Tuesday, June 1, 2010

Entrepreneurial Traits

Lucinda Smidth (BRW):
"If you believe the publicity, the key to vast wealth lies in six one-hour
tapes, or a three-part lecture series, or a book such as
The Inner
. However, psychologists say that multi-millionaire status cannot be bought for $49.95 with a money-back guarantee. The answer lies within."

Studies(#) have shown that successful character traits shared by very successful entrepreneurs such as Warren Buffet, Bill Gates, Donald Trump, Frank Lowy, the Vanderbilts etc include:

* risk takers

* amazing ability to spot opportunities

* desire to dominate and win

* amazing personal drive to succeed

* vision - product, market, technology

* an active mind - ability to look ahead with the aim of improving, expanding and growing your skills and your business

* competence and confidence - maths, sales, technical & practical knowledge

* drive - desire to take action, impatience, ambition, set goals, tenacity

* passion - to achieve the vision and to create wealth

Do you have what it takes to be an entrepreneur? With the internet (eg: Ebay, Etsy, Craigslist) as a gateway for many business start ups, the barrier to entry is lower than ever.

(#)James Carlopio (AGSM), Kenneth Preiss (UTS), Edwin Locke (University of Maryland's school of business)