot be done.

viii. 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.

ix. 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 expectation. Their mind is constantly on their work, whether they are in or out of workplace.

x. Passion: Passion is the most important attribute of successful entrepreneur. They genuinely love their work. They are willing to put in extra hours to make the business grow because there is a joy their business gives which goes beyond the money or profit. The successful entrepreneur will always be reading and researching ways to make the business better.