Entrepreneurs – Characteristics of Entrepreneurs

By Richard, on October 21st, 2009

Entrepreneurs Can Be Young Adults or Baby Boomers*

What does it take to be an entrepreneur? That’s what I began to wonder as I read the recent Business Week collection of stories on America’s Best Young Entrepreneurs 2009. The article starts with a nod to boomers. It seems that “the highest rate of entrepreneurial activity belongs to the 55-64 age group.” The article then goes on to say that the lowest rate of entrepreneurial activity tends to be with young adults, those in their twenties. That sets the stage for praising young adults who actually have demonstrated some entrepreneurial success. Twenty-five were selected for particular notice.

I re-read the article, looking for characteristics of entrepreneurs. As a baby boomer, I cannot claim to have the youth of these 25 entrepreneurs. But that doesn’t mean I can’t learn from them! Here is what I discovered:

They see the need to take the future into their own hands. These are people who are unfazed by the current employment outlook which, by all accounts is not going to recover in the near future. When Shama Kabani could not interest marketing companies in utilizing her social media skills (she had written a master’s degree thesis on why people use Twitter) she began her own full-service marketing firm. This first characteristic is fundamental to all the rest. Whether a boomer or a college student, the entrepreneur recognizes that his future lies in taking independent action.

They are web-savvy. OK, that’s a catch-all by which I include those with coding skills along with those who can use online applications and grasp the potential for online businesses. Of the 600 nominees for Business Week’s most promising young entrepreneurs, the majority had created Web-based businesses.

They have their ears tuned for opportunity. When they hear of a need, typically an immediate thought is, “How can I meet that need?” instead of, “That’s too bad.” When Columbia University student Brian Ruby heard that a pharmaceutical company had no technology to photograph the elements of a vaccine they were developing, he thought about what he had learned as a 15 year old intern in IBM’s nanotechnology lab. Two young men working at a global business consulting firm wondered why it was so difficult to share files securely (as opposed to the ease of public sharing, social media sites). They left their firm and within two months had a prototype for Drop.io.

They are creative. Not only can they observe a need, but they can come up with creative solutions. It may be a simple way to send congratulations (a coupon on Facebook redeemable for a drink at a network of bars and restaurants). It may be a paint that, when applied to a wall, transforms the surface into an inexpensive “white-board” for notes and doodles. It may be a creative formula for grease that meets the need of specialized machinery. It could be the organization of scavenger hunts using mobile phones – now used by cities to promote tourism and universities to conduct orientation.

Which is the entrepreneur? The senior adult or the young adult?**

They are flexible. Beck Stockbridge had a businessplan aimed at providing marketing services to medical professionals. When she could not get to the key decision makers in that arena, she grew successful helping small businesses. Paul King had built a successful real estate company in Florida; when that market collapsed in 2008, he started a company to install public vending machines that charge mobile devices in ten minutes.

They know when to learn and when to break out. Almost all of the featured entrepreneurs went to college; a number of them also left college or graduate school without finishing in order to pursue a business idea.

They are good communicators. Since many of the entrepreneurs received funding from venture capital groups, the ability to communicate their vision and their plan would be critical. Then they would have to sell their idea to customers or clients willing to become early adopters.

These 25 people are remarkable! Do you have what it takes to be an entrepreneur? Even if you have some of what it takes, can you parlay it into a work from home internet business with the help of some training and the support of a coach. Are you young? Are you a senior? No matter who you are, you can take your future into your own hands.