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What characteristics of entrepreneurs do you have?

As mentioned in our last article some characteristics of entrepreneurs are:

  • Pursuit of opportunity and risk taking.
  • Work in teams with the best human resources possible
  • Commitment of their resources and how to use efficiently other people's resources.

Jeffry A. Timmons, the Franklin W. Olin Distinguished Professor in Entrepreneurship at Babson College, who unfortunately died in 2008, describes the following as characteristics of entrepreneurs:

  • Building and creating something of value
  • Starting from nothing
  • Creating, seizing, pursuing opportunity
  • A human creative act
  • Investing personal energy - "sweat equity"
  • Having vision, passion, commitment, motivation
  • Taking calculated risks and managing them to control or reduce risk
  • Building a team
  • Seeing opportunity where others see nothing
  • Finding, acquiring, and managing resources - often owned by others
  • Having a sense of urgency - staying one step ahead of mistakes
  • Being persistent

That's a lot of characteristics don't you think? Is possible that a single person can have all these characteristics and only then be considered an entrepreneur? I don't think so.

In our venture capital firm we often find solo entrepreneurs that acts as one-man-band. This situation normally represents a limiting factor to approve funding for businesses.

Nobody can do all alone. That's why I would like you to understand the importance to work in teams. Teams mean complementary skills and experience.

That's why we believe the first three characteristics of entrepreneurs detailed at the beginning are the main ones.

Therefore an entrepreneur is always looking for opportunities, measuring and finding ways to mitigate the related risks, complementing his/her own skills by delegating the tasks to other people who can do it better than him/her and trying to obtain (borrowing, leasing, establishing partnerships, etc.) all the needed resources for the enterprise.

There's a lot of entrepreneur's test that you can take online but I'd say that if you have these three basic characteristics, then you have good chances to become a successful entrepreneur. You can learn the other entrepreneurial characteristics or complement them with a partner.

Nevertheless, If you (still) want to take an online test, the General Enterprising Tendency Test is a useful and unbiased tool. Enjoy it and come as soon as you get your results. I'll be waiting...

Ready? Were your score and results encouraging? Don't worry if not. As I said: You can learn the other entrepreneurial characteristics or complement them with a partner.

Now let's get back to the main page of this section to learn more. Just use the links below.

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