It is interesting to me to see the experts pontificating about the traits of an entrepreneur, what it takes to be successful and the characteristics that abound in a person with the penchant to own their own business. Even I have created an assessment to help you determine if you could be successful as an entrepreneur.
I worked with a consultant about a year ago who told me that an entrepreneur needed only three main characteristics, one of which was sufficient time and money to sink into a business. The other two were passion and a working knowledge of the business they wanted to start. While all three of these qualities are important, I would say that only passion is a key characteristic.
Another well known pundit states that a successful entrepreneur must have a dream they are passionate about, create a detailed plan all the way down to scripted telephone conversations, and be able to communicate it well to employees, lenders and vendors. The characteristics that show up in this description of success include passion, organization, creativity, and the ability to communicate.
The analyst/technician within me leans in that direction, but I have a hunch that there needs to be something in between. Most entrepreneurs don’t have the patience to do that kind of detailed work, and many prefer to create an overall vision, and work on a broader basis. Upon reflection, however, perhaps this is why 80% of all entrepreneurs fail within the first five years.
My research indicates that there are five basic characteristics critical to being a successful entrepreneur. They must be:
Diligent: A successful entrepreneur must be a self-starter, requiring only their passion to be consistently taking the action to work on their business while they are working in their business. They will stick with it when the going gets tough, as it undoubtedly may, exercising will-power and self-discipline on a daily basis.
Visionary: Starting a business involves taking on risk and uncertainty. An entrepreneur enjoys the innovation and creativity involved in moving chaos into harmony by reviewing all the possibilities and probable obstacles, picking the most likely path to success.
A leader: A thriving small business owner must be willing to assume responsibility and accountability for the business, requiring that same accountability from all employees. They are decisive, organized, and committed to working on the business by creating the plans required for strategic vision and flexible response to customer needs and desires. In addition, they are able to communicate their vision in such a way that employees are excited to be part of it.
Self-confident: Perhaps most critical to an entrepreneur’s success is a strong belief in their ability, judgment and power to accomplish their dreams.
In Good Health: Starting your own business is not for the faint of heart or for someone in poor health. It requires stamina and a great deal of resilience to weather the gradual growth of a business when money, time and patience are wearing thin.
Success is not guaranteed for someone possessing these traits. A great idea you are passionate about, strong personal standards, some solid business acumen, and a business reality that can support the business is also required.
Georgia Feiste, owner of Collaborative Transitions, located in Lincoln, NE, is a business, career and personal life coach, writer, and workshop facilitator. She has more than thirty years experience as a corporate executive in the insurance industry, and brings that business expertise to the forefront when coaching start-up businesses. Georgia currently writes columns for the Lincoln 55+ Senior Newspaper. Her website is http://www.collaborativetransitions.com