| According to a recent study conducted in 2007 by | | | | structured, logical, and orderly in their business |
| the Global Entrepreneurship Monitor (GEM), a leading | | | | approach. Being well-prepared is a very impressive |
| international entrepreneurial research group, high | | | | quality to exhibit to investors, and it also greatly |
| income countries, such as Iceland, Hong Kong, | | | | increases their chance to raise business capital. |
| Canada, and the United States have more | | | | 3. Risk-takers |
| early-stage entrepreneurial activity due to economic | | | | Successful entrepreneurs are also known to be avid |
| opportunity. In these high income per capita nations, | | | | risk-takers. He or she does not fear uncertainty and |
| new business owners have vast availability to | | | | takes sole responsibility for all of the triumphs and |
| economic resources, including job placement, and | | | | tribulations associated with their venture. They usually |
| social security benefits. On the other hand, middle to | | | | abide by their gut-instinct when making crucial |
| low income nations do not have the availability of | | | | business decisions, are goal oriented in their approach, |
| such resources and may resort to entrepreneurialism | | | | and are quite persistent to succeed. At the same |
| simply because it is the only option for survival, such | | | | time, they are innovators who introduce new |
| as those living in China and Argentina. In addition to | | | | products to the market and always seem to find |
| these findings, gender differences of | | | | novel ways of doing things. |
| entrepreneurialism also exist. In both high and low | | | | 4. Unconditional support from family and friends |
| income countries, men were at least 2X more likely | | | | While family and friends may serve as primary |
| to be entrepreneurs than women. Regardless of | | | | funding sources for a new venture, they also provide |
| which country of origin or gender, it is apparent that | | | | a solid means of unconditional support for the |
| all successful entrepreneurs share some distinct | | | | entrepreneur during his/her most trying times. The |
| characteristics. | | | | absolute encouragement and backing of their family |
| 1. Motivation | | | | remains consistent throughout their venture, |
| First, most successful entrepreneurs are highly | | | | regardless of his/her success. This solid family |
| motivated individuals. They possess the personal | | | | structure not only enables the entrepreneur to be |
| determination and drive to seek any and all means to | | | | productive at work, but it also motivates them to |
| bring forth their business ideas and capitalize on their | | | | set new goals where they can balance both their |
| concept(s). They are proven to be wise self-starters, | | | | home and work life. As with any new endeavor, |
| in which they take the sole initiative to properly | | | | there is also a considerable amount of financial strain |
| manage their time and expand upon their existing | | | | that may occur and their family is often completely |
| ideas in order to avoid some common drawbacks. | | | | supportive of any financial difficulties that they may |
| Yet despite some hurdles and even failures that they | | | | face. |
| may face, successful entrepreneurs tend to remain | | | | Conclusion |
| disciplined and motivated, learn easily from their | | | | Starting a new business is not an easy task; |
| mistakes, and remain resilient in their entrepreneurial | | | | however, despite the obstacles, many entrepreneurs |
| quest. | | | | work hard in order to achieve success. Regardless of |
| 2. Well-prepared | | | | country of origin or gender, successful entrepreneurs |
| Another important characteristic that all successful | | | | share some very common characteristics that are |
| entrepreneurs possess is the fact that they are | | | | highly distinguishable. Many successful entrepreneurs |
| always well-prepared. This means that they have | | | | are extremely passionate about their business ideas. |
| researched all avenues of their entrepreneurship, are | | | | This passion is what motivates them to go above |
| ready to face the challenges of starting a new | | | | and beyond an ordinary individual. They tend to |
| business, and is able to take their business ideas to | | | | remain strong even through the toughest of times of |
| the next level. They are properly organized and | | | | entrepreneurship and learn from mistakes. In addition, |
| equipped to present their funding proposals, elevator | | | | they are also organized individuals who are |
| pitches, business plans, and can even properly | | | | well-prepared to present their startup funding |
| provide answers to any inquiries to prospective angel | | | | proposal, elevator pitch, and business plans to |
| investors and venture capitalists. They have also test | | | | prospective investors. Many successful entrepreneurs |
| marketed their business ideas and have even | | | | are also enthusiastic risk takers who are not afraid of |
| obtained a considerable amount of new customers | | | | failure. Last, they are able to find a balance between |
| who are willing to pay for their products and services. | | | | family and work life and have the unconditional |
| A well-prepared entrepreneur distinguishes himself | | | | support of their family members. |
| herself from others because they are more | | | | |