Entrepreneurs are a special kind of breed. In fact, there are traits that make one a good entrepreneur. If you’ve been considering opening your own business then you may want to read through this list to see if you have the right traits.
The Kid You Were – What were you like as a child? Did you rely on getting an allowance or were you the one out there mowing lawns or setting up lemonade stands. According to Susquehanna University’s Sigmund Weis School of Business, it’s common for those children to become entrepreneurs.
Risk Taker – You know starting a business comes with no guarantees, yet it doesn’t bother you at all because they are calculated risk takers, working in protection as their business grows never missing a step over the thought of failing.
Passionate – If something is important to you, you’ll attack it head on. So if you’ve got an idea that you think is going place you don’t think about it you act on it. Passionate people make good entrepreneurs because they don’t let go of their idea pushing through believing it’s a winner.
Pragmatism – While entrepreneurs push ahead with passion they also know when to cut their losses and get out. Not every idea is going to be a winner – the timing might be off, the idea itself may not be as good as initially thought – pragmatism is a healthy characteristic for the entrepreneur.
Tenacity – Even the best ideas don’t always get off the ground. There can be lack a lack of money, lack of know-how, a location that was wrong, or… the list goes on. But an entrepreneur doesn’t give up. If you believe in it you will fight for it. If one idea fails you don’t give up, you learn from it, and try again.
Family Support – Entrepreneurs work weekends, don’t have paid sick time, work long hours, and forget about vacations. Working 80 to 100 hours a week is pretty standard. Your family needs to be on board otherwise life can be awfully stressful. Many spouses are intolerant of the craziness of being an entrepreneur.
Money isn’t Always a Motivator – For entrepreneurs most times it’s not about money but about a drive for a great idea and less tangible rewards like independence, respect, defined as wealth rather than riches defined as money. If you’re looking to be rich being an entrepreneur may not be the right choice for you.
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There have been a few studies on the go. One studied showed that the drive to start a business and be self-employed might actually be genetic. Another study showed those who have dyslexia are five times more likely to be entrepreneurs.
So will you make a good entrepreneur?