10 Important Personal Characteristics of Entrepreneurs

Learn the attributes that successful entrepreneurs tend to possess.

Being an entrepreneur requires much more than just big ideas. A true entrepreneur is a rare breed; it’s someone who possesses a unique cocktail of traits, skills and characteristics that enable them to beat the odds and go after their dreams full throttle. But what are those attributes? What does an entrepreneur need to succeed?

While we’d all love an entrepreneur’s handbook that tells us whether we have the ‘E Factor’ or not, the truth is that there is no right or wrong answer—there is no discernable formula. But that doesn’t mean to say there aren’t a handful of traits we can pinpoint that are specific to entrepreneurs. Here are some of the attributes that, in our experience, successful entrepreneurs tend to possess in abundance.

They’re goal-orientated

Entrepreneurs are all about setting goals and putting their all into achieving them; they’re determined to make their business succeed and will remove any encumbrances that may stand in their way. They also tend to be strategic in their game plans and always have a clear idea in mind of exactly what they want to achieve and how they plan to achieve it.

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The 7 Traits of Successful Entrepreneurs

       

        

           Enter "entrepreneurial traits" into Google, and the menu of frequent searches will complete the query with "... of Steve Jobs" and "... of Bill Gates," among others. These are the forces of nature that spring to mind for most of us when we think of entrepreneurs--iconic figures who seemed to burst from the womb with enterprise in their DNA.

They inspire, but they also intimidate. What if you weren't born with Jobs' creative genius or Gates' iron will? There's good news for the rest of us: Entrepreneurs can be guided to success by harnessing crucial attributes. Scholars, business experts and venture capitalists say entrepreneurs can emerge at any stage of life and from any realm, and they come in all personality types and with any grade point average.

Contrary to conventional wisdom, you don't have to be Type A--that is, an overachieving, hyperorganized workaholic--or an extrovert to launch a successful business. "Type A's don't take the risks to be entrepreneurs," says Elana Fine, managing director of the University of Maryland's Dingman Center for Entrepreneurship, adding that the same goes for straight-A students. "Very often it's C students who become entrepreneurs."

However, the best entrepreneurs do share a collection of characteristics, from tenacity to the ability to tolerate risk, that are crucial to a successful venture. An analysis of 23 research studies published under the title "The Big Five Personality Dimensions and Entrepreneurial Status" found that entrepreneurs have different personality traits than corporate managers, scoring far higher on traits such as openness to experience (curiosity, innovation) and conscientiousness (self-discipline, motivation) and considerably lower on neuroticism, which allows them to better tolerate stress.

Tenacity

Starting a business is an ultramarathon. You have to be able to live with uncertainty and push through a crucible of obstacles for years on end. Entrepreneurs who can avoid saying uncle have a better chance of finding their market and outlasting their inevitable mistakes. This trait is known by many names--perseverance, persistence, determination, commitment, resilience--but it's really just old-fashioned stick-to-it-iveness.

"Tenacity is No. 1," says Mike Colwell, who runs Plains Angels, an Iowa angel investor forum, and the accelerator Business Innovation Zone for the Greater Des Moines Partnership. "So much of entrepreneurship is dealing with repeated failure. It happens many times each week."

When failure happens, you have to start all over again. Jett McCandless was a partner in a fast-growing freight logistics operation. But the rapid expansion triggered mistakes, including an invoicing glitch that left the company without enough cash reserves. The business had to be sold for a fraction of its value. McCandless didn't agree to the terms and was fired. He lost the company house and car and wound up moving into his girlfriend's apartment. "It was a very tough time," he recalls. "I came very close to going bankrupt."

He went on 25 job interviews and got offers for logistics positions paying $200,000 and up. But McCandless, who grew up in Section 8 public housing, wondered, Should I take a comfortable, secure job, or could I build something better? "I was afraid that failure could define the rest of my life, and I wasn't going to let that happen," he says.

So rather than accept one of those big offers, he started over, founding a new company, CarrierDirect, in Chicago. Hamstrung by the noncompete contract with his previous firm, he created a wholly new space in the logistics field. Instead of matching shippers with truckers, he switched to consulting, providing marketing and sales for logistics companies. In two years CarrierDirect grew to $35 million in revenue. "I'm glad I didn't take one of those corporate jobs," he says now.

