Research Project: The Top 18 Characteristics of Successful Entrepreneurs
11. Mar, 2010 
17 Comments
Over the last month we have been undertaking a research project on the Internet. Using Google we did a search for Characteristics of Successful Entrepreneurs. There were about 1 million matches for that exact search topic. So we undertook a project to review and categorize the first 38 unique articles, blogs and book summaries that identified and listed Successful Characteristics of Entrepreneurs. This took us 10 pages deep in the Google search results. We found a list as long as 35 separate characteristics and one as short as 3. The mean size of the list was 10 and the median was 12.
After consolidating exact matches on our database we created our first list had 318 unique written characteristics. These written descriptions had common keywords in them that we then began to consolidate down. Our list which we are presenting here has 18 characteristics that had what we determined to be enough instances to report out of the total. Here they are with the number of times each was noted in the research in descending order. So we could say this list is the top ranked and rated list of traits and skills of successful entrepreneurs.
- Interpersonal Relationships ~ 9 Total This would include similar characteristics as effective communication, networking abilities, genuine care and concern for others.
- Optimistic ~ 9 Total This too was at the top of the list including characteristics such as being positive and focused on positive and successful results.
- Passionate ~ 9 Total This would include energy and enthusiasm, being passionate about their business, passionate about goals that they set, showing and sharing that enthusiasm with others.
- Independent ~ 7 Total Numerous people stated that the drive and need to be independent was akey characteristic and behavior of successful entrepreneurs.
- Manages Resources Optimally ~ 7 Total This is a phrase that we really liked and included in this were things like managing their efforts in time, time management and managing financial resources and money.
- Self-Confident ~ 7 Total Having strong self-esteem, a sense they they controlled their destiny. This group also had a favorite sub-category of ours that was called Locus of control. A really fascinating read including a description here at wikipedia.
- Creative ~ 6 Total This was not a surprise to us when you think of how many people we identify as successful entrepreneurs are people who create a company from scratch or innovate with a new product.
- Achiever ~ 6 Total No surprise here that one of the qualities successful entrepreneurs have is they are driven to achieve, achieve goals, achieve success, achieve results!
- Planning ~ 6 Total Certainly a favorite of mine this does fly in the face some cultural thoughts about entrepreneurs just being in action and busy. The common theme is successful entrepreneurs always have a plan and work that plan diligently.
- Comfortable with change ~ 6 Total Successful entrepreneurs wear hats of change agents, understand intuitively there is nothing as certain as change and accept it as part of their business.
- Hard Worker ~ 6 Total It was great to see this in the top 10 list of what makes an entrepreneur successful. Successful Entrepreneurs work incredibly hard at their businesses. Don’t let the wanna-be entrepreneurs fool you with their claims of always having 2 and 3 hour work days. For everyone of those that is successful we believe there are hundreds of thousands of hard working entrepreneurs earning their success with their hard work.
- Motivated ~ 6 Total As a group successful entrepreneurs provide their own motivation, their reason for being and have their why for staying motivated when they face challenges
- Persistent ~ 5 Total Persist, persevere, keep at it… a key attribute of a successful entrepreneur
- Tolerance For Ambiguity ~ 4 Total This was a surprise that it made the top 15-18. Not a surpise that it is part of what makes an entrepreneur successful, but surprising that it was mentioned enough by the writers to make the cut. But being comfortable with ambiguity and uncertainty is part of a successful entrepreneurs DNA.
- Opportunistic ~ 4 Total Successful entrepreneurs take advantage of opportunities they encounter and are always on the look out for advantages and opportunities!
- Customer Focus ~ 4 Total Nice to see that having a focus on the customer is important. Understanding your customer, what they want – what they need and helping them see their need is a driver to business success.
- Goal Orientation ~ 4 Total Setting goals, achieving goals knowing what you want and where you want to get as an entrepreneur contributes to success.
- Risk Taker ~ 4 Total A truly fitting place to draw the line – seeing as it is part of the definition of an entrepreneur – that they take risks, with capital in expectation of a return
Some of the characteristics that were notably missing from the cut (were mentioned less than 4 times) that one would normally see as important characteristics were traits such: leadership, delegation, decision maker, initiative, integrity, honesty, intelligence.
So there you have it the consolidated most relevant list of characteristics and traits of successful entrepreneurs. Please chime in and let us know what you think!
