20 Personal Qualities of Entrepreneurs | Explained

Personal Qualities of Entrepreneurs

Equally important as the common issues shared by all entrepreneurs are the personal qualities of an entrepreneur or herself. Although it is not necessary that you possess all of them, you should possess most:

  1. Passion
  2. Curiosity
  3. Sponges
  4. Optimism
  5. Forward-Looking
  6. Careful about Money
  7. Started Earning at a Young Age
  8. Competitiveness
  9. Time-Conscious
  10. Risk Takers
  11. Usually Loners
  12. Professional
  13. High Energy
  14. Flexible
  15. Nurture Entrepreneurial Spirit
  16. Confident Goal Setters
  17. Persistent
  18. Learn from Failures
  19. Self-Responsibility
  20. Resource Utilization
  21. Internal Locus of Control

Passion

Entrepreneurs have a strong passion for their ideas or concepts, so much so that their work is their play. If you don’t like what you do, you won’t stick it out when challenges come along, as they inevitably will.

Curiosity

Entrepreneurs need to understand how things work. They ask a lot of questions. Curiosity therefore triggers innovation.

Sponges

Entrepreneurs are sponges. They devour information about their industry and are always aware of new and emerging trends and technologies, not only in their own specific industry but in closely related industries.

This habit of scanning their environment is a rich source of discovery of new opportunities. Entrepreneurs are always looking for new markets, applications, products, or twists on an old concept.

Optimism

Entrepreneurs think of problems as opportunities for improvements and new ideas.

Forward-Looking

Entrepreneurs are never satisfied with the status quo and are always proactively carving out their future.

Careful about Money

Entrepreneurs are careful with money and have a firm grasp on what things cost and their value to the business. This allows them to recognize a true bargain when they see one.

Started Earning at a Young Age

entrepreneurs commonly displayed entrepreneurial leanings as a teenager seeking out entrepreneurial activities such as babysitting, lawnmowing, and lemonade stands.

Competitiveness

entrepreneurs are naturally competitive in nature and very active.

Time-Conscious

Entrepreneurs know the value of time and how to make the best use of it. You won’t find entrepreneurs spending much time on nonproductive activities. Entrepreneurs typically recognize the value of downtime and time with family and will factor these activities into their schedules.

Risk Takers

entrepreneurs are not afraid of taking calculated risks. They typically trust their hunches and act on them.

Usually Loners

entrepreneurs generally prefer a solitary work environment as opposed to teamwork. They are normally the single type of businessman.

Professional

Entrepreneurs are professional in their approach to work. They operate as they would in a corporate environment and don’t allow themselves to be distracted by outside influences.

High Energy

Entrepreneurs have a plan and a vision and they work for it. Entrepreneurs are often health-conscious too, recognizing that the fitter they are, the better their minds work. So entrepreneurs will take time from their schedule to work out and eat well.

Flexible

Entrepreneurs are nothing if not responsive to change. Although they appreciate the importance of having a plan and working on that plan, they allow themselves room to react and respond to opportunities that may suddenly reveal themselves.

Nurture Entrepreneurial Spirit

Entrepreneurs seek out and nurture the entrepreneurial spirit in their employees and reward them accordingly.

Confident Goal Setters

entrepreneurs are confident and set long-term goals, both for themselves personally and for their businesses. They view money and financial security as a measure of accomplishment and a source of peace of mind.

Persistent

entrepreneurs never give up. They persist until they succeed.

Learn from Failures

entrepreneurs learn from their own failures and those of others. Failure to be an entrepreneur is nothing more than an opportunity waiting to be discovered.

Self-Responsibility

entrepreneurs take the initiative and personal responsibility for their success or failure (which is always a merely temporary state).

Resource Utilization

Entrepreneurs utilize all of their available resources.

Internal Locus of Control

entrepreneurs don’t believe in luck. They firmly believe that success and failure lie within their personal control or influence. They are known as internals, who control their destiny themselves and do not wait for outside help.


FAQs About the Personal Qualities of Entrepreneurs

What are the personal qualities of entrepreneurs?

The following are the personal qualities of entrepreneurs: Passion, Curiosity, Sponges, Optimism, Forward-Looking, Care about Money, Started Earning at a Young Age, Competitiveness, Time-Conscious, Risk Takers, and Usually Loners, etc.