{"id":89,"date":"2018-09-24T14:38:41","date_gmt":"2018-09-24T14:38:41","guid":{"rendered":"https:\/\/courses.lumenlearning.com\/suny-osintrobus\/chapter\/characteristics-of-successful-entrepreneurs\/"},"modified":"2018-10-03T14:32:39","modified_gmt":"2018-10-03T14:32:39","slug":"characteristics-of-successful-entrepreneurs","status":"publish","type":"chapter","link":"https:\/\/courses.lumenlearning.com\/suny-osintrobus\/chapter\/characteristics-of-successful-entrepreneurs\/","title":{"raw":"Characteristics of Successful Entrepreneurs","rendered":"Characteristics of Successful Entrepreneurs"},"content":{"raw":"<ol id=\"fs-idm212926592\" start=\"2\">\r\n \t<li>What characteristics do successful entrepreneurs share?<\/li>\r\n<\/ol>\r\n<p id=\"fs-idm222777184\">Do you have what it takes to become an entrepreneur? Having a great concept is not enough. An entrepreneur must be able to develop and manage the company that implements his or her idea. Being an entrepreneur requires special drive, perseverance, passion, and a spirit of adventure, in addition to managerial and technical ability. Entrepreneurs <em>are<\/em> the company; they tend to work longer hours, take fewer vacations, and cannot leave problems at the office at the end of the day. They also share other common characteristics as described in the next section.<\/p>\r\n\r\n<div id=\"fs-idm217912256\" class=\"bc-section section\">\r\n<h3>The Entrepreneurial Personality<\/h3>\r\n<p id=\"fs-idm206033600\">Studies of the entrepreneurial personality find that entrepreneurs share certain key traits. Most entrepreneurs are<\/p>\r\n\r\n<ul id=\"fs-idm212965536\">\r\n \t<li><em>Ambitious:<\/em> They are competitive and have a high need for achievement.<\/li>\r\n \t<li><em>Independent:<\/em> They are individualists and self-starters who prefer to lead rather than follow.<\/li>\r\n \t<li><em>Self-confident:<\/em> They understand the challenges of starting and operating a business and are decisive and confident in their ability to solve problems.<\/li>\r\n \t<li><em>Risk-takers:<\/em> Although they are not averse to risk, most successful entrepreneurs favor business opportunities that carry a moderate degree of risk where they can better control the outcome over highly risky ventures where luck plays a large role.<\/li>\r\n \t<li><em>Visionary:<\/em> Their ability to spot trends and act on them sets entrepreneurs apart from small-business owners and managers.<\/li>\r\n \t<li><em>Creative:<\/em> To compete with larger firms, entrepreneurs need to have creative product designs, bold marketing strategies, and innovative solutions to managerial problems.<\/li>\r\n \t<li><em>Energetic:<\/em> Starting and operating a business takes long hours. Even so, some entrepreneurs start their companies while still employed full-time elsewhere.<\/li>\r\n \t<li><em>Passionate.<\/em> Entrepreneurs love their work, as Miho Inagi demonstrated by opening a bagel shop in Tokyo despite the odds against it being a success.<\/li>\r\n \t<li><em>Committed<\/em>. Because they are so committed to their companies, entrepreneurs are willing to make personal sacrifices to achieve their goals.<\/li>\r\n<\/ul>\r\n<div class=\"customer-satisfaction\">\r\n<div>\r\n<div class=\"textbox shaded\">\r\n<div class=\"customer-satisfaction\">\r\n<h3>Customer Satisfaction and quality<\/h3>\r\n<div><strong>Ethical Choices Transform Family Business into International Brand<\/strong><\/div>\r\n<p id=\"fs-idm232232256\">Ever since Apollonia Poil\u00e2ne was a young girl growing up in Paris, she always knew what she wanted to do when she grew up: take over the family business. But she didn\u2019t anticipate how quickly this would happen. When her father\u2014Lionel Poil\u00e2ne\u2014and her mother died in a helicopter crash in 2002, France lost its most celebrated baker, and Apollonia stepped into the role. She was just 18 years old at the time with plans to matriculate to Harvard in the fall, but the moment her parents had prepared her for had come. As her Harvard admissions essay said, \u201cThe work of several generations is at stake.