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Really Nice summary of all the different opinions out there. I totally agree that it starts with people, attitude and energy. Good top three – would love to know some of the others that didn’t “make the cut”
Some of the others that didn’t make the top 18 as far as frequency of mentions were: commitment, discipline, lifelong learner and another one of my favorites labeled “ability to telescope” – which was described as the entrepreneur’s ability to comfortably move back and forth between a strategic view and the down and dirty details. Probably the most surprising on the missing list was a theme about taking responsibility! Thanks for your comment! Visit again please
This is really a fantastic summary of all the opinions out there on what makes an entrepreneur successful. I think it definitely starts with an attitude a mindset… and many of the ones below having an optimistic attitude are about attitude and mindset too. Like Napolean Hill said – Believe it you can achieve it. Nice blog!
Thanks for putting this together – itsa great overview of what makes a successful entrepreneur. Lots of opinions out there – awesoem to see someone put all the opinions together so we can see the common themes. Keep up the great info here on your blog!
Dee You are right! There are so many opinions out there – we just scratched the surface. A recent google search on the term returned over a million results of opinions on what the characteristics of successful entrepreneurs are. Glad we can move the conversation along and put some focus in it! Thanks for stopping in
Very interesting article; well, researched. I was surprised at the order of characteristics. I would have thought “comfortable with change” “risk taker” and “hardworker” to have been closer to the top. That being said, I don’t disagree with the top 3. Well done.
Thanks for the reference – Nice regular blog to visit. Check them out – http://www.startercoaching.com
This is a really great article and I couldn’t agree with it anymore. Keep up the great content. Mind over matter because it’s the mind that matters.
I was surprised myself that leadership was not one of the listed characteristics of successful entrepreneurs! Then as I thought more about it – some of the characteristics listed are part of the makeup of a leader – but still not all of it. Being a leader is a trait all by itself – you cannot use the term to define it! I really like the term manage resources optimally – totally belongs at the top of a success list! Thanks
When I first read this post, I realize it might be some confusion about the info., and by looking at yourself not having the half of these characteristics, you can give up your dreams.
Wait “do not give up your dreams” until you finish reading this reply then make your decision.
I think instead you should be happy
because these are all characteristics from a lot groups of entrepreneurs, that means that there is a lot more room for more people who do have a few of these characteristics which describe entrepreneurship, what I mean is you don’t need to have all the 18 characteristics.
But There is some characteristic who everybody should have, in the good news is you can grow-master them by doing them,
after achieving these characteristics you can be successful, even if you don’t have the others.
So what I think are the characteristics “every” entrepreneur should have?
*optimistic = you can get this mastered in a few minutes see more at http://stress.about.com/od/optimismspirituality/ht/optimisthowto.htm
*Manage Resources Optimally = make a checklist follow your schedule strongly it is simple as that.
*Persistent = do not give up doing it do it and do it again until its working.
*Goal Orientation = you can do it in a few minutes but do it with a realistic goal
*Self-Confident = http://www.wikihow.com/Build-Self-Confidence
*Planning = is something everybody can do you just have to do it.
*to be a Hard Worker = is a result of being optimistic and have set a goal and have self confident that you will achieve the success with your work, that way not only you earned the ability to be a hard worker you’ll also be comfortable to do the hard work.
*Achiever = I think its something coming out from being optimistic and passionate self confidant planing.
*this will also give you the ability in the push to be *Motivated and also *Passionate with your work
After you develop and master these characteristics it depends on what kind of business you build.
*Interpersonal Relationships
*Tolerance For Ambiguity
*Independent – sometimes its the opposite because you need to understand what others are saying
Creative = sometimes you need to be creative but you can always find somebody to do it for you who do have the skills you don’t have,
also creativity is sometimes worth itself in could be your side as an entrepreneur.
Comfortable with change = Or the other way to say it do things even its not comfortable.
Opportunistic
Customer Focus = who can not do it? you only have to know it
Risk Taker = not always right, you need to be very responsible I would say that responsibility is a key component for an entrepreneur more than being risky.
Furthermore, I would describe the characteristic of being risky in other words: do not be afraid to do something you don’t know exactly how to do it (as long you cannot lose money or health)start slowly in you see how it works out.
Valuable info. Lucky me I found your site by accident, I bookmarked it.
Keep up the good work, I like your writing.
Wow this is a great resource.. I’m enjoying it.. good article
last week our class held a similar discussion about this topic and you point out something we haven’t covered yet, thanks.
- Laura