According to a recent study conducted in 2007 by the Global Entrepreneurship Monitor
(GEM), a leading international entrepreneurial research group, high income countries,
such as Iceland, Hong Kong, Canada, and the United States have more early-stage
entrepreneurial activity due to economic opportunity. In these high income per capita
nations, new business owners have vast availability to economic resources, including
job placement, and social security benefits.
On the other hand, middle to low income nations do not have the availability of
such resources and may resort to entrepreneurialism simply because it is the only
option for survival, such as those living in China and Argentina. In addition to
these findings, gender differences of entrepreneurialism also exist. In both high
and low income countries, men were at least 2X more likely to be entrepreneurs than
women. Regardless of which country of origin or gender, it is apparent that all
successful entrepreneurs share some distinct characteristics.
1. Motivation
First, most successful entrepreneurs are highly motivated individuals. They possess
the personal determination and drive to seek any and all means to bring forth their
business ideas and capitalize on their concept(s). They are proven to be wise self-starters,
in which they take the sole initiative to properly manage their time and expand
upon their existing ideas in order to avoid some common drawbacks. Yet despite some
hurdles and even failures that they may face, successful entrepreneurs tend to remain
disciplined and motivated, learn easily from their mistakes, and remain resilient
in their entrepreneurial quest.
2. Well-prepared
Another important characteristic that all successful entrepreneurs possess is the
fact that they are always well-prepared. This means that they have researched all
avenues of their entrepreneurship, are ready to face the challenges of starting
a new business, and is able to take their
business ideas to the next level. They are properly organized and equipped
to present their funding proposals, elevator pitches, business plans, and can even
properly provide answers to any inquiries to prospective angel investors and venture
capitalists. They have also test marketed their business ideas and have even obtained
a considerable amount of new customers who are willing to pay for their products
and services. A well-prepared entrepreneur distinguishes himself/herself from others
because they are more structured, logical, and orderly in their business approach.
3. Risk-takers
Successful entrepreneurs are also known to be avid risk-takers. He or she does not
fear uncertainty and takes sole responsibility for all of the triumphs and tribulations
associated with their venture. They usually abide by their gut-instinct when making
crucial business decisions, are goal oriented in their approach, and are quite persistent
to succeed. At the same time, they are innovators who introduce new products to
the market and always seem to find novel ways of doing things.
4. Unconditional support from family
All entrepreneurs are faced with the physical and mental demands of their new venture;
however, their abilities to surpass even the toughest of times may have been made
easier through the unconditional support of family members. The absolute encouragement
and backing of their family remains consistent throughout their venture, regardless
of his/her success. This solid family structure not only enables the entrepreneur
to be productive at work, but it also motivates them to set new goals where they
can balance both their home and work life. As with any new endeavor, there is also
a considerable amount of financial strain that may occur and their family is completely
supportive of any financial difficulties that they may face.
Conclusion
Starting a new business is not an easy task; however, despite the obstacles, many
entrepreneurs work hard in order to achieve success. Regardless of country of origin
or gender, successful entrepreneurs share some very common characteristics that
are highly distinguishable. Many successful entrepreneurs are extremely passionate
about their business ideas. This passion is what motivates them to go above and
beyond an ordinary individual. They tend to remain strong even through the toughest
of times and learn from mistakes. In addition, they are also organized individuals
who are well-prepared to present their funding proposal, elevator pitch, and business
plans to prospective investors. Many successful entrepreneurs are also enthusiastic
risk takers who are not afraid of failure. Last, they are able to find a balance
between family and work life and have the unconditional support of their family
members.