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What are the Characteristics of an Entrepreneur? 4 Must Know Traits

what are the characteristics of an entrepreneur | A confused man

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This is part four of the “What is an Entrepreneur?” series.  I’ve found there are many people interested in entrepreneurship, but many myths surrounding what an Entrepreneur is.  I plan to answer these questions:

I hope this series can clear some myths for you and expand your entrepreneurial creativity.  You can read the entire series by going HERE.  Please read to the bottom and get all the AMAZING FREE STUFF at the end!

Affiliate Disclaimer: Affiliate links are enclosed on this post for your convenience and ease of use.  This means that when you click a link and make a purchase, How To Entrepreneur can receive a commission at no additional cost to you.

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In the previous article, “Can I become an Entrepreneur?”, we discussed how anyone can become an entrepreneur if they make the choice, but we didn’t discuss the character required.  Articles and books all over will tell you about the characteristics of entrepreneurs, and it’s true, there are distinct characteristics that make a business work.  In this article, I will be answering the question, “What are the characteristics of an Entrepreneur?”

what are the characteristics of an entrepreneurThe Evolution of Entrepreneurs

Often times, we see entrepreneurs like Oprah, Bill Gates, or Donald Trump, and we may compare our characters to someone who has achieved many counts of success.  When we do this, it can be intimidating because they have personalities that are unique to them, and we can wonder whether we would be able to achieve success with the personalities we have.

While it’s good to emulate those who are doing something we want to do, we shouldn’t fret over whether or not we have entrepreneurial character traits because they can be developed.  When you read the stories of many of the world’s most successful entrepreneurs, you’ll find that all of them had an “evolution process” to become who they are today.

A major part of the evolution of an entrepreneur is the character development process.

The Pre-Evolution Character

When a baby is born, they’re very dependent.  They require a lot of care and nurturing, and character development has to take place for them to become independent beings who can make decisions and thrive in life.

Similarly, startup entrepreneurs require alot of nurturing in the beginning.  There’s a lot of education and mental shifts that have to take place in order to invent a system that works well in the market and helps to infuse the economy.

When startup entrepreneurs start out, they may be selfish, power hungry, rebel minded, stubborn, and impatient, but as they continue to educate themselves, they evolve personally into a being that can thrive in the marketplace.

The Character That Needs Awakening

In his video interview with Tim Bilyeu, Michael Gerber talks about four hats that need to be awakened in each entrepreneur in order to create a successful business: The dreamer, the Thinker, the Storyteller, and the Leader.  Unfortunately, because of the conditioning and ignorance of many of us (entrepreneurs), when we start businesses, we often stay trapped in a paradigm that disables smooth growth, which is why mentorship and education is key.  You can see the full interview:

The four hats that require awakening include:

1. The Dreamer

When we feel limited, we tend to stop dreaming, but dreaming is good for us.  Brian Tracy said, “All successful people, men and women, are big dreamers. They imagine what their future could be, ideal in every respect, and then they work every day toward their distant vision. ”

When we feel overcome by obstacles or like we can’t control whether we obtain our dream, we become crippled and stop dreaming.  In order to be successful as an entrepreneur, the spark has to be re-ignited, and it takes practice.  When obstacles come up, we have to learn how to leverage our circle of influence and create solutions, so we keep moving forward.

Awakening the dreamer livens entrepreneurial characteristics like:

  • Visionary
  • Thought leader
  • Passion
  • and, it increases the willingness to take risks

what are the characteristics of an enterpreneur2. The Thinker

Contrary to what many people think, entrepreneurs are not entirely driven by dreams.  We calculate things when the “Thinker” in us is awake.

As startup entrepreneurs, we may make decisions based on emotions or feelings, but as we develop the “Thinker” components of ourselves, we balance our feelings and emotions with facts, analytics, experience, and wise counsel.  The thinker contributes to entrepreneurial developing skills and characteristics like:

  • Confidence
  • Market Knowledge
  • Product Knowledge
  • Effective Planning and Money Management
  • Strategic Relationship Development

3. The Storyteller

A company that cannot translate the vision and dream to others is not capable of creating a revolution and magnetizing others who are loyal adherents.  When entrepreneurs awaken the storyteller, they are able to communicate the “Why” of their organization in others.  Employees, clients, vendors, and the community is able to inherit the passion of the organization which increases referrals, employee retention, and customer retention.

