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Characteristics of Successful Entrepreneurs

What it Takes to Make you Successful in Starting a Small Business

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Characteristics of Successful Entrepreneurs

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Not everyone is cut out to strike out on their own as an entrepreneur and a business owner. If you don’t have the characteristics necessary to be a small business owner, chances are your small business will not succeed. You also need a good environment in which to start your business. Some countries are better places for entrepreneurial success than others.

Best Places in the World for Entrepreneurship

Although the United States is one of the top countries in the world for entrepreneurs, it isn’t the top country. New Zealand is the best country for entrepreneurs with the U.S. ranking second. Canada is third with Australia placing fourth. The rest of the top ten include Singapore, Hong Kong, Britain, Ireland, Denmark, and Iceland, based on a 2007 survey in FSB, published by Geoff Lewis in his article, Who in the World is Entrepreneurial? There are 43 other countries listed in this article in order of their climate regarding entrepreneurship.

Characteristics of Successful Entrepreneurs

Successful small business owners have many and varied characteristics. Only some of them will be mentioned here.
  • A successful entrepreneur is motivated by personal and family considerations.
  • The number of small businesses in the U.S. is growing very rapidly. By far, small businesses employ more people than large businesses and export the vast majority of products. Many people are motivated by the flexibility provided to them if they own a small business. They may have children or elderly parents to care for. They may even want to put adult children or elderly parents on the payroll and have a true family business. There are many reasons that individuals consider a small business besides the profit motive.

  • A desire for independence and a strong sense of initiative are usually characteristics of a successful entrepreneur.
  • Large organizations where you have to answer to someone else are often stifling to an entrepreneurial personality. Entrepreneurs desire independence and have a sense of initiative that make them want to use their own abilities to the greatest extent possible. They are willing to work long, hard hours to make their business succeed. Large organizations often frustrate them.

  • Successful entrepreneurs react quickly to change.
  • Change both inside and outside the company affects small businesses quicker than larger businesses. Entrepreneurs have to react quickly and effectively to change to take advantage of opportunities and deal with threats. If an entrepreneur isn’t capable of quick action, change can have a negative effect on operations and profitability.

  • Entrepreneurs are dedicated to their businesses.

Successful entrepreneurs are very dedicated to their businesses. They have invested so much time, energy, and emotion into their business that they want to be sure that it is successful. They differ from managers in large companies because they are working for themselves rather than working for the shareholders.

If you possess these characteristics, you should have the personality that it takes to be successful in starting your own business.

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