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5 Key Characteristics Every Entrepreneur Should Have

As an entrepreneur who's attending college, I am often approached by classmates who are seeking to start their own business. Some have great concepts, yet when I ask them what they’ve done to advance their ideas, the answer is usually nothing.

Anyone can start a business, regardless of his or her age. After growing my own companies and mingling with successful entrepreneurs, I’ve come to realize that most entrepreneurs share these are five commoncharacteristics:

1. Passion. A startup founder is often driven by the quest for deeper purpose beyond the sheer mechanics of operating a business. My mission for my startup, Yes Man Watches, is to empower people to consider the most valuable asset in their lives: time. I rise early every morning because I don’t want to waste my day. If you have passion for your startup, this will drive you to turn your idea into a reality. Without that missing spark, you'll lack the necessary motivation to put in all the early mornings and late nights to get your business off the ground.

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            Tan Sri Tony Fernandez, the name that really familiar with us, especially to Malaysian people. One of the entrepreneurs who bring change to the way of life of Malaysians people in the field of aviation. He had Make many low-income earners  get the experience to fly in the blue sky. Starting a career in the music industry and  now he was leading the airline industry. His story seemed like Britain entrepreneurs; Sir Richard Branson.

           Starting with two aircraft in 2002, but now has a total of 75 large-size aircraft with over one hundred destinations worldwide and the total number of destinations will grow again next month after month. Can his success be calculated as a fate ???, or expect cronies in the administration of the country ??? Here is the information / important notes taken from newspaper Sinar, Thursday, January 29, 2009 page 16, the results of  Sinar Chief Editor group interview with Tony Fernandes. His experience and philosophy of this valuable work can serve as a guide to how he could scent the Air Asia brand to an international level.

1. Does not have a special room, the same as other employees, people no one AirAsia has only an open working space and very small.
2. Has approximately 400 employees in offices AirAsia LCCT (Low Cost Carrier Terminal), and Tony recognize almost all the staff there to remember their names.
3. Always remind the staff that he not only drives the company, even all the employees that drive the company.
4. Considers workers are friends and respect of friends, the same as Tony respects its employees.
5. Do not assume everything said by the media as a satire, do not be discouraged by the negative words rather take it as a CHALLENGE.
6. It is the intention to enable all Malaysians can fly and aircraft no longer transport for the rich.
7. Successfully employs approximately 6000 staff at various levels of skill and profession in the country and abroad.

Maybe many of us do not realize that a musician who once headed the record company Warner Music (M) Sdn. Bhd., Tony Fernandes is now a prominent figure in the country, respected for his success in sparking a revolution in the airline industry, the Asian region.

However, the success of which he builds the past six years, is not come easy, because Fernandes, who is adept at playing the keyboard, forced through the twists and thorns', before successfully built a firm budget carrier AirAsia Bhd. so known internationally at this time.

The CEO of Air Asia told me that when  he ventured into the beginning of the aviation industry, said: "I have long dreamed of venturing into the serious business, but do not know what it wants to run a business." Fernandes said the idea for this came spontaneously airline during his stay in London, while watching television.

"I'm interested to see ads a low-cost airline, Easyjet. Then I rushed to Luton Airport (in London) and spent two days there. "I was intrigued by the concept that business and plans to introduce the service in Malaysia and keep the dream to develop the concept in the Asian region," he said when met in Kuala Lumpur on Saturday.

He said, after returning to Malaysia, he has expressed his intention to establish the airline to his close friend (Datuk) Kamarudin Meranum who is a former employee of investment bank and is now the Executive Director of AirAsia.

"I recognize Kamarudin through Sheila Majid (Queen Jazz Malaysia) and in addition, Kamarudin also a close friend of Roslan Aziz (music producer). "I expressed my wish to become entrepreneurs and established airlines to Kamarudin.

"After listening to my explanation of it, Kamarudin agree to be together and we then withdraw their savings and managed to collect a total of RM1 million as initial capital," he said.

