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| Is there something that differentiates an entrepreneur from the rest of the population? This chapter outlines the current thinking and research related to identifying the unique characteristics of a person who successfully launches a new venture. Developing an understanding of the characteristics and background of individuals starting new ventures is an important step in encouraging potential entrepreneurs and improving their probability of success.
A typical entrepreneurial profile in terms of experience and family background has been more clearly defined. Adult encouragement, successful entrepreneurial parents who serve as role models, and a supportive relationship that encourages independence and achievement are factors strongly linked to later entrepreneurial behavior. Although there are personal characteristics and skills frequently present in successful entrepreneurs—such as leadership traits, creativity, opportunism, and intuition—so far no unique combination of traits, experiences, and acquired skills differentiates a successful entrepreneur from an unsuccessful one, or even from a manager. The research clearly indicates that there are many variables involved in the decision to become an entrepreneur. There are many successful corporate business careers. Perhaps these individuals lack an appropriate role model or support system. Watching a peer face the challenges and overcome risks associated with a new venture start-up is frequently mentioned as a key influence in the entrepreneurial decision process. Although an individual can act as an inspiration to the new entrepreneur, a new venture is also in need of support from an individual or group providing information, advice, and guidance. There are many sources of support systems, starting with friends and family and moving into the wider circle of professional contacts, clients, and industry organizations.Significant growth in the number of women employed outside the home has created a new field of research that is concerned with the question of whether female employees, managers, and entrepreneurs are different from their male counterparts. It is clear that male and female entrepreneurs have much in common. Although some of the background and personality characteristics are quite similar, there are striking differences between the sexes in terms of motivation, departure point, and business skills brought to the venture. The difference in the types of businesses started can be attributed in large part to differences in education and work history. In developing a unique description of an entrepreneur, there are several personality types that appear to be only entrepreneurial. One of these is the inventor, who can take on the role of an entrepreneur if a business is started around the product invented. Care needs to be taken to ensure that the business is not second in importance to the invention itself. Other problem character traits include a lack of tenacity, perfectionism, the tendency to oversimplify, and paranoia. |