Unit I- Refer from Barringer / Ireland

( Entrepreneurship- Successfully launching new ventures-

4th Edition – Chapter 1 )

CHARACTERISTICS OF
SUCCESSFUL
ENTREPRENEURS
Four Primary Characteristics of Successful
Entrepreneurs

2
Characteristics of Successful Entrepreneurs

1.Passion for the Business

• The number one characteristic shared by successful entrepreneurs
is a passion for the business.
• This passion typically stems from the entrepreneur’s belief that
the business will positively influence people’s lives. Although
rewarding , the process of starting a business is demanding .
• Reasons why passion is important :
1. Ability to learn & iterate
2. Willingness to work hard for extended period of time
3. Ability to overcome setbacks and “ no’s”
4. Ability to listen to feedback on the limitations of your organization
5. Perseverance and persistence when the going gets tough.
Characteristics of Successful Entrepreneurs

2. Product/Customer Focus
• A second defining characteristic of successful entrepreneurs is a
product/customer focus.
• An entrepreneur’s keen focus on products and customers
typically stems from the fact that most entrepreneurs are, at heart,
craftspeople.
• Eg. Launch of Macintosh computer by Apple
Characteristics of Successful Entrepreneurs

3. Tenacity Despite Failure

◦ Because entrepreneurs are typically trying something new, the failure rate is
naturally high. They are like scientists / chemist who experiment before
reaching goal.
◦ A defining characteristic for successful entrepreneurs is their ability to
persevere through setbacks and failures.
◦ Eg. Kylie Smitley founder of barley and birch.
 Characteristics of Successful Entrepreneurs

4. Execution Intelligence

• The ability to fashion a solid business idea into a viable business is a

key characteristic of successful entrepreneurs.
• The ability to translate thought, creativity, and imagination into action
and measurable results is the essence of execution intelligence.
• Requires developing business model , new venture team , raising
funds , establishing partnerships, managing finances, motivating and
leading employees.
• Eg. Howard Schultz of Starbucks