\u201d<\/p>\r\nWith organization and determination, Apollonia managed one of the best French bakeries in the world\u2014based in Paris\u2014from her apartment in Cambridge, Massachusetts. She would usually wake up an extra two hours before classes to make sure she would get all the phone calls done for work. \u201cAfter classes I check on any business regarding the company and then do my homework,\u201d she says. \u201cBefore I go to bed I call my production manager in Paris to check the quality of the bread.\u201d Because the name Poil\u00e2ne has earned a place with a very small group of prestige bakers, the 18-year-old was determined to continue the tradition of customer satisfaction and quality her grandfather established in 1932. When her grandfather suffered a stroke in 1973, his 28-year-old son, Lionel, poured his heart into the business and made the family bread into the global brand it is today. Lionel opened two more bakeries in Paris and another in London. He developed and nurtured a worldwide network of retailers and celebrities where bread is shipped daily via FedEx to upscale restaurants and wealthy clients around the world.\r\n<p id=\"fs-idm225440592\">Experimenting with sourdough is what distinguished Poil\u00e2ne\u2019s products from bread produced by Paris\u2019s other bakers, and it has remained the company\u2019s signature product. It is baked with a \u201cP\u201d carved into the crust, a throwback to the days when the use of communal ovens forced bakers to identify their loaves, and it also ensures that the loaf doesn\u2019t burst while it\u2019s baking. Today, Poil\u00e2ne also sells croissants, pastries, and a few specialty breads, but the company\u2019s signature item is still the four-pound\u00a0<em>miche<\/em>, a wheel of sourdough, a country bread,\u00a0<em>pain Poil\u00e2ne<\/em>.<\/p>\r\n<p id=\"fs-idm230966848\">\u201cApollonia is definitely passionate about her job,\u201d says Juliette Sarrazin, manager of the successful Poil\u00e2ne Bakery in London. \u201cShe really believes in the work of her father and the company, and she is looking at the future, which is very good.\u201d<\/p>\r\n<p id=\"fs-idm217926432\">Apollonia\u2019s work ethic and passion fueled her drive even when she was a student. Each day presented a juggling act of new problems to solve in Paris while other Harvard students slept. As Apollonia told a student reporter from <em>The Harvard Crimson<\/em>\u00a0writing a story about her, \u201cThe one or two hours you spend procrastinating I spend working. It\u2019s nothing demanding at all. It was always my dream to run the company.\u201d<\/p>\r\nHer dedication paid off, and Apollonia retained control of important decisions, strategy, and business goals, describing herself as the \u201ccommander of the ship,\u201d determining the company\u2019s overall direction. Today, Poil\u00e2ne is an $18 million business that employs 160 people. Poil\u00e2ne runs three restaurants called Cuisine de Bar in Paris and in London, serving casual meals such as soups, salads, and open-faced\u00a0<em>tartines<\/em>. The company ships more than 200,000 loaves a year to clients in 20 countries, including the United States, Japan, and Saudi Arabia. \u201cMore people understand what makes the quality of the bread, what my father spent years studying, so I am thrilled about that,\u201d says Apollonia.\r\n<div id=\"fs-idm225902336\">\r\n<div><strong>Critical Thinking Questions<\/strong><\/div>\r\n<ol>\r\n \t<li>What type of entrepreneur is Apollonia Poil\u00e2ne?<\/li>\r\n \t<li>What personal ethics drove Apollonia\u2019s decision to take over the family business?