Defining the Personality Characteristics of Successful Entrepreneurs

Entrepreneurship has been referred to as an economical model for many years; however, the study of entrepreneurship from a psychological perspective is fairly young. Recent literature has focused largely on analyzing the personality characteristics of entrepreneurs and comparing them to wage or salary employed workers. Understanding the personality characteristics of entrepreneurs is vitally important in understanding entrepreneurship, and therefore, the economy as a whole. This study utilizes concepts from past literature and findings from empirical studies in order to assess the personality characteristics associated with successful entrepreneurship. Ultimately, the characteristics; achievement motivation, locus of control, innovation, risk tendencies, and tenacity are analyzed and depicted as the five most important personality characteristics for successful entrepreneurs