8 Personal Qualities of an Entrepreneur

Author: Notre Dame ESTEEM

ESTEEMers (Class of '19) working in Innovation ParkESTEEMers (Class of '19) working in Innovation Park

The concept of entrepreneurship is very simple, 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 beyond race, age, gender, financial position, experience and education -- the most prominent entrepreneurs of past and present have certain personal qualities. 

Willpower

It is the key to success. The strongest longing to achieve success is willpower. Despite many failures, the entrepreneur never loses heart. 

Management

The ability to make regulations, devise targets, and then observe them until they are accomplished.

Obsession

The entrepreneur who is obsessed with their vision will make others believe in it too.

Smarts

An entrepreneur must have old-fashioned common sense regarding decisions, innovations, and dealing with others. 

Self-assurance

The entrepreneur is confident in their abilities and knows how to look ahead and make a good plan, thereby instilling further confidence in themself and in others.

Devotion

The entrepreneur works day and night to achieve their goals. 

Inspiration

The spark for any new business requires creativity. It is an ongoing process leading to better product, excellent results, and thinking outside-of-the-box. 

Flexibility

To transform your product and yourself according to the needs of the market is a commendable quality of an entrepreneur. This quality is very important, as stubborn people cannot become good entrepreneurs.