Editor’s Note: Good morning. Today we have local small business consultant Emma Payton back with us and taking a look at some of the characteristics that make successful entrepreneurs. You can find her first article on the myths and realities of self-employment HERE. Here’s Emma:

In the previous article in this series we explored some of the myths and realities of self-employment, or owning your own business. In this article we will explore some of the attributes of successful entrepreneurs.

Being self-employed or starting your own business takes a lot of time, hard work, patience and determination - but it takes more than that. It takes entrepreneurship, dedication and commitment - but it takes even more than that. It takes someone who is organized, willing to learn from mistakes and can keep going even in the tough times.

Some people naturally possess (and apply) all, or most, of the important entrepreneurial attributes – and for those people entrepreneurship comes more easily. Many of us have to work hard to improve our shortcomings and improve them we must. As you explore the following list of entrepreneurial attributes, do an honest self assessment. Take note of where you need to improve and how you can learn the attributes you will need to be successfully self-employed.

Entrepreneurial Attributes

1. Hard Working – when you are self employed, and particularly if you are also raising a family at the same time, your days will be long and busy. Other activities will pull you away and it is your job to keep on task. Are you up for the challenge? Are you prepared to live with less sleep and push through those long days?

2. Patient – When you start a business the rewards may come slowly. Preparing your business start-up might take a year of planning and you may not see an immediate return on your investment for a year or more. Some things will undoubtedly be difficult or go wrong and it is up to you to use your patience to get you through the difficult times.

3. Determined, Dedicated and Committed – Having patience for the challenges and rewards of entrepreneurship is one thing, but being determined, dedicated and committed to your business will help to fuel the drive to succeed. Successful entrepreneurs have vision and drive, and are committed to seeing their vision through no matter what.

4. Entrepreneurial – People with entrepreneurial ability are able to see opportunities and analyze risk. They may notice a need unfilled and, after doing some market research, determine there is enough of a market to make a business from the opportunity. On the other side, an entrepreneurial person knows when something is too risky or they can determine that despite their love of the business idea, the empirical evidence (market research, cash flow projections, etc.) just doesn’t support the success of the business and can let the idea go. How attached are you to your business idea? If the research showed it wouldn’t succeed would you be willing to let go?

5. Organized – Many of us may know business owners who appear to be disorganized. While it is possible for a disorganized person to start and succeed in business, it is not desirable. Many of these people miss opportunities and find that in the long run if they don’t develop organization skills themselves, they need to hire someone who can help them be organized.

6. Willing to learn from mistakes – Let’s face it, we all make them all the time but mistakes can be opportunities for growth and change. How open are you to acknowledging your errors and learning from them? In business you can’t afford to keep making the same mistakes repeatedly, so it is important to immediately assess the mistake and develop a plan to prevent it in the future.

7. Able to keep going in the tough times – Talk to any business owner and they can tell you stories! They may have had a tough time generating sales, they may have had regulatory issues or they might have had staffing problems. Being a business owner brings with it some special challenges and successful entrepreneurs will tough it out and keep going despite the challenges.

The transition from being an employee to being self-employed can be a difficult one for some people. As an employee we may be used to going in to work when we’re asked and leaving at the end of our day, receiving a regular paycheck, benefits, sick days, holidays and other perks, and someone else is there to worry about where the money for your next paycheck will come from. Being prepared for the reality of self-employment is crucial and improving your entrepreneurial attributes will help with that preparation.

As you assess your entrepreneurial attributes, note the ones you will need to work on. Develop an action plan to improve your skills. Some people find it helpful to print out the list and put it somewhere visible (like the fridge or office bulletin board), so they can remind themselves of them daily. Talk with another business owner about how they have developed their skills and work on improving yours.

Future articles in this series will explore bootstrapping and business plans.