Characteristic of Entrepreneur

Reporter: Evelyn G. Paglinawan

 10 CHARACTERISTICS OF
SUCCESSFUL ENTREPRENEURS
#01 Curiosity #05 Self-Awareness

#02 Willingness to Experiment #06 Risk Tolerance

#03 Adaptability #07 Comfort with

Failure
#04 Decisiveness #08 Persistence
#09 Innovative Thinking #10 Long-Term Focus
#01
Curiosity
Successful entrepreneurs have a distinct personality trait that sets them apart
from other organizational leaders: a sense of curiosity.
An entrepreneur's ability to remain curious allows them to continuously seek new
opportunities. Rather than settling for what they think they know, entrepreneurs
ask challenging questions and explore different avenues.

This is validated in the online course Entrepreneurship Essentials, where

entrepreneurship is described as a “process of discovery." Without curiosity,
entrepreneurs can’t achieve their main objective: discovering new opportunities.
The drive they have to continuously ask questions and challenge the status quo
can lead them to valuable discoveries easily overlooked by other business
professionals.
#02
Willingness to Experiment
Along with curiosity, entrepreneurs require an understanding of
structured experimentation, such as design thinking. With each new
opportunity, an entrepreneur must run tests to determine if it’s
worthwhile to pursue.

For example, if you have an idea for a new product or service that
fulfills an underserved demand, you’ll have to ensure customers are
willing to pay for it and it meets their needs. To do so, you’ll need to
conduct thorough market research and run meaningful tests to
validate your idea and determine its potential.
#03
Adaptability
Entrepreneurship is an iterative process, and new challenges
and opportunities present themselves at every turn.
It’s nearly impossible to be prepared for every scenario, but
successful business leaders must be adaptable.

This is especially true for entrepreneurs who need to

evaluate situations and remain flexible to ensure their
business keeps moving forward, no matter what unexpected
changes occur.
#04 Decisiveness
To be successful, an entrepreneur has to
make difficult decisions and stand by them. As a leader,
they’re responsible for guiding the trajectory of their business,
including every aspect from funding and strategy to resource
allocation.

Being decisive doesn’t always mean being correct.

Entrepreneurs need the confidence to make challenging
decisions and see them through to the end. If the outcome
turns out to be less than favorable, the decision to take
corrective action is just as important.
#05 Self-Awareness
A great entrepreneur is aware of their strengths and
weaknesses. Rather than letting shortcomings hold them back,
they build well-rounded teams that complement their
abilities.
In many cases, it’s the entrepreneurial team, rather than an
individual, that drives a business venture toward success.
When starting your own business, it’s critical to surround
yourself with teammates who have complementary talents
and contribute to a common goal.
#06 Risk Tolerance
Entrepreneurship is often associated with risk. While it’s true that
launching a venture requires an entrepreneur to take risks, they also
need to take steps to minimize it.

While many things can go wrong when launching a new venture, many
things can go right. According to Entrepreneurship Essentials,
entrepreneurs who actively manage the relationship between risk and
reward position their companies to “benefit from the upside.”
Successful entrepreneurs are comfortable with encountering some level
of risk to reap the rewards of their efforts; however, their risk tolerance
is tightly related to their efforts to mitigate it.
#07 Comfort with Failure
In addition to risk-management and
calculated decision-making, entrepreneurship requires a
certain level of comfort with failure.
“Of startups that have more than one employee, 70 percent
survive at least two years, half last at least five years, and a
quarter last 15 years,” says Harvard Business School Professor
William Sahlman in Entrepreneurship Essentials. “Even then,
only a small fraction of the survivors get to be significant
employers.”
#07 Comfort with Failure
The reasons for failure are vast and encompass everything
from a lack of business scalability to low product-market fit.
While many of these risks can be avoided, some are inevitable.
Despite this, entrepreneurs must prepare themselves for, and
be comfortable with, failure. Rather than let fear hold them
back, they maintain a positive attitude to allow the possibility
of success to propel them forward.
#08 Persistence
While many successful entrepreneurs are comfortable with
the possibility of failing, it doesn’t mean they give up easily.
Rather, they see failure as an opportunity to learn and grow.
Throughout the entrepreneurial process, many hypotheses
turn out to be wrong, and some ventures fail altogether.

Part of what makes an entrepreneur successful is their

willingness to learn from mistakes, ask questions, and persist
until they reach their goal.
#09 Innovative Thinking
Innovation often goes hand-in-hand with entrepreneurship.
While innovation in business can be defined as an idea that’s
both novel and useful, it doesn’t always involve creating an
entirely new product or service.

Some of the most successful startups have taken existing

products or services and drastically improved them to meet
the changing needs of the market.
#09 Innovative Thinking
Although innovation doesn’t come naturally to every
entrepreneur, it’s a type of strategic mindset that can be
cultivated.

