What are some of the key characteristics of entrepreneurs?

What will be an ideal response?

Some key characteristics of entrepreneurs are a high need for achievement, an internal locus of control, the willingness to take risks, and self-confidence. People with a high need for achievement have a desire to solve problems on their own. They enjoy setting goals and achieving them through their own efforts, and like receiving feedback on how they are doing. This helps the entrepreneur be more proactive and anticipate future problems, needs, or changes. An entrepreneur is also likely to have an internal locus of control. This is a strong belief in his/her ability to succeed. When a person with an internal locus of control fails or makes a mistake, the individual is likely to accept responsibility for the outcome and try harder, rather than searching for external reasons to explain the failure. An entrepreneur takes on some level of risk when trying to start a new venture. They may risk a substantial portion of their capital as well as funds contributed by family, friends and other investors. Finally, entrepreneurs feel certain they can master the skills needed to run a business and that they can overcome unforeseen obstacles. This self-confidence can be used to energize and motivate others. Self-confidence enables entrepreneurs to improvise and find novel solutions to business problems that might discourage people who are more self-critical.