8 Personal Qualities of an Entrepreneur

Author: Notre Dame ESTEEM

The concept of entrepreneurship is very simple, it is to start one’s own business. However, some economists think it is more than that. They think that a person who takes chances to create profit is an entrepreneur and possibly the simplest definition of entrepreneurship is a novice who wants to invent something new and wants to market their innovations for profit.

So, while everyone can become an entrepreneur -- it is not defined by race, age, gender, financial position, experience or education -- the most prominent entrepreneurs of past and present have had certain personal qualities. 

  1. Willpower is key to success. it is a strong longing to achieve success. Despite many failures, the entrepreneur never loses their will to achieve. 

  2. Management is the ability to make plans, devise targets, and then execute!

  3. Obsession - The entrepreneur who is obsessed with their goals and ultimate vision will make others believe in them too.

  4. Smarts - An entrepreneur must have old-fashioned common sense and be able to make good decisions and deal competently with others. 

  5. Self-assurance - The entrepreneur is self-assured, confident in their abilities and knows how to look into the future and plan well. A self-assured person instills further confidence in themselves.

  6. Devotion - The entrepreneur is devoted to their goals, working long and hard, day and night to achieve them. 

  7. Inspiration - Building a business requires an inspiration and the creativity which will lead to a better product and excellent results,. An entrepreneur thinks outside of the box.

  8. Flexibility - Creating a product that meets the needs of the market requires flexibility. This quality is very important. Stubborn, inflexible people will not make good entrepreneurs.

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Originally published by Notre Dame ESTEEM at esteem.nd.edu on December 15, 2022.