<\/li>\r\n<\/ol>\r\n<\/div>\r\n<p id=\"fs-idm231090016\">Sources: \u201cAbout Us,\u201d https:\/\/www.poilane.com, accessed February 1, 2018; Meg Bortin, \u201cApollonia Poil\u00e2ne Builds on Her Family\u2019s Legacy,\u201d <em>The New York Times,<\/em> https:\/\/www.nytimes.com, accessed February 1, 2018; Lauren Collins, \u201cBread Winner: A Daughter Upholds the Traditions of France\u2019s Premier Baking Dynasty,\u201d <em>The New Yorker,<\/em> https:\/\/www.newyorker.com, December 3, 2012; Gregory Katz, \u201cHer Daily Bread,\u201d <em>American Way<\/em> magazine, July 15, 2005, p. 34; Clarel Antoine, \u201cNo Time to Loaf Around,\u201d <em>Harvard Crimson,<\/em> http:\/\/www.thecrimson.com, October 16, 2003.<\/p>\r\n\r\n<\/div>\r\n<\/div>\r\n<span style=\"font-size: 1rem;text-align: initial\">Most entrepreneurs combine many of the above characteristics. Sarah Levy, 23, loved her job as a restaurant pastry chef but not the low pay, high stress, and long hours of a commercial kitchen. So she found a new one\u2014in her parents\u2019 home\u2014and launched Sarah\u2019s Pastries and Candies. Part-time staffers help her fill pastry and candy orders to the soothing sounds of music videos playing in the background. Cornell University graduate Conor McDonough started his own web design firm, OffThePathMedia.com, after becoming disillusioned with the rigid structure of his job. \u201cThere wasn\u2019t enough room for my own expression,\u201d he says. \u201cFreelancing keeps me on my toes,\u201d says busy graphic artist Ana Sanchez. \u201cIt forces me to do my best work because I know my next job depends on my performance.\u201d[footnote]Martha Irvine, \u201cMore 20-Somethings Are Blazing Own Paths in Business,\u201d San Diego Union-Tribune, November 22, 2004, p. C6.[\/footnote]\u00a0<\/span>\r\n\r\n<\/div>\r\n<\/div>\r\n<div id=\"fs-idm226555360\" class=\"scaled-down\">\r\n\r\n[caption id=\"\" align=\"aligncenter\" width=\"1300\"]<img src=\"https:\/\/s3-us-west-2.amazonaws.com\/courses-images\/wp-content\/uploads\/sites\/3654\/2018\/09\/24143839\/Photo_2_Kutcher.jpg\" alt=\"A photograph shows Ashton Kutcher sitting in front of a digital screen that reads Tech Crunch, N Y 2013.\" width=\"1300\" height=\"867\" \/> <strong>Exhibit 5.3\u00a0<\/strong>Celebrity Ashton Kutcher is more than just a pretty face. The actor-mogul is an active investor in technology-based start-ups such as Airbnb, Skype, and Foursquare with an empire estimated at $200 million dollars. What personality traits are common to successful young entrepreneurs such as Kutcher? (Credit: TechCrunch\/ Flickr\/ Attribution 2.0 Generic (CC BY 2.0))[\/caption]\r\n\r\n<\/div>\r\n<\/div>\r\n<div id=\"fs-idm225456432\" class=\"bc-section section\">\r\n<h3>Managerial Ability and Technical Knowledge<\/h3>\r\n<p id=\"fs-idm226762336\">A person with all the characteristics of an entrepreneur might still lack the necessary business skills to run a successful company. Entrepreneurs need the technical knowledge to carry out their ideas and the managerial ability to organize a company, develop operating strategies, obtain financing, and supervise day-to-day activities. Jim Crane, who built <span class=\"no-emphasis\">Eagle Global Logistics<\/span> from a start-up into a $250 million company, addressed a group at a meeting saying, \u201cI have never run a $250 million company before so you guys are going to have to start running this business.\u201d[footnote]Keith McFarland, \u201cWhat Makes Them Tick,\u201d Inc. 500, October 19, 2005, http:\/\/www.inc.com.