Fernandes said he still remember that fateful date was in May 2001. He and Kamarudin invite another friend both of them in the music industry, namely Aziz Bakar to join.

"We then met Datuk Pahamin Ab. Now, to ask for his help to get a pilot's license.

"We asked for help because he Pahamin before it helps a lot in the music industry during combat piracy became Secretary General in the Ministry of Trade Affairs," he said.

According to Fernandes, Pahamin then arrange an appointment for us with Tun Dr. Mahathir Mohamad, who was then Prime Minister.

"During the meeting, Tun Mahathir has informed that the license airlines are no longer issued and if we are interested in, we were asked to take over any existing airline at the time.

"Pahaminlah who changed our dream come true," he said. For his services (Pahamin), Fernandes said he was invited to become a partner Pahamin. Fernandes and its partners then took over the airline AirAsia Sdn. Bhd. of DRB-Hicom Bhd. by Tune Air Sdn. Bhd., On 8 September 2001 to apply the concept of cheap fares.

When taking over the Tune Air, they also had to take over the company's outstanding debts with Malaysia Airlines Bhd., Malaysia Airport Holdings Bhd. and Petronas, which amounted to RM20 million, he said.

"After taking over AirAsia, we were given six months to pay off all the debts due.

"We've talked to find a way how to explain this debt because we do not have sufficient capital," he said.

According to Fernandes, their savior when it is AirAsia contract with the Pilgrims Fund inherited from DRB-Hicom, which generate profits to AirAsia.

He said the benefits of the contract AirAsia was used to repay the debt.

"Contracts flights pilgrims who has two years left when we took over AirAsia has been a lifesaver, if there is no contract, I do not know what might happen in our time.

"We have also asked another friend of our former guitar player base group Discovery (Datuk) Nasser Abdul Kassim who never played together Fauzi Marzuki and Goh Boon Hoe to manage such contracts, '' he said.

Nasser is currently Director of AirAsia Cargo region, he added. Nasser managed to carry out their duties with distinction, but once the contract is not extended because the government gave it back to the MAS contract, he said.

"We in AirAsia was gregarious and we appoint friends from different backgrounds and ethnicity to become our partner. Apparently this has been a successful formula to AirAsia, "he said.

Fernandes said AirAsia's success is not only a manifestation of the country's success but a symbol of the success of a society in managing a business enterprise. When told about the further development of AirAsia, Fernandes said: "Recently, we have appointed Mark Lankester (brother of actress Susan Lankester) as Deputy Chief Executive Tune Hotels.Com; Datuk Seri Kalimullah Hassan as Chairman of AirAsia X; Zafrul Aziz (former Chairman Avenue Securities Sdn. Bhd.) As CEO of Tune Money Sdn. Bhd. and rock singer, Jason Lo as Chief Executive Tune Talk Sdn. Bhd. "Fernandes said he knew Kalimullah while eating at a restaurant.

Tune Hotel hallmark of Malaysian entrepreneurs

He said they were all his close friends, and step appoint them to the company is aiming to develop AirAsia.

"I am aware that my great success in a short period it has raised accusations of our company supposedly owned by Ananda Krishnan, Vincent Tan, Mokhzani, Khairy and several others.

"Some have even claimed that the registration numbers on our aircraft starting with 'AK' means Ananda Krishnan. The actual number has long existed in our air and our numbers have inherited it from former parent company, DRB-Hicom Bhd., "He said.

While denying all rumors, Fernandes said the company's success is the result of hard work of all employees AirAsia consisting of all races, who work tirelessly to bring AirAsia to its peak now.

About conjunction with Khairy, Fernandes said he knew Khairy during the Vice Chief of the program introduces the concept of the reality of the football team, Radiant in 2006.

"I was intrigued by the concept because he felt the potential to be highlighted and then agreed to sponsor the team, not more than that," he said.

Fernandes also proud of the success of AirAsia is on self-reliance and not depend on government subsidies.

He said it was nothing special in AirAsia, anyone can do it, if there is a strong willpower and determination, as well as attitudes do not want to budge.

