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Top 5 Attributes to Hone Before Launch

on July 09, 2012 Source: Policy Dialogue on Entrepreneurship

Chances are if you are an entrepreneur you already have a fair amount of self-confidence—assessing risk and measuring opportunity. So it’s no surprise that most entrepreneurs rated themselves highly on many of the 17 personal characteristics, traits and skills that bode well for taking an entrepreneurial plunge.

So where do they see themselves falling short? (Or perhaps it’s just a case of always needing to do a better job.)

According to a recent survey by Kauffman Fasttrac, a program to equip and train existing and aspiring entrepreneurs, the top five attributes to hone before launching a new business are:

  • Networking (19%)
  • Persuasiveness (16.3%)
  • Market awareness (15.6%)
  • Business knowledge (13.5%)
  • Self-discipline (9.1%)

The journey itself seems to be more important than the result in terms of leading individuals down the path to starting their own business. The "passion to be an entrepreneur" is the top reason for wanting to start a business for nearly half (48.%) while only 17.4%were motivated because they "[had] a great idea/innovation.”

What did survey respondents see as their barriers to entry? Interestingly, “knowing where to begin” (34.7%) was nearly as troublesome as coming up with the money (36%)—a sign that bodes well for programs and initiatives focused on helping entrepreneurs take the next step.

"It's… encouraging to find that many, if not all, of the reasons holding [entrepreneurs] back can be readily addressed through training, education, mentorship and connecting with other entrepreneurs who have 'been there, done that' and now are succeeding in creating jobs and building global economies," said Alana Muller, president of Kauffman FastTrac.

Category:  General  Tags:  Fasttrac

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