What makes an
entrepreneur is a complex question. It includes factors from the environment in which an individual was raised, his or her family situation, and his or her personality traits. This question has been the subject of a great deal of both study and research. The following discussion is a summary of observations plus some of the conclusions of others.
Much recent research and observations seem to indicate that there are qualities commonly found in successful entrepreneurs. Many writers on this subject seem to be primarily concerned with the qualities found in successful entrepreneurs.... look at the questions a little differently and believe it’s equally as important to consider those traits that successful entrepreneurs usually do not have and those traits that simply do not matter.
Personal qualities common in
successful entrepreneurs
Motivation to achieve -- In almost every case, successful entrepreneurs are individuals who are highly motivated to achieve. They tend to be doers, people who make things happen. They are often very competitive. Many researchers have concluded that the most consistent trait found in successful entrepreneurs is the sheer will to win, the need to achieve in everything they do. They don't want to come in third, they don't want to come in second, they want to come in first.
The habit of hard work -- Starting a company is hard work. Let no one kid you about that. Some time ago a student reported that one of his other professors said that unless you are prepared to work hard you should not start a company. He asked my opinion, I said the statement was nonsense. I think the correct way to say it is that unless you already work hard you should not start a company. There is a big difference. Starting a company is unlikely to turn a lazy oaf into a raging bull. In his excellent book, Winners, published by Holt, Rinehart and Wilson, Carter Henderson quotes Nolan Bushnell, founder of Atari game company and Pizza Time Theater, as saying it all comes down to one critical ingredient, "Getting off your ass and doing something." In summary, entrepreneurs are almost always very hard workers.
Nonconformity -- Entrepreneurs tend to be independent souls, unhappy when forced to conform or toe the line. They are people who find it difficult to work for others, who want to set their own goals. It is hard to imagine anyone who is more nonconformist than Steve Jobs and Steve Wozniak, the founders of Apple Computer, or Bill Gates, founder of Microsoft.
Strong leadership -- Starting a new company can be a harrowing experience full of uncertainty and risk. Successfully bringing a small organization through these trying periods requires a lot of leadership skills.
Street smarts -- I do not know quite how to put this. Shrewd or sharp might be a better word. Paul Hawken describes it as "trade skill" in his excellent book Growing a Business, published by Simon and Schuster. We all know owners of some very successful businesses who were lucky to finish high school and never even considered college. Yes, they always seem to make the right moves. Call it common sense, instinct, whatever you want. Successful entrepreneurs seem to have intuitive good judgement when making complex business decisions.
Personal qualities not found in successful entrepreneurs
Compulsive gambling -- Almost without exception people who start companies are not gamblers. They are attracted to situations where success is determined by personal skill rather than chance. They strongly prefer that their destiny be determined by hard work and conscious decisions rather than by the roll of the dice.
High risk-taking - Contrary to popular opinion, entrepreneurs do not take excessive risks. Through careful product and market selection, creative financing, building a good team, and thorough planning, the real risk of starting a new business can be quite low. In the world of small business, optimism is truly cheap and high risk- takers die an early death.
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