[\/footnote]<\/p>\r\n<p id=\"fs-idm206392416\">Good interpersonal and communication skills are important in dealing with employees, customers, and other business associates such as bankers, accountants, and attorneys. As we will discuss later in the chapter, entrepreneurs believe they can learn these much-needed skills. When Jim Steiner started his toner cartridge remanufacturing business, <span class=\"no-emphasis\">Quality Imaging Products<\/span>, his initial investment was $400. He spent $200 on a consultant to teach him the business and $200 on materials to rebuild his first printer cartridges. He made sales calls from 8.00 a.m. to noon and made deliveries to customers from noon until 5:00 p.m. After a quick dinner, he moved to the garage, where he filled copier cartridges until midnight, when he collapsed into bed, sometimes covered with carbon soot. And this was not something he did for a couple of months until he got the business off the ground\u2014this was his life for 18 months.[footnote]Ibid.[\/footnote] But entrepreneurs usually soon learn that they can\u2019t do it all themselves. Often they choose to focus on what they do best and hire others to do the rest.<\/p>\r\n\r\n<div id=\"fs-idm206274288\" class=\"concept-check\">\r\n<div class=\"textbox key-takeaways\">\r\n<h3>Conceptcheck<\/h3>\r\n<ol>\r\n \t<li>Describe the personality traits and skills characteristic of successful entrepreneurs.<\/li>\r\n \t<li>What does it mean when we say that an entrepreneur should work on the business, not in it?<\/li>\r\n<\/ol>\r\n<\/div>\r\n<span style=\"color: #6c64ad;font-size: 1em;font-weight: 600\">Summary of Learning Outcomes<\/span>\r\n\r\n<\/div>\r\n<\/div>\r\n<div id=\"fs-idm229532080\" class=\"section-summary\">\r\n<ol id=\"fs-idm231842400\" start=\"2\">\r\n \t<li>What characteristics do successful entrepreneurs share?<\/li>\r\n<\/ol>\r\n<p id=\"fs-idm230299280\">Successful entrepreneurs are ambitious, independent, self-confident, creative, energetic, passionate, and committed. They have a high need for achievement and a willingness to take moderate risks. Good managerial, interpersonal, and communication skills, as well as technical knowledge are important for entrepreneurial success.<\/p>\r\n\r\n<\/div>","rendered":"<ol id=\"fs-idm212926592\" start=\"2\">\n<li>What characteristics do successful entrepreneurs share?<\/li>\n<\/ol>\n<p id=\"fs-idm222777184\">Do you have what it takes to become an entrepreneur? Having a great concept is not enough. An entrepreneur must be able to develop and manage the company that implements his or her idea. Being an entrepreneur requires special drive, perseverance, passion, and a spirit of adventure, in addition to managerial and technical ability. Entrepreneurs <em>are<\/em> the company; they tend to work longer hours, take fewer vacations, and cannot leave problems at the office at the end of the day. They also share other common characteristics as described in the next section.<\/p>\n<div id=\"fs-idm217912256\" class=\"bc-section section\">\n<h3>The Entrepreneurial Personality<\/h3>\n<p id=\"fs-idm206033600\">Studies of the entrepreneurial personality find that entrepreneurs share certain key traits. Most entrepreneurs are<\/p>\n<ul id=\"fs-idm212965536\">\n<li><em>Ambitious:<\/em> They are competitive and have a high need for achievement.<\/li>\n<li><em>Independent:<\/em> They are individualists and self-starters who prefer to lead rather than follow.<\/li>\n<li><em>Self-confident:<\/em> They understand the challenges of starting and operating a business and are decisive and confident in their ability to solve problems.<\/li>\n<li><em>Risk-takers:<\/em> Although they are not averse to risk, most successful entrepreneurs favor business opportunities that carry a moderate degree of risk where they can better control the outcome over highly risky ventures where luck plays a large role.<\/li>\n<li><em>Visionary:<\/em> Their ability to spot trends and act on them sets entrepreneurs apart from small-business owners and managers.