In the six years since its inception, AirAsia staff has increased from 200 people to 5,000 people by air increased to 65, compared to the two aircraft at the start and the total of 200,000 passengers a year to 18 million a year.

Now Fernandes and friends of all races prove Malaysian companies to compete on the global stage and changing the landscape of the country's aviation industry in line with the company's label, 'Now Everyone Can Fly'.

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The secret succes about the founder Of Yusof Taiyoob

       

        "This is my performance after 30 years involve business, the fact that i started from zero (empty)," said Datuk Yusuf Taiyoob briefly when he invites the metro reporter and photographer into his new office space in industrial area Bukit Minyak, Seberang Prai central, Penang.  The Interesting one is, the factory complex located in strategic location which is the adjacent of north south highway. So that the driver will not miss seeing the building with liquid light brown name Yusuf Taiyoob plastered  in one corner.

        Yusuf Taiyoob name is not longer in our countries because it often associated with dates, especially if heared name like Mafia, Wasem, Safina, Amina, Ajmal, Ajwa and Honey Yuta dates. So  it was  not  too extreme called if he was called ‘ Raja Kurma Malaysia'. He also said that the president of penang, Tun Abdul Rahman Abbas, ever call him ‘Datuk Kurma’.

      Nowadays, his company, Yusuf Taiyoob sdn.bhd (yusuf taiyoob) becom the largest suppliers of various dates and raw food products from wet and dry for overseas market in malaysia with approximately 3,000 distributor network throughout the country.

Yusuf adhere to the principle in his life that he was not like to work with others or employee but rather called himself bos even he need to be through the difficulties and bitter experience.

"I had face many difficulties in my first business which is selling perfume.  At that time, my aged is 21 years old and everyone never look at my eefort at all, but i was blessed  because i had receive my family assistance.

"It made me realize that if we had no interest or from small companies, people will underestimated us" said the father of three children. Yusuf who still looking young and energy although his age had reached  of 50 years say, after he failed in his first business that is selling perfume, he was trying many other business, including  distributes  saffron products, cashew nuts, dry food and spices. Then he was looking for a new kind of business, even aware of the difficulties need to be face up until he become the biggest suppliers of dates in  Malaysia. Although he realize that the existence of competition in dates industries is high in 1990, he still believe in existing customers with reasonable price offer by his company and the guarantee of his products quality.

        According to yusuf, the most important thing is, one need to know they ability to compete in business challenges and must realizes that sometimes competitors can make anything in their business. In his aim to ensure that his product are guaranteed quality and fresh, he spend about RM5 million to use the latest technology to conduct research in store freezer. The technology was  imported from the united states that allow any gas leak ammonia can be detected early. System that can provide early warning automatic case of leak.

      

         Now, the complex  have six cold store store that can include 7,000 tan one-two one time and dry storage store for 3,000 tan item. The company currently import between 200 to 300 of various foods of the dates, olive oil, soya dhal of spices up to approximately 30 countries, among them america

company, Iran, Dubai, Saudi Arabia and North Africa.

To ensure that the Dates stock can full fill the market demand, yusuf ordering and stocking the three months earlier and only once over the festive season, he started to welcome ramadan order stock next year.

Telling his  story at the early of his  involvement in dates business, he had faced the first challenge in his business  when the two container  (40 tan) dates imported from iran are in bad condition, but he does not panic to faced with the problem. Yusuf had go to the iran to meet the dates producers to make sure that the problem will be not faced again for the second time.

      He says, his companies take between 10 to 12 years for top become a well known supplier in this country. In addition, his dates product also exposed to the market in indonesia, singapore, thailand and brunei. At this time,his companies  distribute over  10 types distribute dates as Protab Bam, Safi, Mariam, Safina, Ajwa, Jewel, Anbar Ajmal and sold at reasonable Prices.

         Dates have three stages of khalal (young dates), Protab (honey dates) and Tham (dry dates) from Tunisia, Oman, Iran, South Africa, Saudi Arabia, Egypt and Jordan."In process of selling the dates, we need to make a good branding and packaging. When there is a brand, product are well known by the customers before they buy it. In addition, i was emphasize about the quality of our product because customer satisfaction is our priority. I also gives assurance to my customers that  if the dates purchased are damaged, it can be replaced with other dates," said Yusuf that can be considered as one of the largest food products suppliers in asia's because most products was imported from more than 30 countries. Eventhough he was busy managing his business, he never forget to provide assistance to the one who less fortunate.

