Characteristics of a Successful Entrepreneur

This document discusses the characteristics of a successful entrepreneur, including passion, strong work ethic, strong people skills, creativity, determination, and competitiveness. It also explores the traits that can lead to downfall, such as ego, negativity, and fear, and provides strategies for transforming those traits. The document includes the results of an entrepreneurship assessment and identifies specific areas for improvement. The conclusion highlights the importance of specific characteristics for success in entrepreneurship.

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Entrepreneurship
Student Name:
Student University:

ENTREPRENEURSHIP 1
Table of Contents
Introduction................................................................................................................................2
An Entrepreneur.........................................................................................................................2
Characteristics of Successful Entrepreneur............................................................................2
Characteristics for Downfall...................................................................................................2
Transformation of downfall traits...........................................................................................3
Entrepreneurship........................................................................................................................3
Specific areas to be worked on...............................................................................................4
Strength in specific areas for entrepreneurship......................................................................4
Accuracy of the Assessment’s result......................................................................................4
Conclusion..................................................................................................................................5
References..................................................................................................................................6

ENTREPRENEURSHIP 2
Introduction
Entrepreneur is a person who sets up new business or multiple businesses, bearing
most of risks and enjoying most of rewards as well. In addition, Entrepreneurship refers to
taking the financial risks in a hope of gaining profit (Rouse, 2018). In below discussion, the
traits of successful entrepreneur, the traits that can lead to the downfall of an entrepreneur and
their transformation are analysed. The following description also includes entrepreneurship
assessment done on the author of this paper.
An Entrepreneur
An Entrepreneur is someone who attempts to make profit by a new company or
business start-up or by single operating in the business world especially when it comes to
taking risks (Rouse, 2018).
Characteristics of Successful Entrepreneur
 Passion and Strong Work Ethic
The reason of their success is that they really love what they are doing.
 Strong People skills and Creativity
A successful entrepreneur has excellent communication skills for motivating
the employees and selling products to the customers.
 Determination and Competitiveness
For a successful entrepreneur, failure is just like a beginning of success story,
they are never get much affected by defeats that they encounter. They feel that
they can do very much better than what other ones are doing (CP, 2018).
Characteristics for Downfall
 Ego and Self-focus

ENTREPRENEURSHIP 3
If a person thinks that he knows everything, then he will not be able to learn
new things. Moreover, negative thoughts like those that he cannot do anything
productive, also leads to downfall.
 Negativity and Complacency
These are always contagious. It affects both, the employees and the customers.
Entrepreneurs must shed both to be a leader their companies need them to be.
 Fear and Unwillingness to change
To open new doors for future growth, unwillingness to change and fear must
be shed as it keeps an entrepreneur away from taking actions boldly (Burgess,
2016).
Transformation of downfall traits
The one thing an entrepreneur should do to avoid downfall is ‘Commitment’. For
instance, Entrepreneurs should commit this equation to memory: Idea plus Profitable
Execution is equals to Business. In terms of transforming downfall, one can avoid
complacency by trying to be at more ease and positivity. To transform the habit of
unwillingness to change organisational things, one should develop curiosity and innovation.
This all can be possible if the entrepreneur ensure that they are committed (Caprino, 2014).
Entrepreneurship
Based on the survey of Entrepreneurship Assessment taken by the author, a score of
74 was attained based on the 20 questions answered (Wrdf, 2019). The result says that the
author has the satisfactory abilities to be an entrepreneur. Though there are some weak areas
that the author needs to work on. Some of the specific areas where the author holds strong
skills and the areas that will determine his success in future are elucidated below.

ENTREPRENEURSHIP 4
Specific areas to be worked on
Although, Author is able to be a satisfactory entrepreneur in future, yet they have
to work on some particular specific areas. For instance,
 They should try to improve their working capacity in order to get maximum outcome.
 They should feel comfortable taking reasonable risks in order to be successful in self-
employment.
 Author needs to establish some reasonable financial goals that they are willing to
achieve through self-employment (Wrdf, 2019).
Strength in specific areas for entrepreneurship
Some specific areas that make author a good candidate for entrepreneurship are as
follows,
 Author has a great family support. They understand their need to spend so much time
away from the family that is why author can concentrate on making the business
successful.
 Author has good understanding of business and financial management (Jacques,
2019).
Accuracy of the Assessment’s result
The author has completed the assessment very carefully, so the results are accurate
and absolute. The sum up of the result shows that they will become a satisfactory
entrepreneur in future. However, there are some areas on where author should specifically
work but still they are capable to be a successful entrepreneur in future.

ENTREPRENEURSHIP 5
Conclusion
Hence, from the discussion undertaken in previous segments, it can be conclude that
for becoming a successful entrepreneur, one should have some specific characteristics in their
personality such as discipline, competitiveness, creativity, strong work ethic and
determination. Apart this, some traits that lead to downfall for an entrepreneur also have been
discussed, such as, unwillingness to change, ego, self-focus and fear. A description on how
the traits that lead to downfall can be transform has also given as how one should avoid those
to achieve success in business. There was also a detailed description on author’s ‘Self-
Assessment on Entrepreneurship’ included. The results of the assessment were satisfactory
and accurate.

ENTREPRENEURSHIP 6
References
Burgess, J. (2016, January 15). 7 Destructive Characteristics Entrepreneurs Should Shed in
Order to Move Up. Retrieved from Entrepreneur - in edition:
https://www.entrepreneur.com/article/253152
Caprino, K. (2014, February 17). How Entrepreneurs Avoid Downfall: The One Essential
Ingredient. Retrieved from Forbes:
https://www.forbes.com/sites/kathycaprino/2014/02/17/how-entrepreneurs-avoid-
downfall-the-one-essential-ingredient/#65c992951a62
CP, S. (2018, April 12). 10 Must Have Traits of a Successful Entrepreneur. Retrieved from
The Startup: https://medium.com/swlh/10-must-have-traits-of-a-successful-
entrepreneur-d46519452b0e
Jacques, A. (2019). The 5 Strengths of an Entrepreneur. Retrieved from kyoseiconsulting:
https://kyoseiconsulting.com/the-5-strengths-of-an-entrepreneur/
Rouse, M. (2018, March). entrepreneur (entrepreneurship). Retrieved from searchcio:
https://searchcio.techtarget.com/definition/entrepreneur
Wrdf. (2019). Entrepreneurial Self-Assessment Survey. Retrieved from Wrdf:
http://wrdf.org/wp-content/uploads/Entrepreneur-Self-Assessment-Survey.pdf