When the storyteller is awakened, it contributes to successful entrepreneurial traits like:

  • Charisma
  • Persuasion
  • Sales skills
  • Growth of the ability to connect with other people and develop relationships

4. The Leader

Leaders are able to direct others towards a unified goal.  Successful businesses require good leadership.  Leaders need to be:

  • Resilient
  • Flexible
  • Self-Belief
  • Hard working
  • Disciplined
  • Self-starting
  • Resourceful
  • Solution-focused
  • Understanding
  • Empathetic
  • Tough
  • Integrity
  • Servitude
  • Excellence
  • with Good communication skills

what are the characteristics of an entrepreneurHow to Initiate The Evolution Process

The evolution of the entrepreneur is something I’ll be writing more on next in this series, however, we can begin an intro to the discussion here.  To initiate the process evolution process of an entrepreneur, you need to:

Commit to learning

About learning, Benjamin Franklin said, “Tell me and I forget, teach me and I may remember, involve me and I learn.”.  The characteristics of an entrepreneur are improved, honed, and developed with time.  They translate into other facets of life and help develop the whole person.  When doing your schedule, dedicate time for acquiring new skills, mastering tactics that excel the business growth, and gaining greater understanding of new things.

Practice

In his book, Outlier, Malcolm Gladwell there are two great quotes, I want you to think about.  The first says:

“In fact, researchers have settled on what they believe is the magic number for true expertise: ten thousand hours.”

 

The second says:

“Practice isn’t the thing you do once you’re good. It’s the thing you do that makes you good.”

Professional musicians require practice.  Professional sports players require practice.  Professional entertainers require practice.  Mastery requires practice.  Many people fail to see that entrepreneurship requires practice, but it truly does….lots and lots of practice creates good entrepreneurs.

what are the characteristics of an entrepreneurSubmit to Sound Advice

Practicing bad habits doesn’t help.  You want to be around candid advisors who can analyze your business and tell you how you can take it to the next level.  When you find a good advisor, you have to be humble enough to apply their advice.  Applied knowledge is power.

A Playlist answering “What are the Characteristics of an Entrepreneur?”

I created this playlist to help you see and learn about the characteristics of an entrepreneur:

My Recommendations for Entrepreneurial Character Development

If you’d like to begin or advance at “cracking the code” and evolving as an entrepreneur, I have some resources I’d highly recommend.

  • The E-Myth Revisited – Throughout this series, I keep mentioning this book because it’s really a revolutionary blueprint and step-by-step plan for taking your business from where it is into being an enterprise.  You should check it out on Amazon HERE.
  • EntreLeadership – Dave Ramsey is a very reputable entrepreneur whose built a highly engaged audience that stems from many purpose-driven employees and vendors.  He has millions of raving fans (employees included), and there’s alot to learn from a leader whose been in business for 25 years and has such a large positive reputation.  Get your copy at Amazon HERE.
  • Destiny – This book is not for people who are uncomfortable with terms like “God” or the biblical worldview, however, it is a very good book for direction on finding, pursuing, and expanding your destiny focus.  Like Dave Ramsey, Bishop Jakes has a huge audience, he’s been in business for more than 30 years, and has millions of people who listen to him like a discipline.  It’s important to listen to people who can magnetize and create engagement as Bishop Jakes has done for the past 30 years.
  • The Strategy of Pre-eminence – Jay Abraham is branded as the “9 Billion Dollar” man because of the results he’s gotten for his business consulting clients.  Successful entrepreneurs like Toni Robbins, Daymond John, and Joe Polish all speak highly of Jay Abraham and even call him “their mentor”.  He’s most known for identifying profit opportunities you may have overlooked and creating leverage opportunities to scale businesses to new heights.  View this book for FREE HERE.
  • Rise and Grind – Daymond John of ABC’s hit sitcom “Shark Tank” is known as an expert in entrepreneurship all over the world.  He’s the business owner of Fubu and a venture capital investor whose invested his money in many startups all over.  His book gives a sensible outlook on the entrepreneurial work ethic and the character to create it.  View this book on Amazon HERE.
  • Outlier – In a world that’s growing with the desire for instant gratification, it’s important to be reminded that “practice makes perfect”.  In his book, Outlier, Malcolm Gladwell goes thru several case studies to show how important practice is to overall success.  You can view this book on Amazon HERE.

I also recommend that if you’d like a more customized and actionable experience for starting or taking your specific business to the next level, you should check out my free e-course. It’s a framework to grow your business from idea to enterprise. Check out the free e-course here.

Final Words answering, “What are the Characteristics of an Entrepreneur?”

The goal of this article was to answer the question “What are the characteristics of an entrepreneur?”.  Hopefully, this article has given you either confidence that you’re on the right path or direction for some things you may need to work on to grow in your entrepreneurial pursuit.  If you have questions or concerns about this, don’t hesitate to leave them in the comments section.  I’d love to help you out!

Now, it’s Your Turn…

What characteristics do you think are most important for starting or growing a business?  How do the characteristics get developed?  Leave your comments, feedback, and questions below.

Ready to Take the Next Step to Grow Your Business?

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