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Faiza Bawumi- Succesful Rice Entrepreneur

           

             Faiza Bawumi Sayed Ahmad is the owner of the rice wholesaler States Faiza Sdn. Bhd. In 1964, the Egyptian-born woman has been coming to Malaysia because according to her husband. At the time, she was able to master Malays langguage and fluent in malay langguage after only three months in Malaysia because of his friendly and sociable with her neighbors. Although the old neighborhood in the 60s, Faiza who has seven children and a grandmother to 32 grandchildren still busy working on a strategy to strengthen its position in the various branches of business in this country.

             The Rural women was actually a gentle firmness. She wanted to ensure that companies established should be on the right track once posted a profit every year. Mrs. Faiza which indeed born in the family who is also active in the business.

              She don’t ever think that her experience as a cashier in her father's shop a long time ago, have been pushed her to involve seriously in entrepreneurship field. According to Faiza, success is not easily obtained, but all of her efforts were fruitful after she had been through a lot of challenging for 43 years in the business world.

                After migrating to Malaysia with her husband, Mrs. Faiza find useful activities that can be done to avoid their free time alone. She started with sewing embroidery with RM4 capital and sell various groceries items. She also buy fabrics and make clothes dress for little kids of her neighbors. Then she produced a set of pillowcases. Her product is beautiful and neat seams sold to friends. There, she engaged an encyclopedia set, followed by business tableware. Through small scale business, she has saved up money as capital to continue to the next business capital.

               She is interested in the production of curry spices. She bought various spices such as coriander, cumin, fenugreek, dried chillies, cloves and so on for mixing the ingredients to produce the curry fish and meat under the brand of Bunga Raya. Everything is done at home, from washing, drying and frying the spices. Then, he sends it to the store for ingredients and distributed.

              A few years later, Mrs. Faiza bought another grinding machine and opened a grocery store with a capital of curry sell it. From there, she finds that the rice wholesalers are mostly supplied by other races. She began to study in various types of rice. Mrs. Faiza apply for a rice wholesalers license and sell various types of rice including ponni rice, basmati rice, fragrant and ‘Siam’ rice after receiving positive feedback on his investigative efforts go from one shop to another shop to get feedback on whether they would buy if he sells his rice. Customers who subscribe to his apicealso buy rice from them.

              Her business received a quite fierce even though the competition is very high. In the early 90s, the company has taken advantage of the sensitivity of society at that time to the manufacturing method and content of food. Her company began to introduce the kind of quality rice categories of Kartanaka, India. This rice is a type of rice "Ponni". Through quality and healthy products suitable for patients such as diabetics, FSB introduce rice "Ponni" to the rest of Malaysia.

             Now, her company is known as a high quality product, hundred percent made by Muslim and halal. He hoped that the involvement in the production of these products provides an option for Muslim people to get a high quality product and no doubt on it legal status. Over the year, she has 200 permanent employees and more than 300 contract workers. With her involvement in the production of these products, she has provides an option for the Muslim people in Malaysia to get a high quality product without doubt on ‘halal’ legal status.

              Currently, Faiza company has distributes over 21 brands of rice in the country, including the best known, "Herbal Ponni Taj Mahal" and its subsidiaries, namely Faiza Marketing Sdn Bhd which involved in the manufacture of various types of spices including curry spices King, spices and latest Bukhari, rendang spices.

            In the old age, Hajjah Faiza still actively manage her Bisness. She is assisted by five of the seven children in addition to hundreds of workers. Currently she is doing charity work under UMNO women's movement Batu Pahat, Johor. Faiza hajah adheres to the principle of in order to be succes in a business, we need to need to work hard, not easily discouraged and should adopt austerity measures. While, every effort in a business although it was began on a small scale, it can not be underestimated because the hardship, can build the sense of immunity to entrepreneurs.

