Behavioural Traits of an Entrepreneur

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Behavioural Traits of an Entrepreneur

13.03.2008 ob 14:08

Experts in the field of (small and medium) economy as well as experienced entrepreneurs claim that talking of an entrepreneurial environment and a successful company means talking about people. Namely, entrepreneurial development depends on individuals and we have to concede that behind every business story there is a name and a surname. We were therefore interested in finding what, according to the experts’ opinion, are the typical behavioural traits of a person / entrepreneur.

Entrepreneurship could in other words be described as a method of management encompassing the taking advantage of opportunities without regard to the available resources. Entrepreneurs carrying this vision are therefore persons who opportunely discover and skilfully identify every opportunity, gather the necessary resources, implement a practical action plan and receive all the credit and rewards.

The behaviour of entrepreneurs (including, of course, female entrepreneurs) is being analysed by various researchers and the result are several explanations that attribute the following common typical traits to all of them:
- the wish for domination,
- the need for achievements,
- the wish for taking personal responsibility for decisions,
- exposing and prioritising risky decisions and projects,
- interest in concrete results,
- tendency to think about the future,
- deep wish to be one’s own master, to be free and independent.

There is probably no »perfect entrepreneur« who would possess all the typical traits mentioned. This is why all the traits mentioned have been classified into six groups or the so-called entrepreneurial themes describing a professional entrepreneur’s typical way of behaving and acting. These are:
1. Commitment and determination
2. Obsession with opportunity
3. Tolerance towards risk, ambiguity and uncertainty
4. Creativity, self-confidence and ability to adapt
5. Motivation to dominate and control the complete situation
6. Leadership

Apart from the six groups mentioned that describe the required qualities of a successful entrepreneur, there are also other desired qualities of a more personal nature and are more difficult or impossible to acquire as the six before mentioned entrepreneurial themes. These are: positive energy, health, emotional stability, creativity and innovation, intelligence, ability to inspire others, personal values, amiable character …

There are also certain very non-entrepreneurial traits that each entrepreneur should do away with as possible if they apply to them as these traits chase away even a business opportunity that would otherwise appear easily accessible. These are:
- lack of authority and refusal to take other people’s advice,
- impulsiveness, reacting without thinking in advance,
- conviction in one’s own invulnerability,
- »macho« attitude, narcissism,
- perfectionism,
- conviction in one’s own omniscience and infallibility,
- independence at all costs and without regard to the consequences.

In conclusion, we should point out that the main qualities of all successful entrepreneurs are to be call-round and multidimensional persons. They have to know how to dream and when and how they can realise their dreams and visions. They have to admit that they cannot do everything by themselves, find adequate co-workers, and be good organisers and good leaders. Risk is their everyday companion, but they must also know when to stop, when their path turns to a dead end and is without a way out.

Source: http://epfip.uni-mb.si, Prof. Dr. Miroslav Rebernik et al: “Podjetništvo in management v malih podjetjih” (Entrepreneurship and Small Business Management)

Urška Č.

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