The risk, that is the difference between success and failure, is perhaps not always clearly defined, however the amount of money at risk is normally clearly defined although the upside or profit potential is very often a difficult forecast, particularly if a niche venture is being contemplated. And, to cap it all, the timescale from Day One to profit is definitely unknown, although a minimum of three years and nearer five is probably how it is positioned.

More recently many entrepreneurs find themselves thrust into the role by default as corporate downsizing becomes a fact of life.

So do you have the right qualities to be a successful entrepreneur? The common issues facing all entrepreneurs are planning, finance and implementation but of equal importance are your personal qualities.  You may have the following character traits common to successful entrepreneurs.

 

• Passion – A strong passion for your ideas. If you don’t like what you do, you may not survive the challenges.
• Curiosity – Ask a lot of questions. Curiosity triggers innovation.
• Sponges – You have an insatiable appetite for information and remain current on new or emerging trends.
• Optimism – Problems are opportunities.
• Forward looking – Never be satisfied with the status quo.
• Careful about money – Keep a firm grip on the finances, what things cost and their value to the business.
• Early evidence – Were you an entrepreneur in your teens?
• Competitive – You are a natural competitor and the grass doesn’t grow under your feet.
• Time conscious – You know the value of time and how to make the best use of it.
• Risk takers – Not afraid to take a calculated risk.  Do you trust and act on a hunch?
• Team player, or not – You generally prefer a solitary work environment.