5 Key Traits of the Entrepreneurial Spirit

5 Key Traits of the Entrepreneurial Spirit

by Shaunda Wickham | November 20, 2019

So, you have an idea for a new business – now what? Any successful business owner could tell you that it takes more than an idea to become prosperous.

Everyone has a dream, whether they follow it or not is another story. Though every business owner is different, many hold certain key personality traits that drive them to chase their dream when they wake up every morning.

Here are five key traits of an entrepreneurial spirit you need to ensure success.


Even if you have an idea that will scratch the itch of a need in your community, you have to be opportunistic to jump at the chance and fill that need. Hand in hand, you also need to be a risk-taker. It takes gumption to forge ahead on a journey that has never been traveled before.


A passion for the cause is key in any proposal. You have to genuinely care about your venture. Is owning this particular business something you can see yourself doing for the rest of your life? Is it something you can think about in the morning, noon and night…and even in your sleep? You have to be able to commit to putting everything into your business in order for it to reach its full potential.

Financially Resourceful

You have to be able to understand the true financial risk that it will take to push this endeavor forward. Understanding the true cost and being knowledgeable of the resources out there that are willing to invest in your type of product or service is crucial.


You need to have confidence not only in your idea, but also in yourself. This is a key trait of a leader. You need self-confidence in order to execute plans and to be the leader your future team needs to motivate them to do their part in making your dream come true.


It is important to remember that it will never go as planned. Such is life. A true entrepreneur will be able to weather any failure and be able to learn, adapt and change so as not to make the same mistakes and to be able to improve on future attempts. You have to realize that failure is not permanent, it’s just a stepping stone to success.

So, do you have what it takes to take that leap of faith and turn your idea into reality? It’s not enough to possess one or two of these qualities. To be successful, you need to have them all.

Shaunda Wickham is a marketing specialist for the Florida SBDC at University of South Florida.