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Qualities of an Entrepreneur

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Best Young Entrepreneurs of 2009 Selected by Business Week

What does it take to be an entrepreneur? That's what I began to wonder as I read the recent Business Week collection of stories on America's Best Young Entrepreneurs 2009. The article starts with a nod to boomers. It seems that "the highest rate of entrepreneurial activity belongs to the 55-64 age group." The article then goes on to say that the lowest rate of entrepreneurial activity tends to be with young adults, those in their twenties. That sets the stage for praising young adults who actually have demonstrated some entrepreneurial success.

Twenty-five were selected for particular notice. I re-read the article, looking for qualities of entrepreneurs.

As a baby boomer, I cannot claim to have the youth of these 25 entrepreneurs. But that doesn't mean I can't learn from them! The qualities should be applicable to the baby boomer, the college youth, or anyone in between.

Here is what I discovered:

1 Independnt self-starters.

Entrepreneurs see the need to take the future into their own hands.

These are people who are unfazed by the current employment outlook which, by all accounts is not going to recover in the near future. When Shama Kabani could not interest marketing companies in utilizing her social media skills (she had written a master's degree thesis on why people use Twitter), she began her own full-service marketing firm. This first quality is fundamental to all the rest. Whether a boomer or a college student, the entrepreneur recognizes that her future lies in taking independent action.

A simple definition of entrepreneurship.

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2 Web-savvy

If they are not geeks, they are at least web-savvy.

OK, that's a catch-all by which I include those with coding skills along with those who can use online applications and grasp the potential for online businesses. Of the 600 nominees for Business Week's most promising young entrepreneurs, the majority had created Web-based businesses.

Today, there are a lot of people looking (or re-examining) the idea of a home business. And many people find themselves at the opposite end of "web-savvy." Should they think of themselves as out of luck?

Not at all! Today there are many ways to get up to speed on internet marketing and social media, right from your own home, with very little background. Consider the following example of the training at the Renegade Professional:
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3 Alert for opportunity

Entrepreneurs have their ears tuned for opportunity.

When they hear of a need, typically an immediate thought is, "How can I meet that need?" instead of, "That's too bad." The Business Week article includes the story of Columbia University student Brian Ruby who heard that a pharmaceutical company had no technology to photograph the elements of a vaccine they were developing, so he thought about what he had learned as a 15 year old intern in IBM's nanotechnology lab. He was able to create an imaging machine that can "see" the tiniest particles in the vaccine. The machine will also be sold to semiconductor manufacturers.

Two young men working at a global business consulting firm wondered why it was so difficult to share files securely (as opposed to the ease of public sharing on sites like YouTube). They left their firm and within two months had a prototype for Drop.io.

4 Creative

Entrepreneurs are innovators.

Not only can entrepreneurs observe a need, but they can come up with creative solutions. Business Week's young entrepreneurs for 2009 are full of new ideas. Here are some examples:
  • Want an inexpensive but personal and unique way to send a birthday congratulation long distance? Patrick Ledbetter and Adam Ludwig created a system for sending a coupon via Facebook that's redeemable for a drink at a network of bars and restaurants.

  • Need a lot of space to write notes for your team? Instead of a small whiteboard, how about a paint that, when applied to a wall, transforms the surface into an inexpensive but far larger "white-board"? This paint is the basis of a company started by three young men in Cambridge, Massachusetts.

  • Scott Adams developed a formula for grease that meets the needs of specialized machinery. His company is now called Grease Warehouse.

  • Seth Priebatsch created a company that organizes scavenger hunts using mobile phones - his clients include cities that use the feature to promote tourism and universities that use it to conduct orientation.

How important is the quality of innovation?

Dr. Gedeon explains how it is possible to work for a company as an entrepreneur. At the same time, during the last few years, many people are leaving corporations to "become entrepreneurs."

For this other perspective, read about the characteristics of successful entrepreneurs who are leaving corporate America.



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Reaction time!

What did you think of Dr Gedeon's video above? Do you agree or disagree?

Can entrepreneurs also be employees?

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NEVER! An essential part of being an entrepreneur is to be in business for oneself!

Rob Jones says:

Business Ideas for Women

Good Business Ideas

Posted August 02, 2010

Rob Jones says:

Business Ideas for Beginners

Posted August 02, 2010

SURE! It doesn't matter where you work. The issue comes down to qualities like seeing a need and being creative.

 

4 Flexibility

Entrepreneurs can shift gears for a rapid response.

Consider Becky Stockbridge. She had a business plan aimed at providing marketing services to medical professionals. When she could not get to the key decision makers in that arena, she grew successful by helping small businesses.

Paul King had built a successful real estate company in Florida; when that market collapsed in 2008, he started a company to install public vending machines that charge mobile devices in ten minutes. Talk about a different field!

Read their stories on the Business Week slide show here.

Are you "flexible"? Let's see. The opposite of flexible includes: rigid, stubborn, intransigent, uncompromising, stiff-necked, uncooperative....

5 Put Learning Into Perspective

Entrepreneurs know when to learn and when to implement.

Almost all of the featured entrepreneurs went to college; a number of them also left college or graduate school without finishing in order to pursue a business idea.

Several of the young entrepreneurs featured by Business Week were creating salable products while in high school!

School, college, taking courses... are viewed as a means to an end, not an end in themselves. Learning is often the hotbed for new ideas as entrepreneurs are exposed to needs they did not know about.

6 Communicator

Entrepreneurs can express themselves well.

Or maybe their idea "sells itself"?

Many of the entrepreneurs received funding from venture capital groups, so it seems evident that the ability to communicate their vision and their plan would be critical.

All of the entrepreneurs were on their way to profitability. This requires that they be able to sell their idea to prospective customers or clients and convince them to become early adopters.

Who can be an entrepreneur?

Is age relevant?

Which person is the entrepreneur in this picture? It could be either person right?

The 25 young people in the Business Week story are remarkable!

Already mentioned is the fact that Boomers are far more likely to be entrepreneurs than are young adult (20s). Yet it is not impossible for anyone at any age to be an entrepreneur.

Do you have the necessary qualities to be an entrepreneur? Even if you have some of what it takes, can you parlay it into a work at home business with the help of some training and the support of a coach?

Are you young? Are you a senior? No matter who you are, you can take your future into your own hands.

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RGoutal

I am a life long teacher. How so? I taught high school history and psychology for 15 years. Started a small independent school for middle school kids... more »

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