Tag Archives: Business plan

Do you have what it takes? “The Entrepreneurial Personality”

David McClelland‘s book “The Achieving Society” (first published in 1961) detailed six critical traits that entrepreneurs posses:

1.  Desire for Responsibility.  Entrepreneurs prefer to be in control of their resources and take  deep sense in the responsibility of the outcomes they achieve.

2.  Preference for moderate risk.  As detailed by Malcolm Gladwell in his article “How Entrepreneurs Really Succeed”, we are not wild risk takers, rather we mitigate, calculate and monetize risk.  Entrepreneurs serve more as risk eliminaters rather than risk takers.  A good way to minimize risk is to prepare a robust and competent business plan.

3.  Confidence in your ability to succeed.  Entrepreneurs are supremely self-confident in their ability to succeed.  In addition optimism allows us to continue down the path if multiple previous efforts have yet to be fruitful.

4.  Desire for immediate feedback.  Entrepreneurs are always looking for a way to improve and increase effectiveness.

5.  High level of energy.  This is a critical factor given the amount of effort both the emotional and physical  needed to create a new venture.  On average 66 percent of Gen Y entrepreneurs work over 10 hours a day and six days a week (from a survey conducted by American Express Open April 26,2007).

6.   Future orientation.  Entrepreneurs want to define their future for themselves and others.  Sitting passively is out of the question.  We look ahead to what needs to be done rather than revel in today’s success.

So for today, that is it.  Meet me at the next milestone with your acheivement in hand ready to change the world.

Until next time, be good and cultivate your community of friends.