<\/li>\n<li><em>Creative:<\/em> To compete with larger firms, entrepreneurs need to have creative product designs, bold marketing strategies, and innovative solutions to managerial problems.<\/li>\n<li><em>Energetic:<\/em> Starting and operating a business takes long hours. Even so, some entrepreneurs start their companies while still employed full-time elsewhere.<\/li>\n<li><em>Passionate.<\/em> Entrepreneurs love their work, as Miho Inagi demonstrated by opening a bagel shop in Tokyo despite the odds against it being a success.<\/li>\n<li><em>Committed<\/em>. Because they are so committed to their companies, entrepreneurs are willing to make personal sacrifices to achieve their goals.<\/li>\n<\/ul>\n<div class=\"customer-satisfaction\">\n<div>\n<div class=\"textbox shaded\">\n<div class=\"customer-satisfaction\">\n<h3>Customer Satisfaction and quality<\/h3>\n<div><strong>Ethical Choices Transform Family Business into International Brand<\/strong><\/div>\n<p id=\"fs-idm232232256\">Ever since Apollonia Poil\u00e2ne was a young girl growing up in Paris, she always knew what she wanted to do when she grew up: take over the family business. But she didn\u2019t anticipate how quickly this would happen. When her father\u2014Lionel Poil\u00e2ne\u2014and her mother died in a helicopter crash in 2002, France lost its most celebrated baker, and Apollonia stepped into the role. She was just 18 years old at the time with plans to matriculate to Harvard in the fall, but the moment her parents had prepared her for had come. As her Harvard admissions essay said, \u201cThe work of several generations is at stake.\u201d<\/p>\n<p>With organization and determination, Apollonia managed one of the best French bakeries in the world\u2014based in Paris\u2014from her apartment in Cambridge, Massachusetts. She would usually wake up an extra two hours before classes to make sure she would get all the phone calls done for work. \u201cAfter classes I check on any business regarding the company and then do my homework,\u201d she says. \u201cBefore I go to bed I call my production manager in Paris to check the quality of the bread.\u201d Because the name Poil\u00e2ne has earned a place with a very small group of prestige bakers, the 18-year-old was determined to continue the tradition of customer satisfaction and quality her grandfather established in 1932. When her grandfather suffered a stroke in 1973, his 28-year-old son, Lionel, poured his heart into the business and made the family bread into the global brand it is today. Lionel opened two more bakeries in Paris and another in London. He developed and nurtured a worldwide network of retailers and celebrities where bread is shipped daily via FedEx to upscale restaurants and wealthy clients around the world.<\/p>\n<p id=\"fs-idm225440592\">Experimenting with sourdough is what distinguished Poil\u00e2ne\u2019s products from bread produced by Paris\u2019s other bakers, and it has remained the company\u2019s signature product. It is baked with a \u201cP\u201d carved into the crust, a throwback to the days when the use of communal ovens forced bakers to identify their loaves, and it also ensures that the loaf doesn\u2019t burst while it\u2019s baking. Today, Poil\u00e2ne also sells croissants, pastries, and a few specialty breads, but the company\u2019s signature item is still the four-pound\u00a0<em>miche<\/em>, a wheel of sourdough, a country bread,\u00a0<em>pain Poil\u00e2ne<\/em>.<\/p>\n<p id=\"fs-idm230966848\">\u201cApollonia is definitely passionate about her job,\u201d says Juliette Sarrazin, manager of the successful Poil\u00e2ne Bakery in London. \u201cShe really believes in the work of her father and the company, and she is looking at the future, which is very good.