The Entrepreneur's Checklist

Personal Qualities

Equally important as the common issues shared by all entrepreneurs are the personal qualities of the entrepreneur themself. Do you have the right stuff to make a success of an entrepreneurial venture? Here's a list of character traits and work ethics common to successful entrepreneurs. Although it's not necessary that you possess all of them, you should possess most!

• Passion - entrepreneurs have a strong passion for their idea or concept, so much so that their work is their play. If you don't like what you do, you won't stick it out when challenges come along, as they inevitably will.
• Curiosity - entrepreneurs need to understand how things work. They ask a lot of questions. Curiosity therefore triggers innovation.
• Sponges - entrepreneurs are sponges. They devour information and are always current on new and emerging trends and technologies, not only in their specific industry, but in closely related industries. This habit of scanning their environment is a rich source for the discovery of new opportunities. Entrepreneurs are always looking for new markets, applications, products, or twists on an old concept.
• Optimism - entrepreneurs think of problems as opportunities for improvements and new ideas.
• Forward-looking - entrepreneurs are never satisfied with the status quo, and always proactively carve out their future.
• Careful about money - entrepreneurs are careful with money and have a firm grasp on what things cost and their value to the business. This allows the entrepreneur to recognize a true bargain when they see one.
• Started earning at a young age - entrepreneurs commonly displayed entrepreneurial leanings as a teenager, when they searched out entrepreneurial activities such as babysitting, lawnmowing and lemonade stands.
• Competitive - entrepreneurs are naturally competitive and don't let the grass grow under their feet.
• Time conscious - entrepreneurs know the value of time and how to make the best use of it. You won't find entrepreneurs spending much time on unproductive activities. That said, entrepreneurs typically also recognize the value of downtime, and will factor such activities into their schedule.
• Risk takers - entrepreneurs aren't afraid to take calculated risks. They typically trust their hunches and act on them.
• Usually loners - entrepreneurs generally prefer a solitary work environment over teamwork.
• Professional - entrepreneurs are professional in their approach to work. They operate as they would in a corporate environment and don't allow themselves to be distracted by outside influences.
• High energy - entrepreneurs have a plan and a vision, and they work it! Entrepreneurs are often health-conscious too, recognizing that the fitter they are, the better their minds work. So entrepreneurs will typically take time from their schedule to work out and eat well.
• Flexible - entrepreneurs are nothing if not responsive to change. Although they appreciate the importance of having a plan and working that plan, they allow themselves room to react and respond to opportunities that may suddenly reveal themselves.
• Nurture entrepreneurial spirit - entrepreneurs seek out and nurture the entrepreneurial spirit in their employees, and reward them accordingly.
• Confident goal-setters - entrepreneurs are confident and set long-term goals, both for themselves personally and for their businesses. They view money and financial security as a measure of accomplishment, and a source of peace of mind.
• Persistent - entrepreneurs never give up. They persist until they succeed.
• Learn from failure - entrepreneurs learn from their failures and those of others. Failure to an entrepreneur is nothing more than an opportunity waiting to be discovered.
• Self responsibility - entrepreneurs take the initiative and personal responsibility for their success or failure (which is always a merely temporary state).
• Resource utilization - entrepreneurs utilize all their available resources.
• Internal locus of control - entrepreneurs don't believe in luck. They firmly believe that success and failure lies within their personal control or influence.