7 Characteristics of an Entrepreneur

7 Characteristics of an Entrepreneur

Do you have what it takes to be an entrepreneur? When you hear the term, who comes to mind? Most likely, you are thinking of names like Bill Gates, Steve Jobs, Henry Ford, and Donald Trump. They are an elite class of businesspeople who can only be described as forces of nature. These titans seem almost genetically predisposed for success. What are the characteristics of an entrepreneur that makes winning seem second nature?

Many of us do not have the innovative vision of Henry Ford or the creativeness of Steve Jobs. However, we can examine the characteristics of the most successful entrepreneurs. While most of us have different definitions of what success means personally, there are the common and fundamental qualities shared by successful people.

What Is An Entrepreneur?

First, before digging into qualities, what is the exact meaning of the word entrepreneur?

Traditionally, an entrepreneur has been defined as ‘a person who organizes and manages any enterprise, especially a business, usually with considerable initiative and risk’. … ‘Entrepreneurial spirit is characterized by innovation and risk-taking.’ While entrepreneurship is often associated with new, small, for-profit start-ups, entrepreneurial behavior can be seen in small-, medium- and large-sized firms, new and established firms and in for-profit and not-for-profit organizations, including voluntary sector groups, charitable organizations and government.Wikipedia

Moreover, when does a person become an entrepreneur? Does it rely on a certain education? When Forbes published their 2011 400 Richest Americans list, they also published a special report on the number of billionaires who said no to college, either by not attending or dropping out.

  • David Geffen, worth $5.5 billion, dropped out of the University of Texas at Austin. His estimated worth today is $6.7 billion.
  • Micky Arison has $4.2 billion but dropped out of the University of Miami. His empire has grown to an estimated $7.3 billion.
  • Les Wexner created $3.8 billion from a $5,000 loan after dropping out of the Ohio State University Law School. Today, he has a value of $7.2 billion.
  • Steve Jobs, at the time worth $7 billion, dropped out of Reed College.
  • Mark Zuckerberg launched Facebook while at Harvard University and then dropped out. Zuckerberg is now worth $53.4 billion.
  • Haim Saban was worth $2.9 billion and never attended college at all. Today, Saban is valued at $3.6 billion.
  • John Paul DeJoria also did not attend college, but made the Forbes list with $4 billion. His net worth now is a mere $3.2 billion.

So, what does this tell us? An entrepreneur can break out at any time, with any education level, and from any background. Nonetheless, many entrepreneurs share specific personality traits. What are the characteristics of an entrepreneur?

Characteristics of an Entrepreneur

1. Passion – Are you driven by a clear sense of purpose? The source of the passion can come from either the subject matter or just playing the game. It is your passion that will have you work harder, longer, and for little pay with no guarantee of success. If you are money-centered, you will not make the sacrifices needed.

2. Determination – Every new business venture is a marathon, not a sprint. You must have the resolve and willpower to continue on even after repeated failures. Remember the words of the great Vince Lombardi, “Winners never quit, and quitters never win.” When everything falls apart, you must regroup and start over.

3. Self-Assuredness – Successful entrepreneurs are not intimidated by the talent and knowledge of others. In fact, they have a knack for surrounding themselves with people who know more and have skills they don’t possess. You must have confidence in your own abilities and character. Seek out those people who have knowledge, abilities, and backgrounds different from yours.

4. Foresight – Having the ability to almost supernaturally predict what will happen or be needed is one of the most defining characteristics of an entrepreneur. They can identify neglected niches and place themselves at the leading edge of change and emerging fields. Because of this, they most withstand those denying this change is coming because they can’t see it.

5. Adaptability – In the presence of new information, the entrepreneur is flexible to change. When the market moves, they move with it. If their plan is not working, they can honestly accept their own shortcomings and pivot in a new direction. In is important to understand that you may end in a very different place than your initial goal.

6. Fearlessness – Generally speaking, humans are risk-averse. When people’s needs are met, most are unwilling to take chances, gambling with certainty and security. You must be willing and confident enough to accept risks like embarrassment, becoming cash-poor, bankruptcy, and more. Nonetheless, there is a difference between confidence and arrogance. Therefore, ensure that you hedge your bets.

7. Bucking the Status Quo – The problem with conventional wisdom is that it has often been an obstacle to change. Entrepreneurs regularly balk at political correctness, social norms, and widely accepted beliefs and theories. Moreover, very often they have issues with those in authority, which is one of the prime reasons for engaging in entrepreneurship. They simply think differently than the majority.

Which qualities and attributes do you possess? If you would like to talk about the characteristics of an entrepreneur, or have any questions, please leave your comments below.

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lem.com
Member
lem.com
Being an entrepreneur is not an easy journey, if you want to become a successful businessperson make sure that you understand on how to run the business and it is necessary to invest your time and effort enable to put your business on track or to make it stable. It is important to have a clear picture in your mind about your goal and be passionate in doing the job for the success of your business, then once your industry is already on path don’t be complaisant try to innovate and upgrade your marketing strategy. Try to come up with… Read more »
Doadex
Member
Doadex

To become entrepreneur we needs long hours of dedicated work and a drive to succeed. But i think in the long run it pays off well. You get to be your own boss. You have the freedom lifestyle that everyone desires. Entrepreneurship can be a born talent but more so its something that needs constant learning and self development. I hope to become an entrepreneur someday too. Any recommendations on online courses for entrepreneurship?

GanduraChururut
Member
GanduraChururut

Another great thing about entrepreneurs is that they listen in their inner voice and they don’t let what others say affect them. I believe entrepreneurs should also be aware of the current trends and learn to use it in order to improve their business. With the rapid shift in the market, an entrepreneur should acquire fresh ideas that could somehow change the way consumers perceive things.

kingcool52
Member
kingcool52

Passion and determination are extremely important. There is no point trying to carve out your own path and career if you are not passionate or determined. You need to be passionate about what you are doing because otherwise there is just no point. Why should you do something that you do not love. And you need to be determined and not give up because you will struggle sometimes but you need to continue and not give up at all.

Drax1
Member
Drax1

Entrepreneurship is like motherhood. An entrepreneur undergoes a lot of challenges but struggles beyond their energy to fulfill their plan. It is not that easy to be a successful entrepreneur. Due to the stiff competitions, business is tough. Entrepreneurs should have the heart to maintain their business even in drastic conditions. That is why successful entrepreneurs are best compared to mothers, they never let go and always have hope of success just like mothers who never lose hope with their kids. I salute successful entrepreneurs, I know how hard it was to get to where they are.

joey_2tep
Member
joey_2tep
To be a successful entrepreneur takes hard work and persistence. Passion is key to keeping a business strategy moving. Perseverance is the one thing that’s guaranteed to move anything over time, whether it’s a person, a job or an entire company. Risk management is an essential factor in any startup. You can absorb losses more easily if you take smaller risks in the beginning. Those will provide essential and productive lessons. It is not really bad to learn from other entrepreneurs mistake. That will absolutely keep you from taking unnecessary risky options and decisions. Most importantly, you have to build… Read more »
szerjhex18
Member
szerjhex18

I strongly agree to those who wants to be successful we need those quality for our self. Because above everything else it must be starting from our personality.If we have those quality or so much more, we can do whatever necessary to finish the jobs. To face any circumstances, to build up reputation, names, beliefs, and trust. Those quality can solve everything. Because believing first to your self is the most powerful foundation in every business we want to build. Positive attitude must be a motto. Focus in everything we do and think in a positive way,.

Conrado
Guest
Conrado

Very nice article.. I am also training to be an entrepreneur so this is going to help me big time. Thank you so much!

sweetpot81
Member
sweetpot81
These are the qualities of a competitive entrepreneur. I do believe that if you are passionate about what you’re doing means to say that you are fully determined to aim your goal by working with heart. Having a positive mindset is making yourself rest assured that it’s gonna workout as you foresee the great things coming along the way or will gonna happen being fearless or risk taker entrepreneur who’s not afraid to take any chances of winning or loosing yet it’s a way of learning to what is the latest trend in the market. Knowledge is power. Considering as… Read more »
Haley
Member
Haley
They took the risk in every chances, or they make the chances on their own. They have the ability to focus on believing and making it happen even in most of the majority thought impossible. They are not afraid of trying, not afraid of asking other’s help or advices. They have the mindset that knows the target, considering all the possibilities along the way. They are cut out from the rest. Entrepreneurial is a never ending career that even when you had the success you planned on getting, You still knows how to maintains everything and more because once you… Read more »
fern2x2001
Member
fern2x2001
Nice traits. And i would say that i have most of these traits “most” of the time. The problem with me is that, i lack in focus. One day i feel like i can do everything, the other, i feel like i don’t really have the energy to do so. I really have to learn to strengthen my focus on things and on my goals that i want to achieve. And thanks to this list of traits, i have something to go back to and remind myself and to help me focus for me to continue to give my best… Read more »
behappie
Member
behappie

Great traits. I have really been reminded of the art of being a success in business. Thank you so much. I look forward to you next post.

abidly
Member
abidly
Words entrepreneur and entrepreneurship were misused by many people. Either they don’t know real definition of these or they are just ‘wannabes”. Entrepreneurship is the process of designing, launching and running a new business, which is more often than not, initially a small business, offering a product, process or service for sale or hire. The people who create these businesses are called entrepreneurs. Entrepreneurship has been described as the “capacity and willingness to develop, organize and manage a business venture along with any of its risks in order to make a profit”. While definitions of entrepreneurship typically focus on the… Read more »
hazelandrea
Member
hazelandrea
I definitely agree! One characteristic that I would also like to suggest is the resilience and perseverance especially when failing is inevitable in the world of business. One way or another, one can experience a situation where everything won’t just go the way they want. It would greatly help if they would think of those obstacles in a positive way so they wouldn’t have too much hard time going back up. Every problem has a solution and failing teaches us a very important lesson every time so we wouldn’t commit the same mistake in the future. I think entrepreneurs need… Read more »
Conrado
Guest
Conrado

Well bro, you got to master to control your to focus. It is really essential when you are setting a goal. Lack of focus often lead to errors or failures. Luckily this can be acquired thru practice.

mdbree17
Member
mdbree17

Way back in high school and college, we are being exposed to such terms and things about Entrepreneurship and how to become a successful entrepreneur. You can’t be successful in just one night or just a blink of an eye. You will all need these characteristics to be one. But, it doesn’t just end there. You will acquire more along the way.

jaymish
Member
jaymish
Really needed to hear this now as I embark on my entrepreneurial journey. I have some of these characteristics and some I am developing. Bottom line is that entrepreneurship is about controlling your destiny and solving societies problems. I have the biggest problem with authority, especially when I think that there is a better way to do certain things. As I look around me I am hard pressed to find even one CEO that I admire. I think they are all corrupt and will soon run their companies to the ground. Entrepreneurship is leadership. I wish you would have added… Read more »
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