\u201d<\/p>\n<p id=\"fs-idm217926432\">Apollonia\u2019s work ethic and passion fueled her drive even when she was a student. Each day presented a juggling act of new problems to solve in Paris while other Harvard students slept. As Apollonia told a student reporter from <em>The Harvard Crimson<\/em>\u00a0writing a story about her, \u201cThe one or two hours you spend procrastinating I spend working. It\u2019s nothing demanding at all. It was always my dream to run the company.\u201d<\/p>\n<p>Her dedication paid off, and Apollonia retained control of important decisions, strategy, and business goals, describing herself as the \u201ccommander of the ship,\u201d determining the company\u2019s overall direction. Today, Poil\u00e2ne is an $18 million business that employs 160 people. Poil\u00e2ne runs three restaurants called Cuisine de Bar in Paris and in London, serving casual meals such as soups, salads, and open-faced\u00a0<em>tartines<\/em>. The company ships more than 200,000 loaves a year to clients in 20 countries, including the United States, Japan, and Saudi Arabia. \u201cMore people understand what makes the quality of the bread, what my father spent years studying, so I am thrilled about that,\u201d says Apollonia.<\/p>\n<div id=\"fs-idm225902336\">\n<div><strong>Critical Thinking Questions<\/strong><\/div>\n<ol>\n<li>What type of entrepreneur is Apollonia Poil\u00e2ne?<\/li>\n<li>What personal ethics drove Apollonia\u2019s decision to take over the family business?<\/li>\n<\/ol>\n<\/div>\n<p id=\"fs-idm231090016\">Sources: \u201cAbout Us,\u201d https:\/\/www.poilane.com, accessed February 1, 2018; Meg Bortin, \u201cApollonia Poil\u00e2ne Builds on Her Family\u2019s Legacy,\u201d <em>The New York Times,<\/em> https:\/\/www.nytimes.com, accessed February 1, 2018; Lauren Collins, \u201cBread Winner: A Daughter Upholds the Traditions of France\u2019s Premier Baking Dynasty,\u201d <em>The New Yorker,<\/em> https:\/\/www.newyorker.com, December 3, 2012; Gregory Katz, \u201cHer Daily Bread,\u201d <em>American Way<\/em> magazine, July 15, 2005, p. 34; Clarel Antoine, \u201cNo Time to Loaf Around,\u201d <em>Harvard Crimson,<\/em> http:\/\/www.thecrimson.com, October 16, 2003.<\/p>\n<\/div>\n<\/div>\n<p><span style=\"font-size: 1rem;text-align: initial\">Most entrepreneurs combine many of the above characteristics. Sarah Levy, 23, loved her job as a restaurant pastry chef but not the low pay, high stress, and long hours of a commercial kitchen. So she found a new one\u2014in her parents\u2019 home\u2014and launched Sarah\u2019s Pastries and Candies. Part-time staffers help her fill pastry and candy orders to the soothing sounds of music videos playing in the background. Cornell University graduate Conor McDonough started his own web design firm, OffThePathMedia.com, after becoming disillusioned with the rigid structure of his job. \u201cThere wasn\u2019t enough room for my own expression,\u201d he says. \u201cFreelancing keeps me on my toes,\u201d says busy graphic artist Ana Sanchez. \u201cIt forces me to do my best work because I know my next job depends on my performance.\u201d<a class=\"footnote\" title=\"Martha Irvine, \u201cMore 20-Somethings Are Blazing Own Paths in Business,\u201d San Diego Union-Tribune, November 22, 2004, p. C6.\" id=\"return-footnote-89-1\" href=\"#footnote-89-1\" aria-label=\"Footnote 1\"><sup class=\"footnote\">[1]<\/sup><\/a>\u00a0<\/span><\/p>\n<\/div>\n<\/div>\n<div id=\"fs-idm226555360\" class=\"scaled-down\">\n<div style=\"width: 1310px\" class=\"wp-caption aligncenter\"><img loading=\"lazy\" decoding=\"async\" src=\"https:\/\/s3-us-west-2.amazonaws.com\/courses-images\/wp-content\/uploads\/sites\/3654\/2018\/09\/24143839\/Photo_2_Kutcher.jpg\" alt=\"A photograph shows Ashton Kutcher sitting in front of a digital screen that reads Tech Crunch, N Y 2013.