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"Irfan Khairi The Young Millionaire"

      

       

 Obtain lucrative profits and become a millionaire at a young age is a dream of every person. Pierre Omidyar, founder through internet auction sites, known as eBay has become a millionaire  before reached at the age of 30 years. Omidyar success has been an inspiration to a young man, who holds a Bachelor of Multimedia Design from Staffordshire University, United Kingdom [UK], Irfan Khairi, 28 years to involve in his own online business.

       Irfan khairi was born in Perak, but grew up in Selangor and now he is residing in Seremban. He was fully applies the knowledge of Internet and Multimedia learned to become a millionaire as young as 25 years old. No one suspect, a young that a little bit shy and always humble when he is in secondary school, can stand at the same level with other Internet millionaire figures.

       Highlighting the history before he holding the millionaire status, after finished his first degree studies, he had received an offer to work in one of the information technology [IT] site in Birmingham, namely Netmedia [UK] Ltd. As a designers of multimedia systems and Internet consultant, he was responsible for designing Internet learning system for all schools in the UK, known as the Learning Grid. Now, more than 5000 schools in the UK using the system.

      As he has interest and deep knowledge in the field of Internet and business, he began playing in the field of Internet business part-time basis in 1999. He find that the income from Internet business was increased two-fold, he decided to quit his job and concentrate to the online business.

      
       Since then, Irfan is working full-time from home with just a laptop and the Internet. Within three years of operation, one of his business has produce a net profit of RM 1 million without employees and advanced computer equipment. He only use RM500 for the initial capital. Irfan began to think seriously to engage in business like this at the age of 18 years. He said that after SPM, he began to think about the future of this business. He interested in enrolling after getting numerous sources of inspiration through books about the success of others that he read.

     Irfan said that, his success require a significant effort and planning. 'I'm not becoming a millionaire overnight, but takes seven years to get to this stage,' Irfan says. According to him, it all started when he became interested in comprehending the success of others in certain fields. 'I find that they are successful because they are doing the things that they are like,' he said.

      Admires Bill Gates as his idol, he expressed his admiration for the richest man in the world. 'I am impressed with the idea, the concept that he put forward. Bill Gates is also a good father. Despite his richest man in the world, but still remains humble. If I can, I want to be like him. ' said Irfan.

     From the beginning until he become rich, he made one of his favorite things, namely programming [programming].The reason for his status just now is, he just like a doing the things that he interest. “ I also always recommend to my workshop participants to do things that interest them, do not be swayed by the industry that we ourselves do not know the situation. Just now, industry is not the most important want, but the most important is our interests to the industry that we choose" he explained.

          When asked about the advantages of the Internet business, Irfan said, 'Ease of Internet actually provides potential in expanding the business and we can trade anything else out there. The type of business it is free as long as the product or services have a high demand. ' According to Irfan, the type of business are very suitable venture by unemployed graduates because they have various areas of expertise that they can be traded via the internet, as long as they are IT literate, have a computer equipment and Internet facilities.

            'The most important thing is sincerity and confidence in their potential to be the best. The opportunity to become a millionaire actually wide open to everyone,' explain Irfan. His Internet business using the name IdeaBubble, until now has served for more than 3,000 customers around the world. Mostly from the US, UK, European countries, Middle East, Japan and Australia.

             

             The business that successful manage by him including - designing E-book, designing graphics and websites, SEO services [SEARCA Engine Optimization], sell maps, booking hotels, multimedia consultants, E-Commerce, and e-learning.

             Irfan also not stingy to share its success even wrote a book entitled, The Secret Millionaire, Millionaires Revealed Internet, to people who are interested in learning effective techniques to run an Internet business. In the book, he suggested that readers who want to run an Internet business just selling a product or service for each website developed because it enables them to achieve success. Not to forget, he also provides some guidance on how readers can develop their own websites. 158 pages thick book issue Truewealth Private Limited is useful for those planning to run an Internet business.

           Until now, Irfan still working full time at home using the Internet as a source of income along with his wife and four children. He said, life must go on even he is a millionaire. 'Although the property will be left once he die, but think that the work we do today is for the pleasure of year 1000. So, shall cooperate and work ' said Irfan.

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