A Review of Personality Traits of Successful Entrepreneurs

This essay provides a literature-based review of the common personality traits found in successful entrepreneurs. It identifies traits such as motivation, risk tolerance, flexibility, decisiveness, creativity, and persuasiveness as crucial for entrepreneurial success. The essay highlights the importance of a visionary mindset, proactive nature, and the ability to motivate others. It further discusses the significance of passion, optimism, goal-orientation, and risk-taking in achieving entrepreneurial goals. The essay concludes that a combination of these traits, along with a strong network and ethical integrity, contributes to the development of innovative services and overall success in the business environment. Desklib offers a wealth of resources including solved assignments and study tools to further explore this topic.

Identifying common
personality traits of
successful
entrepreneur

Table of Contents
INTRODUCTION ..........................................................................................................................3
MAIN BODY ..................................................................................................................................4
ESSAY.............................................................................................................................................4
COMMON PERSONALITY TRAITS OF SUCCESSFUL ENTREPRENEUR ......................4
CONCLUSION ...............................................................................................................................7
REFERENCES................................................................................................................................8

INTRODUCTION
Entrepreneurship is defined as readiness or ability for developing, organising and running
a business (Ahmed, Klobas, and Ramayah, 2019). This is related to land, labour, capital and
natural resources which helps in creating profits. Vision of an entrepreneur is demonstrated by
risk taking and discovery of a new idea. The person who is able to establish and administer start
up venture with risk management for making profits is an entrepreneur. The following essay is
literature review based on common personality traits of successful entrepreneur.

MAIN BODY
ESSAY
COMMON PERSONALITY TRAITS OF SUCCESSFUL ENTREPRENEUR
It is analysed from the views of (Bajwa, Shahzad, and Aslam, 2017) , a successful
entrepreneur starts his or her business with a great vision. Entrepreneurship is known as pursuit
of opportunity that is beyond resources which are controlled. There are lot of traits which some
successful entrepreneur possesses. These include motivation, Risk tolerance, Flexibility,
Decisiveness, Versatility, creativity, persuasiveness and collaboration.
For running a successful business, it is important that the person as an employer able to
demonstrate his business operations in front of others. The hard working entrepreneurs are
involved in motivating others which is a crucial factor for managing the development of
reputation. An entrepreneur has trait of being visionary that motivated him or her to complete
different activities and tasks. Entrepreneur confronts various problems in typical manner and
think in a creative and free way. There is need to have proactive mind-set for managing the work
in a set period of time. Any business person possesses proactive nature so that he can act
effectively in different situations. It is also important to manage the business development
according to knowledge of individuals and how they are persuaded. Entrepreneurs are born and
not made. Creativity is involved in creating something new. An entrepreneur is always involved
in doing innovative work. As per the views of (Leonelli, Masciarelli, and Fontana, 2019) It is
very essential for any entrepreneur to motivate and encourage others for attaining their dreams
through hard work and dedication. They adapt well towards changing situations without
unravelling.
According to (López-Núñez, Aparicio-García, and Díaz-Ramiro, 2020), there are successful
entrepreneurs who are driven by complex visionary goal. It is concluded that they are passionate
towards their work. Sustainable business has to be the sense of ethics and integrity. This is
understood that successful entrepreneurs are having enough management to attain goals and
motivate others to follow their dreams. The successful entrepreneurs are known as risk takers
who have to face various hurdles. There is need for them to manage proper working and
overcoming failure. Entrepreneurs are known for the way by which they constantly drive for
developing new ideas. They have to improvise the existing process and attain success. There are