By developing your problem-solving skills, you’ll be well-

equipped to spot innovative opportunities and position your
venture for success.
#10 Long-Term Focus
Most people associate entrepreneurship with starting a
business. While the early stages of launching a venture, such
as securing funding, are critical to its success, the process
doesn’t end once the business is operational.

According to Entrepreneurship Essentials, “it’s easy to start a

business, but hard to grow a sustainable and substantial one.
#10 Long-Term Focus
Some of the greatest opportunities in history were discovered
well after a venture launched.”

Entrepreneurship is a long-term endeavor, and entrepreneurs

must focus on the process from beginning to end to ensure
long-term success.
 #3
Scalable startup entrepreneurship
#1
Small business entrepreneurship

#4

Social entrepreneurship

#2
Large company entrepreneurship #5

Innovative entrepreneurship

Different Kinds of
 #8
Researcher entrepreneurship
#6
Hustler entrepreneurship

#9

Buyer entrepreneurship

#7
Imitator entrepreneurship
Small business entrepreneurship #01

A majority of businesses are small businesses.

People interested in small business entrepreneurship are most likely
to make a profit that supports their family and a modest lifestyle.
They aren't seeking large-scale profits or venture capital funding.
Small business entrepreneurship is often when a person owns and
runs their own business.
They typically hire local employees and family members. Local
grocery stores, hairdressers, small boutiques, consultants and
plumbers are a part of this category of entrepreneurship.
Large company entrepreneurship #02

Large company entrepreneurship is when a company has a finite

amount of life cycles. This type of entrepreneurship is for an
advanced professional who knows how to sustain innovation. They
are often a part of a large team of C-level executives. Large
companies often create new services and products based on
consumer preferences to meet market demand. Small business
entrepreneurship can turn into large company entrepreneurship
when the company rapidly grows. This can also happen when a large
company acquires them. Companies such as Microsoft, Google and
Disney are examples of this kind of entrepreneurship.
Scalable startup entrepreneurship #03

This kind of entrepreneurship is when entrepreneurs believe that

their company can change the world.
They often receive funding from venture capitalists and hire
specialized employees. Scalable startups look for things that are
missing in the market and create solutions for them. Many of these
types of businesses start in Silicon Valley and are technology-focused.
They seek rapid expansion and big profit returns. Examples of
scalable startups are Facebook, Instagram and Uber.
Social entrepreneurship #04

An entrepreneur who wants to solve social problems

with their products and services is in this category of
entrepreneurship. Their main goal is to make the
world a better place. They don't work to make big
profits or wealth. Instead, these kinds of
entrepreneurs tend to start nonprofits or companies
that dedicate themselves to working toward social
good.
Innovative entrepreneurship #05
Innovative entrepreneurs are people who are
constantly coming up with new ideas and inventions.
They take these ideas and turn them into business
ventures. They often aim to change the way people
live for the better. Innovators tend to be very
motivated and passionate people. They look for ways
to make their products and services stand out from
other things on the market. People like Steve Jobs and
Bill Gates are examples of innovative entrepreneurs.
Hustler entrepreneurship #06

People who are willing to work hard and put in

constant effort are considered hustler entrepreneurs.
They often start small and work toward growing a
bigger business with hard work rather than capital.
Their aspirations are what motivates them, and they
are willing to do what it takes to achieve their goals.
Hustler entrepreneurship #06

They do not give up easily and are willing to

experience challenges to get what they want. For
example, someone who is a hustler is willing to cold
call many people in order to make one sale.
Imitator entrepreneurship #07
Imitators are entrepreneurs who use others' business
ideas as inspiration but work to improve them. They
look to make certain products and services better and
more profitable. An imitator is a combination between
an innovator and a hustler. They are willing to think of
new ideas and work hard, yet they start by copying
others. People who are imitators have a lot of self-
confidence and determination. They can learn from
others' mistakes when making their own business.
Researcher entrepreneurship #08

Researchers take their time when starting their own

business. They want to do as much research as
possible before offering a product or service. They
believe that with the right preparation and
information, they have a higher chance of being
successful.
Researcher entrepreneurship #08

A researcher makes sure they understand every aspect

of their business and have an in-depth understanding
of what they are doing. They tend to rely on facts, data
and logic rather than their intuition. Detailed business
plans are important to them and minimize their
chances of failure.
Buyer entrepreneurship #09

A buyer is a type of entrepreneur who uses their

wealth to fuel their business ventures. Their specialty
is to use their fortunes to buy businesses that they
think will be successful. They identify promising
businesses and look to acquire them. Then, they make
any management or structural changes they feel are
necessary.
Thank
You