Business Opportunities Weblog

August 24, 2006 by Rich Whittle | 3 Comments

USA Today:

What attributes suggest someone’s a good candidate to start their own business?

A college degree doesn’t hurt, though dropping out didn’t stop Bill Gates from launching the world’s biggest software maker.

Being rich would solve the problem of startup financing, yet Sam Walton got his start in business on not much more than a wing and a prayer.

There are no definitive answers, but the entrepreneurs, private investors and academics suggested these experiences, traits and skills:

1. Childhood experience.
You didn’t rely on allowances and other handouts from your parents for spending money when you were young.

2. Entrepreneurial genes.
In the nurture vs. nature debate, there’s new research showing that the drive to start companies may be genetic.

3. Family support.
Prepare for crazy-long hours, including weekends, during a company’s startup phase, a workload that’s also taxing for an entrepreneur’s family.

4. Money doesn’t motivate.
Two of the United States’ most famous entrepreneurs — Bill Gates at Microsoft and Warren Buffett at Berkshire Hathaway — are also the two richest Americans. But they were driven to create great companies, not just huge fortunes.

5. Passion.
You don’t just think you’ve built a better mousetrap. You feel it in your gut, and know the world will be much better if only you can get your idea to market.

6. Pragmatism.
As passionate as entrepreneurs must be to drive startups forward, they also know when to cut losses.

7. Risk-taking.
You know startup success isn’t guaranteed. Still, you don’t flinch at the thought of betting your severance pay or retirement savings on self-employment.

8. Strong ethics.
Startups depend heavily on good first impressions when entrepreneurs hire employees, court investors and line up customers.

9. Tech ease.
Feeling comfortable with technology is crucial, because computers, software and other gadgets are key to launching a business in the fastest-growing economy, the service sector.

10. Tenacity.
Sometimes the best business ideas fail to take hold, not because there isn’t demand, but because the startup was undercapitalized, or the entrepreneur lacked management know-how or simply gave up too soon.

Photo by mjw.

In Entrepreneurial Lifestyle, Psychology, Tools | 3 Comments