What qualities make an entrepreneur?

All entrepreneurs are alike because all entrepreneurs are, or have been, successful:  there’s no such thing as a failed entrepreneur.

But aside from being successful, do entrepreneurs share any common characteristics’?  Are they born or made?  Is there a ‘typical’ entrepreneur?  Well, yes and no.

The definition of entrepreneurship is multidimensional and entrepreneurs can come from any discipline or industry sector.  Entrepreneurship involves a knack for sensing an opportunity where others see chaos, contradiction or obstacles; an ability to envision future possibilities that others fail to recognise.  The entrepreneur thrives on change and pursues opportunities, is capable of generating new ideas and is proactive.  But the essential quality is creativity; an ability to identify a gap in the market and to create a product or service to exploit that opportunity.  

Many of the behaviours of entrepreneurs appear idiosyncratic to those of us who are not similarly orientated.  It’s hardly a revelation to say that entrepreneurs tend to be confident, but that doesn’t mean that people who lack confidence can’t become entrepreneurs; they just do it in a different way. 

Entrepreneurs can be categorised broadly as:

• Extrovert – they’re sociable and out-going, witty and energetic
• Intuitive – they tend to see patterns in things and outcomes.  They’re often uninterested in facts and figures, preferring to focus on possibilities
• ‘Thinking’ and practical – they favour logical appraisal and are not necessarily governed by accepted principles and values.  They’re more challenging and less concerned with achieving harmony
• Perceptive – they’re people who like to keep their options open   

Related psychometric tests highlight issues such as confidence and dominance.  And there’s often an element of ‘physical’ tension in entrepreneurs.  Because they’re self-reliant and driven, they can come across as impatient, particularly when they come up against individuals whose natural inclination is to adopt a more cautious or measured approach.

That said, the characteristics listed above are those of the ‘serial entrepreneur’; someone who thrives on identifying and exploiting a range of business opportunities.  However, there’s also the entrepreneur – Trevor Baylis is a classic example – who has been working on a ‘big idea’ for a long part of his or her career.  These types may not have the four key characteristics listed above, but that doesn’t mean that they don’t have the strengths that would appeal to a potential investor.     

Moreover entrepreneurialism can be accommodated within corporate environments.  ‘Creativity’ – the entrepreneur’s core competency – is prized by large organisations and entrepreneurs, provided they’re given room to express themselves and can be team players.

If you’re interested in more information on how we can help to promote the entrepreneurial spirit within your organisation, please contact me.