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Putting skills aside, what are the personality traits that great entrepreneurs have?

After listening to two days of entrepreneurs pitch and postulate at TechCrunch Disrupt SF, I'm thinking that there's probably a set of traits that are common among great entrepreneurs. What are they?

8 Replies

Renee DiResta
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Renee DiResta Entrepreneur • Advisor
Vice President of Business Development at Haven
This was on Kottke today. It's Michael Dearing's presentation on a topic that's closely related:
http://kottke.org/13/09/the-five-cognitive-distortions-of-people-who-get-stuff-done
Raymond Colletti
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Raymond Colletti Entrepreneur • Advisor
great topic Tom
PG's thoughts:
http://paulgraham.com/founders.html
http://paulgraham.com/relres.html

and steve blank on founding teams:
http://steveblank.com/2013/07/29/building-great-founding-teams/
Hiep Dang
0
0
Hiep Dang Entrepreneur
Senior Security Product Manager, McAfee Labs
If I had to pick one word, it would be Tenacity. The entrepreneurial journey is truly a roller coaster in every aspect - mentally, emotionally, financially, and philosophically. You need to have the willingness to persevere to be able to overcome obstacles and fight for what you believe in.
Tim Scott
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Tim Scott Entrepreneur • Advisor
President, Lunaverse Software
This Week In Startups had an interesting episodewith the founder of Founder's Institute. To hear Adeo Ressi tell it, they have made a science of it. They admit entrepreneurs based largely on a personality test.

On the other hand, consider what Peter Drucker had to say about it:

"Despite much discussion these days of the 'entrepreneurial personality,' few of the entrepreneurs with whom I have worked during the past 30 years had such personalities. But I have known many people-salespeople, surgeons, journalists, scholars, even musicians-who did have them without being the least bit entrepreneurial. What all the successful entrepreneurs I have met have in common is not a certain kind of personality but a commitment to the systematic practice of innovation."
Mark Silva
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Mark Silva Entrepreneur
Finance & Operations at KITE
Good Quora post of the same topic:https://www.quora.com/Startup-Founders-and-Entrepreneurs/What-separates-the-top-10-of-startup-CEOs-from-the-rest
Neha Palacherla
0
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Neha Palacherla Entrepreneur • Advisor
Marketing

These are some great resources and ideas. FD also compiled a list of the top traits found in great entrepreneurs!

Paul O'Brien
0
0
Paul O'Brien Entrepreneur • Advisor
Tech Economic Development and VC CMO
Nice coincidence, I was just having this conversation with a good friend involved in Startup America, what is the personality trait that matters most? Wrote it up:The Measure of an Entrepreneur

This gist...
Each of these types of entrepreneurs carries a personality trait critical to being successful. Most important to being successful though, is knowing with a certainty who YOU are and building a team and partnering with co-founders who match. Fail to do this, and you'll run into conflict, have trouble raising capital, and share mixed messages and a conflicted culture with everyone.

1. The business owner

One could obviously characterize these as the local business owners or restaurateurs with which you are probably familiar, the people who are in business to have a business. I want to distinguish these from the entrepreneurs who are in business to make a living; these are the people who do what they love because it's who they are. Knowing if YOU are this type of entrepreneur is critical to your success as that knowledge helps you identify where and how to engage your community. Your personal brand is your business; your customers come from your community.

Don't misunderstand this approach to be limited to small business owners. Large companies can too have a business owner at the helm. Was Dell best characterized as such? How about Ford, when Henry Ford helped invent manufacturing? I'm sure you've heard of one of the most famous business decisions in history? Ford's decision toraise the working wage of his employees. Hold on to that thought because it could be argued that Ford epitomizes the "business owner" but it could also be said that Ford epitomizes the 4th type. I didn't say we figured out all the answers to this idea over coffee, only that it was a thought provoking conversation that I'd like to continue.

2. A comfortable living

Many entrepreneurs start their own venture knowing (or believing) that they can make a good living. Is your motivation that living? You may be inventing a new piece of software or building a world class sales organization; regardless, if your interest is in paying yourself, have that conversation now.

By contrasting the two, we can better see how this likely is the root of success in entrepreneurship. If you are a venture capitalist, ready to invest millions in the idea behind the business founded by an entrepreneur seeking a comfortable living... what does that tell you? Of course, the "business owner" is also going to pay his or herself but the business owner is focused on owning that business; in spite of the costs or returns, it's who he is. This entrepreneur does this for a living and that motivation drives the success of such ventures.

It might be said that consultative ventures are driven by entrepreneurs with this spirit; ventures wherein value can clearly be created, delivered, and returned. With such clarity, these entrepreneurs attract the right talent to their team, set clear expectations with clients and customers, and excel.

3. Seeking the exit

A step removed from the business owner making a living is the founder looking for a return. An exit. Most startups, perhaps, fall into this characterization: brilliant entrepreneurs who have identifies a market gap they can fill more efficiently than the incumbents and corporations now too slow to innovate. Build your MVP, grab a share of the market, and get the attention of suitors.

You might argue that this is the type of entrepreneur that encourages everyone else. These entrepreneurs show that it's not only possible to be successful, it's attainable. But again, weigh the pros and cons: if you are a VC looking to evolve an entire industry or you are the best data architect in your field, you may not want an exit; you may not want the work to cease before the potential you believe exists is fully realized. Are you as likely to be drawn to the entrepreneur who wants to get something in market and exit when sufficient value is created? No, because you fall into the forth category...

4. Determined to change the world

Imaging the reaction to market validation of something like twitter... sitting in a coffee shop and asking people if the venture was a good idea. Really??Why would I share the nuances of my life in 140 characters or less? What's the business model??Have you ever thought ofhow Google started? Or go further back and explore why Jerry Yang and David Filo started Yahoo! Because they wanted to.

There is a class of entrepreneur that just wants to do. Raising capital is merely a means to that end, not validation nor even necessary, for most. These are the entrepreneurs who aren't really even building a business so there is no business at which to fail, no market that needs to be found. They are the individuals who live and breath their livelihood; like the first group, they are their business, and yet, these aren't of their business - their business is a side effect of their ambition. Of course, it's easy to muddy the boundaries of these definitions; I'm sure could argue that Ford was just as much a 2, as a 1, or 4. Is Elon Musk, with his ambition for space, a four or a brilliant one who can't help but create incredible businesses where gaps and opportunities, obvious to him, are clear?

Jessica Alter
0
0
Jessica Alter Entrepreneur • Advisor
Entrepreneur & Advisor
There's an in depth post/series by Mark Suster here as wellhttp://www.bothsidesofthetable.com/2009/12/15/what-makes-an-entrepreneur-111-tenacity/
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