1. Passion

The most dominant characteristic found in many successful and famous entrepreneurs is passion. Everything an entrepreneur does is something they love to do. Walt Disney pursued his love for drawing and animation; Bill Gates pursued his passion for computers and software. Everything an entrepreneur does is related in some way to his passion.

Passion provides the basic foundation for the rest of an entrepreneur’s skills. When entrepreneurs have passion, they are able to work hard without tiring easily. They love what they do, so even if they get tired, it’s a “happy” kind of tired.

When entrepreneurs have passion, they are able to work harder for their interests and thus improve their skills. The more they work, the better they become and eventually they even become experts in their field.

When entrepreneurs have passion, they also have more energy. They are more enthusiastic, happy, stress free. They are more sure of themselves. Because they are doing what they love to do, they work harder to succeed.

When entrepreneurs have passion, they don’t regret what they’re doing. They do not hesitate in decisions, because they know that they will always pursue something that they love to do. So even if there is failure along the way, at least they can still get back up and continue doing something they love.

2. Able to manage money wisely

Walt Disney failed in some of his business ventures, because he did not know how to manage money well. If entrepreneurs don’t know how to manage money, how will they obtain and maintain the funds necessary for the long-term life of a business? Entrepreneurs need money to pay expenses, improve their business, replace broken tools and equipment, pay for education and apprenticeships, and pay themselves to pursue their passion. Without proper money management, an entrepreneur will find themselves struggling in the world of business and finance.

3. Innovative

Entrepreneurs are very innovative. This means that they tend to invent new things that have not been invented before. They seek new things and take new paths. They are usually the first to take their new ideas and apply them in some way to the world. They are very visual and imaginative. In a way, they like to “see” the future. They envision what the world will be like when their ideas are applied in everyday life. They are creative and imaginative.

4. Realistic

Just because entrepreneurs are imaginative doesn’t mean they are realistic. Entrepreneurs need to be realistic for their imagination to come true. They take their ideas and try to make them happen in the real world, even if it’s just a small part of the idea.

5. Goal Oriented

How can entrepreneurs achieve great things? They set goals. When they “see” into the future, they are setting goals. They set realistic goals in order to reach them and get closer to their success. But more importantly, they set SMART goals, which stands for Small, Measurable, Achievable, Realistic, and Timely. It is very important to set SMART goals for entrepreneurs, otherwise they would not be able to achieve or accomplish anything.