Characteristics of

Entrepreneurs
• In the simplest of theoretical forms for studying entrepreneurship
• Entrepreneurs cause Entrepreneurship

• E+f(E) = Entrepreneurship is a function of the entrepreneur

• Would be entrepreneurs live in a sea of dream
• Destinations are private islands – places to build create and transform
their dreams into reality
So an entrepreneur needs to
• Envision the island
• Getting into the boat
• Rowing to the island
• Some leave the shore and drift aimlessly in the shallow water near
the shore
• Some paddle furiously and get nowhere – because they know don’t
know how to paddle or steer
• And some
• Remain on the mainland afraid to get to the boat

• So it is a combination of internal and external resources

Commitment Determination and
Perseverance
• At times this can compensate for personal short comings
• VC’s measure the commitment in several ways
• Willingness to mortgage their home
• Take a pay cut
• Sacrifice family time
• Reduce standard of living
Drive to Achieve
• They examine a situation , determine how to increase the odds of
winning and push ahead
• Well prepared
Opportunity Orientation
• Entrepreneurs focus on opportunity rather than resources, structure
or strategy
• The understanding of opportunity guides them
• They focus their energies and selectively sort out oppurtunities
Initiative and Responsibility
• Thy willingly put themselves in situations where they are personally
responsible for the success or failure of the operation
• They like to take the initiative to solve the problem
• Filling a vacuum where no leadership exists
• They like situations where their personal impact on problems can be
measured
Persistent Problem Solving
• They are neither aimless nor foolhardy
• If the task is extremely easy or perceived to be unsolvable:
entrepreneurs will often give up
• They are realistic in recognizing what they can and cannot do
• And where they can get help to solve difficult but avoidable tasks
Seeking Feedback
• They are quick learners
• But have a strong desire to know how well they are doing and how
they might improve their performance
• Feedback is also central to their learning from mistakes and set backs
Internal Locus of Control
• They do not believe that the success or failure of their venture will be
governed by fate, luck or similar focus
• They believe that their accomplishments and setbacks are within their
control
• Tolerance and ambiquity
• Calculated risk taking]
• Integrity and reliabeliety
• Tolerance for failure
• High enrgy level
• Creativity and innovativeness
• Vision
Self confidence and Optimism
Independence
Team Building