BankerGirl

Posted by Heidi on April 23rd, 2008 in Entrepreneur

This is the first of a multi-installment series on starting your own business.

When I first started in commercial lending, the title on my card read “Small Business Banker.”  Small Business, also known as “SMB Banking” (small-medium business banking) or “Emerging Business Banking” is where new, young bankers get to cut their teeth before working on giant $20 million C&I (Commercial and Industrial) deals commercial lenders see. 

As you might imagine, I got to see a lot of start-up business plans in this role.  I saw a few business owners grow their companies and become fairly wealthy, but I also saw a lot of businesses fail fantastically.  I learned a lot about what it takes to make a new business venture a success, and I’m here to parlay that knowledge into a multi-part series on entrepreneurship.

Today we’re going to start with the personality traits and characteristics that can be found in most thriving entrepreneurs. 

What qualities can be found in a successful entrepreneur? 

It’s my personal opinion is that the number one indicator of success is the lack of fear of failure.  A new business owner can’t be afraid to risk everything (lifesavings, nights & weekends, sometimes even personal relationships) in order to make their venture a success. 

Other generalizations about successful entrepreneurs, according to Northwester Mutual Life Insurance Company:

• First-generation Americans are more likely to have entrepreneurial tendencies
• Former honor students tend not be the entrepreneurial type
• If you were a “joiner” in school (clubs, team sports, double dates), entrepreneurship may not be for you
• Were you a loner as a child?  If so, you may be a natural entrepreneur.  This goes double if you were also a stubborn and adventurous tyke.
• If you worry about what others think and say about you, you may not be cut out to be an entrepreneur
• If you like predictability and routine in your work day, everyday - think twice before opening your own business
• Optimists tend to do much better in launching a new venture than those with a negative attitude.

Keep in mind that these are sweeping generalizations and that there are always exceptions to the rules.  All-and-all, if you’re unafraid of risk and don’t mind swimming against the current, you may be an entrepreneur in the making and need to tune in for the next article in the series: “How to Write a Business Plan.”

Too busy being innovative to read this entire post?  I came upon a free online Risk Assessment Quiz and an “Is entrepreneurship for me?” self-assessment for those who prefer web-based applications.

Stumble it!