\" width=\"1300\" height=\"867\" \/><\/p>\n<p class=\"wp-caption-text\"><strong>Exhibit 5.3\u00a0<\/strong>Celebrity Ashton Kutcher is more than just a pretty face. The actor-mogul is an active investor in technology-based start-ups such as Airbnb, Skype, and Foursquare with an empire estimated at $200 million dollars. What personality traits are common to successful young entrepreneurs such as Kutcher? (Credit: TechCrunch\/ Flickr\/ Attribution 2.0 Generic (CC BY 2.0))<\/p>\n<\/div>\n<\/div>\n<\/div>\n<div id=\"fs-idm225456432\" class=\"bc-section section\">\n<h3>Managerial Ability and Technical Knowledge<\/h3>\n<p id=\"fs-idm226762336\">A person with all the characteristics of an entrepreneur might still lack the necessary business skills to run a successful company. Entrepreneurs need the technical knowledge to carry out their ideas and the managerial ability to organize a company, develop operating strategies, obtain financing, and supervise day-to-day activities. Jim Crane, who built <span class=\"no-emphasis\">Eagle Global Logistics<\/span> from a start-up into a $250 million company, addressed a group at a meeting saying, \u201cI have never run a $250 million company before so you guys are going to have to start running this business.\u201d<a class=\"footnote\" title=\"Keith McFarland, \u201cWhat Makes Them Tick,\u201d Inc. 500, October 19, 2005, http:\/\/www.inc.com.\" id=\"return-footnote-89-2\" href=\"#footnote-89-2\" aria-label=\"Footnote 2\"><sup class=\"footnote\">[2]<\/sup><\/a><\/p>\n<p id=\"fs-idm206392416\">Good interpersonal and communication skills are important in dealing with employees, customers, and other business associates such as bankers, accountants, and attorneys. As we will discuss later in the chapter, entrepreneurs believe they can learn these much-needed skills. When Jim Steiner started his toner cartridge remanufacturing business, <span class=\"no-emphasis\">Quality Imaging Products<\/span>, his initial investment was $400. He spent $200 on a consultant to teach him the business and $200 on materials to rebuild his first printer cartridges. He made sales calls from 8.00 a.m. to noon and made deliveries to customers from noon until 5:00 p.m. After a quick dinner, he moved to the garage, where he filled copier cartridges until midnight, when he collapsed into bed, sometimes covered with carbon soot. And this was not something he did for a couple of months until he got the business off the ground\u2014this was his life for 18 months.<a class=\"footnote\" title=\"Ibid.\" id=\"return-footnote-89-3\" href=\"#footnote-89-3\" aria-label=\"Footnote 3\"><sup class=\"footnote\">[3]<\/sup><\/a> But entrepreneurs usually soon learn that they can\u2019t do it all themselves. Often they choose to focus on what they do best and hire others to do the rest.<\/p>\n<div id=\"fs-idm206274288\" class=\"concept-check\">\n<div class=\"textbox key-takeaways\">\n<h3>Conceptcheck<\/h3>\n<ol>\n<li>Describe the personality traits and skills characteristic of successful entrepreneurs.<\/li>\n<li>What does it mean when we say that an entrepreneur should work on the business, not in it?<\/li>\n<\/ol>\n<\/div>\n<p><span style=\"color: #6c64ad;font-size: 1em;font-weight: 600\">Summary of Learning Outcomes<\/span><\/p>\n<\/div>\n<\/div>\n<div id=\"fs-idm229532080\" class=\"section-summary\">\n<ol id=\"fs-idm231842400\" start=\"2\">\n<li>What characteristics do successful entrepreneurs share?<\/li>\n<\/ol>\n<p id=\"fs-idm230299280\">Successful entrepreneurs are ambitious, independent, self-confident, creative, energetic, passionate, and committed. They have a high need for achievement and a willingness to take moderate risks. Good managerial, interpersonal, and communication skills, as well as technical knowledge are important for entrepreneurial success.