Reading: Lesson 2: Key Traits of an Entrepreneur

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2.  In your opinion, do you think it is important for an entrepreneur to have strong character? What does it mean to have strong character?

1. Strong personal character is a theme we will frequently refer to throughout these lessons. Your character is essentially the sum of the choices you make and the actions you pursue.
2. People with strong character tend to practice such things as honesty, respect toward others, personal responsibility, courage, compassion, good judgment, kindness, and integrity (which is doing the right thing when no one is watching). It is apparent that these are the kinds of traits that are important for being a good person. They are also important traits for being a good entrepreneur.     

1.2.B - Read the following article and review the discussion points below [15 min]:

Article: The 7 Traits of Successful Entrepreneurs

"Entrepreneurs can be guided to success by harnessing crucial attributes. Scholars, business experts and venture capitalists say entrepreneurs can emerge at any stage of life and from any realm, and they come in all personality types and with any grade point average.”

Discussion Questions: The 7 Traits of Successful Entrepreneurs

1.  What is the first thing that comes to mind when you think of a "successful entrepreneur?”

1. People generally think of those iconic figures, such as Bill Gates or Steve Jobs.
2. These successful figures bring a certain aspect of intimidation and may therefore inadvertently scare potential entrepreneurs from starting a business.
3. You don't have to be a genius to come up with a great idea; you just have to be inspired and willing to work to achieve your goal.
4. "...entrepreneurs can emerge at any stage of life and from any realm, and they come in all personality types and with any grade point average.”

2.  What are some of the major differences in personality traits between entrepreneurs and corporate managers?

1. Entrepreneurs, for the most part, are able to tolerate stress and are open to uncertainty.
2. Curiosity, coupled with motivation, can lead to creative innovation.

3. According to the article, "Entrepreneurs can be guided to success by harnessing crucial attributes.” What are these 7 attributes (or traits) of a successful entrepreneur? Please list and describe each:

1. Tenacity- Ability to deal with repeated failure (resilience).
2. Passion- An intrinsic drive that excites; belief you can change the world!
3. Tolerance of ambiguity - Ability to withstand the fear of uncertainty and/or failure.
4. Vision - Ability to identify an opportunity where there is an overlooked niche.
5. Self-belief - Task-specific self-confidence that your idea is something the world needs!
6. Flexibility - A trait that allows you to adapt and respond to constantly changing needs and market conditions.
7. Rule-breaking - "Entrepreneurs exist to defy conventional wisdom.”  Note: Rule-breaking means thinking outside the box. It does not mean entrepreneurs should disobey laws and regulations.

1.2.C - Complete the following activity and be prepared to present to the group [20 min]:

Activity:  Discovering Your Passion

According to The 7 Traits of Successful Entrepreneurs, one of the essential traits of a successful entrepreneur is passion. In this activity, identify three personal passions and three personal strengths that you have. Maybe family members or friends have mentioned to you that you are good at something or are talented in a particular activity. Think about what you love doing; what makes you happiest in life. It could be any activity--not just a specific job or career.

In the table below, plot your passions and your talents.  In the intersecting boxes, write an activity that combines what you like to do with what you are good at doing. This exercise can help you brainstorm ideas for potential businesses you might like to start. How might you be able to use your talents and passions to be an entrepreneur?

1.2.D - Self-Study: Research and be prepared to present what you learn in your research: 

Activity:  Research a Successful Entrepreneur Based on One of Your Three Passions and/or Strengths (30 min)

Take a few minutes to learn a little more about an entrepreneur who has started a business you find interesting. You may want to base your research on an entrepreneur who has excelled in an area in which you are passionate. Research an article or two that explains how he or she started the business or found success. Write one to two paragraphs explaining the key lessons you learned from the entrepreneur you researched that you would like to share with your friends or classmates. Can you identify any entrepreneurial traits that this person exemplifies?

What has this entrepreneur done to change the world? How has the entrepreneur you researched successfully served the needs of other people? What were his or her motivations for starting a business?

If you need help thinking of an entrepreneur, here is a list to get you started:https://wyncode.co/top-10-tech-entrepreneurs-changed-world-better/ (Wyncode Academy)

Lesson Recap

• Strong personal character is essential for successful entrepreneurship.

• The traits of an entrepreneur may be wide and varied, but there are several key traits that successful entrepreneurs tend to possess, including: Independent thinking, vision, tenacity, persistence, courage, purpose, self-discipline, resourcefulness, good judgment, passion, and strong character.

• Entrepreneurs combine passion and talents to create successful businesses serving others.

Additional Resources

Article:  Of Battlefields and Boardrooms by Matthew McCaffrey (FEE.org)

"Are the Art of War and the Art of Enterprise two edges of the same sword? The qualities that these classical strategists recommend in great generals are actually the traits of successful market entrepreneurs.”

Video:(Kauffman Foundation, 3:49 min)

"Gary Schoeniger, founder and CEO of the Entrepreneurial Learning Initiative (ELI), outlines some of the misconceptions and myths about the entrepreneurial process that have limited the efficacy, scale and scope of programs designed to teach entrepreneurship.”