Top 10 Characteristics of an Entrepreneur

by Scott Shpak; Updated August 08, 2018

As a classic definition, the Merriam-Webster dictionary offers the following as to the characteristics of an entrepreneur: "One who organizes, manages, and assumes the risks of a business or enterprise." However, this does little to effectively describe what the role is all about.

Although entrepreneurs come in all shapes and sizes and from a variety of backgrounds, education and work histories, many of the most successful entrepreneurs share certain personal characteristics. It's debatable as to whether or not these qualities of an entrepreneur will ensure success, but you can learn something about the skill set you might need so that you can succeed in your own entrepreneurial pursuits.

Essential Entrepreneurial Traits

In a traditional sense, entrepreneurship isn't a job. It may spawn the tasks that you spend your time performing, but it's not as if you become an entrepreneur as soon as you clock in each day. Being an entrepreneur is an attitude that lives with you, and although there are individuals who are born with the requisite skill sets, it's an honest self-appraisal that can show you where your entrepreneurial traits are strong and where they need effort. A successful entrepreneur:

  1. Is a Successful Risk Manager: Risk isn't always about money. Successful entrepreneurs often devote 110 percent of their selves and their resources, time and money included.

  2. Is Passionate and Motivated: Without an unstoppable drive to succeed, your entrepreneurial efforts may have a tough time. Enthusiasm at the start of a project is easy. Maintaining that momentum after the honeymoon phase is crucial.

  3. Has Great Organizational Skills: From the original idea through to a successful business, every aspect along the way is your responsibility as an entrepreneur. Sales, production, administration and every other component begins with you.

  4. Is Well-Connected: Your networking skills are top-notch, since success always has who-you-know elements. If you don't know these key players now, you will down the road.

  5. Is Able to Improvise: Every great plan runs into Murphy's Law, roadblocks and unforeseen opportunities. The great entrepreneur rolls with these, with great instincts about when to change lanes and when to stay the course.

  6. Is Confident: Not only to stave off the naysayers, confidence is essential against your own self-doubt. Envisioning and focusing on success through the day-to-day challenges of your current enterprise takes strong belief in yourself.
  7. Is Disciplined and Hard-Working: No one gets into entrepreneurship because of the easy work and short hours. Instead, you'll be faced with days that have too few hours to do all you need to accomplish. Forty hour week? You'll have that logged by Wednesday.

  8. Is Knowledgeable: If you're not already completely versed in your current business, you'll have the desire and skills to learn quickly. It's rare that a novice can succeed in a crowded playing field, so unless your business is unique, you're competing against the best, and to succeed, you need to be on their level.

  9. Is Self-Analytical: Being honest with yourself about your capabilities and your desire to succeed gives you the best chance of taking on only that which you can support.

  10. Is Able to Refocus: Business failures are arguably higher in the entrepreneurial field than anywhere. Successful entrepreneurs know when to stick with it and when to redirect their efforts. Failures don't trip you up as you move on to your next endeavor.

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