Key Personality Traits of an Entrepreneur

Great entrepreneurs are born, not made, according to the findings of a study published to launch the O2X Awards, which recognize and reward successful small businesses. Researchers carried out an in-depth examination into the backgrounds of some of the best-known businesspeople. The main conclusion from the research was that boardroom success has more to do with personality than with formal education, great connections, and learning from those with more experience. While I will continue to discuss the implications of this specific research, it is important to note that other researchers have drawn just the opposite conclusion.

Even though circumstances in an individual's youth may not have given them the opportunities for the development of natural talents and aptitudes, with some effort, a person can still develop into an outstanding entrepreneur.

Education also had little impact on the road to success for many of the entrepreneurs that were researched. Only 14% of those included in the study placed significant emphasis on the importance of their formal education on their business achievements and less than a third (31%) had studied business or a specific business qualification.

While over two thirds (67%) recognized the importance of life experience and previous employment in nurturing these qualities, the research points out that these personality traits are inherent rather than learned. Six out of ten entrepreneurs (60%) launched their first business by age of thirty and on average, they had spent less than ten years in the work place before venturing out on their own.

Ask yourself this question: "Do I have what it takes to be an entrepreneur?" Like any business venture, a business requires an investment of time, energy, and resources. Well who is an entrepreneur? An entrepreneur is a person who has decided to take control of his future and become self-employed creating his own unique business or working as a member of a team in a startup company. There are several character traits and work ethics that are common to successful entrepreneurs.

The researchers found that the vast majority (84%) of the entrepreneurs in the study shared a distinct set of personality traits. The researchers saw these distinct personality traits as key contributors to their success. None of these behaviors were learned; rather they were all present as part of the individual's personality and constitute the DNA of the entrepreneur.

The three key personality traits forming the entrepreneur DNA: perseverance, confidence, and integrity.

Perseverance

Perseverance is basically a balance of drive and commitment, and is a critical trait for anyone working through a startup. You have to ask yourself if you are willing to keep going when most people would give up. Having the commitment to stick with your trade idea and possessing the drive to keep working when the going gets tough is the primary difference between those who want to start a business and those who just do it. A high amount of perseverance will not only keep your startup on track but will also help develop the other traits and business skills you need to succeed.

While this research qualifies personality traits as innate, I do believe that an individual's perseverance can be augmented if the right steps are taken. If you struggle with perseverance, start small. Set goals for one day or one week at a time. Use a time-management system and other organizational tools to keep yourself on track. Come up with a way to remind yourself of why you are starting a business. One entrepreneur was having trouble keeping alert on the less exciting aspects of his startup and was easily distracted by things he would rather be doing around the house. His solution was to post snapshots of his family over his workbench, on the TV, and at his work station to remind himself that building a successful business would make a better life for them. Every time he saw the pictures, he was motivated to get back to work.

To be successful in business requires a high level of drive and commitment. No startup is easy. To build a thriving company takes time, and yes, perseverance.

Confidence

Most successful entrepreneurs truly consider that they are smarter, better, and faster than others, though in the most successful start up cases, this self-confidence is balanced with a realistic perspective of their own strengths and weaknesses. Confidence is really the culmination of other traits working in collaboration. People with a strong confidence in themselves tend to be fairly independent, in part because they are somewhat certain they are right most of the time. They are also typically self-assured, comfortable with staring their ideas with others and often pretty convincing. This self-reliance is what keeps some entrepreneurs going though the dark days of startups - they know that once the world sees what the business has to offer, the company will be able to reach its high potential.

Of course, it surely helps if the confidence includes a healthy dose of realism and is driven by logic over emotion. True confidence is built on small victories and a realistic view of the circumstances. It does not indicate they know all the answers already, but that they can listen to advice and opinions and accept or reject based on what they do know, not on emotion alone. If you struggle with confidence, take some time to examine your own strengths and weaknesses and the strengths and weaknesses of your business idea. Work though the difficulties one at a time and brainstorm ways to work through or around them. Take as much emotion out of the task as you can. Building a successful business is a series of logical steps and calculated risks - neither of which should be driven by emotion.

Integrity

In the age of Madoff and Enron, the public at large has had enough of unscrupulous business leaders. Customer service has declined drastically to almost non-existence in many industries, and many original niche businesses that are focused on providing quality products and honest services are picking up embittered consumers. The proliferation of scammers out there have made customers wary - new business vendors need to display integrity in everything they do to be considered trustworthy.

Integrity matters in all of your business relationships - with vendors, suppliers, employees, and customers. Make honest and sound ethical business practices the core of your company culture and expect the same from other businesses or consumers that you work with. Don't let employees slide on minor infractions that lack integrity, or you will open the door to fraud and theft. Show integrity in everything you do, because your behavior guides the way work gets done in your business. Make sure that honesty isn't just the best policy, it's the only policy.

Of course, there are other traits that can help or hinder entrepreneurial achievement, but these qualities in particular will get you off to a great start. Take an honest self-evaluation pertaining to these characteristics and develop a plan for sharpening these traits.