Over the years of my law practice working with business people of every kind, I observed that successful entrepreneurs have three fundamental qualities. Undoubtedly, there are many other skills and traits that make a true entrepreneur. There are numerous blog articles, books, and writings about those traits. But I think, most frequently discussed traits can fit within these three fundamental qualities.
It is important to understand that an entrepreneur is not the same as a leader, manager, or a business person. Maybe an entrepreneur is a combination of all three. But I think it is much more. The Merriam-Webster dictionary defines entrepreneur as “one who organizes, manages, and assumes the risk of a business or enterprise.” There are many studies and debates on whether entrepreneurial spirit is a gene that some people are born with, or simply a skill that can be acquired. Professors can teach you formulas, but drive and desire to achieve can only come from within. Many people want to start their own business, but not all do. Reasons vary from “not the right timing” to “fear of failure”. Thus, it is without doubt that some people are more favorable to become successful entrepreneurs than others based on their personality traits. I think that, although some people are naturally predisposed in one way or another, all traits and skills can be acquired. Here is my list of three fundamental ingredients of a successful entrepreneur: