Have you ever wondered what it takes to be a successful entrepreneur? In a recent Business Insider article, written by Jim Price from the Ross School of business at the University of Michigan. Mr. Price states that this is the most frequently asked question he is asked and because of this, he has pinpointed a couple of key traits that he believes comprise not only an entrepreneur, but a successful one.


The first trait Mr. Price points out is passion. He states, “you need to be driven by a clear sense of purpose and passion.” Usually, this passion stems from a natural drive within the individual, the topic of the business or the “game” of building the business from its initial stages into a full-fledged business. Passion is also very key because startups or small companies require a lot of work and long hours in the beginning. In addition, the pay is usually not high and there is little no to guarantee that the business will perform well or even be running a year from then. In order for the company to have a chance there needs to be an intrinsic drive from within rather than a drive to simply make a profit.

The next trait that Mr. Price pinpoints is having an ability to be resilient. If you are pursuing a goal of building a startup, you’ll need to have determination, spirit and a high pain tolerance. Building a company from the ground up is not easy task. People will be critical of your business and constantly tell you that your business won’t work. However, it is up to the entrepreneur to persevere and stay motivated until the individual meets his or her goal. The best entrepreneurs learn to feed off of other people’s negativity and thrive from it.

A final trait that Mr. Price mentions is the ability to be be self-possessed. A strong entrepreneur will have the self-awareness and strength to surround him or herself with people who are not necessarily similar. Not being afraid or intimidated to surround yourself with people that have different strengths is key to make a well-rounded team.

As Mr. Price states earlier, successful entrepreneurs possess these traits and are constantly working and developing themselves in order to maintain their success in their respective industries.