successful individuals who welcome change and they are often dependent upon improving
effectiveness of leaders. There are successful entrepreneurs who have strong personalities and
there is always easy way for learning.
As stated by (Murugesan, and Jayavelu, 2017), personality traits in an entrepreneur
describes some quality and characteristics that makes them effective in order to get success in
operating a business in effective. These traits provide certain abilities to an entrepreneur in order
to make vision and put them into an effective success in relevant manner. Some effective traits in
a person makes them successful in order to operate their business in effective manner. There are
some basic personality traits that makes an entrepreneur successful like passion. Not every
entrepreneur conduct business for money, some of them want to conduct it for their passion in
effective manner. Developing a business takes lot of efforts and time in which entrepreneurs has
to put their longer hours as well as conduct extra work. If an entrepreneur is more passionate
they are willing to give their efforts in order to conduct a business and get effective success from
it in a set period of time.
According to (Presenza, Abbate, and Sheehan, 2020), a successful entrepreneur is highly
passionate and makes things effective in order to get success in effective manner. Another major
factor in development of personality of entrepreneur is motivation. Entrepreneurs are highly
devoted to their work. They are not reliable to managers or employees in order to complete work
or meet goals in effective manner. They are highly motivated and makes them other also in order
to conduct their work in effective manner. Successful entrepreneur effectively knows how to
interact their dream and stimulate others to work effectively in order to achieve it in effective
manner. Optimism is also a key quality of entrepreneurs as they should be optimistic in nature
which makes think or look ahead in order to get effective success in future. They have certain
vision which makes to share with others. Their employees understand them in which why and
what they do along with their goals and role in order to get success in effective manner. A
successful entrepreneur is goal oriented in which they make an effective plan to reach the goals
in effective manner. Entrepreneurs should be creative, entrepreneurs does not think like everyone
and they see the world in different manner as well think outside the box. Enterprises are make
through the big ideas and these ideas comes from creative thinking which makes them different
from others in effective manner. If the view point of (Vizcaíno, Cardenas, and Cardenas, 2021),
a successful entrepreneur is always focus on looking for new methods in order to conduct things

as well as make them effective and better. This will make them to think creatively in order to
change the world in effective manner. The entrepreneurs should be risk takers as it is a most
important for an entrepreneur in order to start a new business in effective manner. For achieving
the goals and get effective success, it is essential for an entrepreneur to take risk in effective
manner. While staying complacent an entrepreneur will never achieve greatness in effective
manner. A successful entrepreneurs look risks and challenges as opportunities instead of
problems. This will make to stop potential failure and uncertainty in order to conduct a business
in effective manner.

CONCLUSION
It is concluded from the above discussion that there are different personality traits that a
successful entrepreneur possesses. There are various traits that help an entrepreneur to get
success and attain goals. There is network of contacts, business partners, financial partners and
peers which are involved in managing effective functioning. A successful leader has different
traits and values which help them to develop a new innovative service in business environment.

REFERENCES
Books and Journals
Ahmed, T., Klobas, J.E. and Ramayah, T., 2019. Personality traits, demographic factors and
entrepreneurial intentions: Improved understanding from a moderated mediation
study. Entrepreneurship Research Journal.
Bajwa, S.U., Shahzad, K. and Aslam, H., 2017. Exploring Big Five personality traits and gender
as predictors of entrepreneurs’ cognitive adaptability. Journal of Modelling in Management.
Leonelli, S., Masciarelli, F. and Fontana, F., 2019. The impact of personality traits and abilities
on entrepreneurial orientation in SMEs. Journal of Small Business & Entrepreneurship, pp.1-26.
López-Núñez, M.I.,Aparicio-García, M.E. and Díaz-Ramiro, E.M., 2020. Are entrepreneurs born
or made? The influence of personality. Personality and Individual Differences, 154, p.109699.
Murugesan, R. and Jayavelu, R., 2017. The influence of big five personality traits and self-
efficacy on entrepreneurial intention: The role of gender. Journal of entrepreneurship and
innovation in emerging economies, 3(1), pp.41-61.
Presenza, A., Abbate, T., and Sheehan, L., 2020. Start-up entrepreneurs’ personality traits. An
exploratory analysis of the Italian tourism industry. Current Issues in Tourism, 23(17), pp.2146-
2164.
Vizcaíno, F.V., Cardenas, J.J. and Cardenas, M., 2021. A look at the social entrepreneur: the
effects of resilience and power distance personality traits on consumers’ perceptions of corporate
social sustainability. International Entrepreneurship and Management Journal, 17(1), pp.83-103.