Mental and emotional health
The long hours and pressures of business demand your emotional well-being. The success of a business may be determined by whether or not your spouse, family, and friends can pull together and provide emotional support and understanding. If your marriage is shaky, or If you are emotionally isolated and unhappy, the extra strain can be intolerable. Any kind of emotional strain that affects the owner-manager’s capacity for calm and objective thinking is going to affect the business.
Tolerance of uncertainty
Ability to live with the uncertainty of job security; the entrepreneur must face many crises, take risks, and allow for temporary failures without panic; successful entrepreneurs accept uncertainty as an integral part of being in business.
The skill to seek and use feedback on personal performance and goals for the business; the skill to take any remedial action required; feedback is requested from employees, the management team, and professional advisors.
Competing against self-imposed standards
Tendency to establish realistic standards of performance and to compete with yourself to meet those objectives; a competitive nature naturally manifests itself by competing with others, but the criteria for performance level is internal.
Seeking personal responsibility
Wanting control or accepting authority, and therefore being personally responsible for the outcome of events; must genuinely enjoy the challenge of authority; understand and accept personal responsibility.
Strong but realistic belief in yourself and your ability to achieve personal or business goals. Successful entrepreneurs have an enduring faith in themselves that gives them the capacity to recover from a serious defeat or disappointment.
Capable of dealing effectively with many subjects or tasks at the same time; qualified to assume different roles and switch back and forth as required. During the early stages of the business, the entrepreneur will assume numerous and diverse business responsibilities, including marketing, sales, credit and collection, finances, employee selection, accounting, planning, and negotiating.
Desire for independence
Genuine desire to be your own boss, free from external direction and control; a sincere willingness and proven ability to be self-disciplined in sometimes isolated working conditions; ability to organize activities to reach personal goals.
Successful entrepreneurs aren’t usually joiners by nature; they may join only to network to make business contacts, further their ventures, obtain useful information to solve problems. Studies have shown that reliance on social interaction and friendship inhibits entrepreneurial behavior.