by Robert Grice

Created on: June 25, 2009

Why are some people successful as entrepreneurs while others fail? One reason why people are successful as entrepreneurs is they have a personality that fits this lifestyle. Self-employment can be risky and a large number of new business efforts fail each year. The risks of letting go of the anecdotal security of working for someone else can be very difficult to let go.

Certain personality traits seem to characterize those who are successful as entrepreneurs. The traits include:

1. Organized

Successful entrepreneurs are organized and loathe disorder. The terminology for this trait varies across personality instruments. For example, the NEO Personality Inventory describes this trait as conscientiousness. Organized people know the status of their business such as their financial condition, inventory, and are constantly planning for the future. They typically follow schedules and rely upon procedures in the way the business functions.

The opposite personality trait would involve disorganization. Disorganized entrepreneurs often do not know the financial condition of their company and may be in the dark concerning other aspects of the company. Procedures may be few and often overlooked. Procrastination eventually reduces performance and profits.

2. Social

Successful entrepreneurs are social and interact well with the public. The world often used in personality theory is extravert. Poor customer service or rudeness with customers can spell the death of a new business. The phrase made popular a few years ago was Emotional Quotient (EQ). EQ was used to describe the ability of a person to manage his or her own emotions and to know how to interact with others in a way that is appropriate. Studies with EQ found that those involved in areas of business that engaged the public on a regular basis needed a high EQ.

An introverted entrepreneur will have difficulty establishing customer relations. Introverts are not social and may have difficulty interacting with customers or employees. They may choose to focus on some other aspect of the business and hire others to deal with customers and employees.

The problem for entrepreneurs is they are often the ones to spearhead marketing and to serve as the "front person" for the company in the community. Introverts will have great difficulty in performing this role.

3. Resilient

Starting a new business is not easy. Hard times will eventually come. Money may be in short supply. Problems with customers or vendors

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