What it Takes to Become an Entrepreneur

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. Being well-prepared is a very impressive quality to exhibit to investors, and it also greatly increases their chance to raise business capital.

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 and friends
While family and friends may serve as primary funding sources for a new venture, they also provide a solid means of unconditional support for the entrepreneur during his/her most trying times. 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 often 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 of entrepreneurship and learn from mistakes. In addition, they are also organized individuals who are well-prepared to present their startup 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.