<\/p>\n<\/div>\n\n\t\t\t <section class=\"citations-section\" role=\"contentinfo\">\n\t\t\t <h3>Candela Citations<\/h3>\n\t\t\t\t\t <div>\n\t\t\t\t\t\t <div id=\"citation-list-89\">\n\t\t\t\t\t\t\t <div class=\"licensing\"><div class=\"license-attribution-dropdown-subheading\">CC licensed content, Shared previously<\/div><ul class=\"citation-list\"><li>Intro to Business. <strong>Authored by<\/strong>: Gitman, et. al. <strong>Provided by<\/strong>: OpenStax. <strong>Located at<\/strong>: <a target=\"_blank\" href=\"http:\/\/cnx.org\/contents\/4e09771f-a8aa-40ce-9063-aa58cc24e77f@8.2\">http:\/\/cnx.org\/contents\/4e09771f-a8aa-40ce-9063-aa58cc24e77f@8.2<\/a>. <strong>License<\/strong>: <em><a target=\"_blank\" rel=\"license\" href=\"https:\/\/creativecommons.org\/licenses\/by\/4.0\/\">CC BY: Attribution<\/a><\/em>. <strong>License Terms<\/strong>: Download for free at http:\/\/cnx.org\/contents\/4e09771f-a8aa-40ce-9063-aa58cc24e77f@8.2<\/li><\/ul><\/div>\n\t\t\t\t\t\t <\/div>\n\t\t\t\t\t <\/div>\n\t\t\t <\/section><hr class=\"before-footnotes clear\" \/><div class=\"footnotes\"><ol><li id=\"footnote-89-1\">Martha Irvine, \u201cMore 20-Somethings Are Blazing Own Paths in Business,\u201d San Diego Union-Tribune, November 22, 2004, p. C6. <a href=\"#return-footnote-89-1\" class=\"return-footnote\" aria-label=\"Return to footnote 1\">&crarr;<\/a><\/li><li id=\"footnote-89-2\">Keith McFarland, \u201cWhat Makes Them Tick,\u201d Inc. 500, October 19, 2005, http:\/\/www.inc.com. <a href=\"#return-footnote-89-2\" class=\"return-footnote\" aria-label=\"Return to footnote 2\">&crarr;<\/a><\/li><li id=\"footnote-89-3\">Ibid. <a href=\"#return-footnote-89-3\" class=\"return-footnote\" aria-label=\"Return to footnote 3\">&crarr;<\/a><\/li><\/ol><\/div>","protected":false},"author":311,"menu_order":3,"template":"","meta":{"_candela_citation":"[{\"type\":\"cc\",\"description\":\"Intro to Business\",\"author\":\"Gitman, et. al\",\"organization\":\"OpenStax\",\"url\":\"http:\/\/cnx.org\/contents\/4e09771f-a8aa-40ce-9063-aa58cc24e77f@8.2\",\"project\":\"\",\"license\":\"cc-by\",\"license_terms\":\"Download for free at http:\/\/cnx.org\/contents\/4e09771f-a8aa-40ce-9063-aa58cc24e77f@8.2\"}]","CANDELA_OUTCOMES_GUID":"","pb_show_title":"on","pb_short_title":"","pb_subtitle":"","pb_authors":[],"pb_section_license":""},"chapter-type":[],"contributor":[],"license":[],"class_list":["post-89","chapter","type-chapter","status-publish","hentry"],"part":84,"_links":{"self":[{"href":"https:\/\/courses.lumenlearning.com\/suny-osintrobus\/wp-json\/pressbooks\/v2\/chapters\/89","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/courses.lumenlearning.com\/suny-osintrobus\/wp-json\/pressbooks\/v2\/chapters"}],"about":[{"href":"https:\/\/courses.lumenlearning.com\/suny-osintrobus\/wp-json\/wp\/v2\/types\/chapter"}],"author":[{"embeddable":true,"href":"https:\/\/courses.lumenlearning.com\/suny-osintrobus\/wp-json\/wp\/v2\/users\/311"}],"version-history":[{"count":3,"href":"https:\/\/courses.lumenlearning.com\/suny-osintrobus\/wp-json\/pressbooks\/v2\/chapters\/89\/revisions"}],"predecessor-version":[{"id":388,"href":"https:\/\/courses.lumenlearning.com\/suny-osintrobus\/wp-json\/pressbooks\/v2\/chapters\/89\/revisions\/388"}],"part":[{"href":"https:\/\/courses.lumenlearning.com\/suny-osintrobus\/wp-json\/pressbooks\/v2\/parts\/84"}],"metadata":[{"href":"https:\/\/courses.lumenlearning.com\/suny-osintrobus\/wp-json\/pressbooks\/v2\/chapters\/89\/metadata\/"}],"wp:attachment":[{"href":"https:\/\/courses.lumenlearning.com\/suny-osintrobus\/wp-json\/wp\/v2\/media?parent=89"}],"wp:term":[{"taxonomy":"chapter-type","embeddable":true,"href":"https:\/\/courses.lumenlearning.com\/suny-osintrobus\/wp-json\/pressbooks\/v2\/chapter-type?post=89"},{"taxonomy":"contributor","embeddable":true,"href":"https:\/\/courses.lumenlearning.com\/suny-osintrobus\/wp-json\/wp\/v2\/contributor?post=89"},{"taxonomy":"license","embeddable":true,"href":"https:\/\/courses.lumenlearning.com\/suny-osintrobus\/wp-json\/wp\/v2\/license?post=89"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}