Businesses fail, and often. If you think you want to run your own business, but are not sure you can be a successful entrepreneur, I am glad you are thinking about it. Keep reading. How does an entrepreneur think, act and respond? Is your personality a fit for being a successful entrepreneur? Do you have what it takes?

Until recently, entrepreneurs were not thought of well. As lately as the ‘80s, we looked on them as un-educated businessmen involved in shady dealings. There was a general lack of knowledge and information about what made them successful. Big business was the place to be, but that’s changed now. Our generation and the generations after us expect so much more from our careers than our parents did. We want money, satisfaction, self-expression and flexible hours such as four-day workweeks and telecommuting. We have more small businesses than ever before in U.S. history. Smaller businesses are also currently attracting great employees and competing with the corporate world by offering those employees exactly what they want.

Today we have books, courses and business coaches in abundance. Some universities now offer courses and degrees in entrepreneurship. Business professionals have vast resources, and as a whole, we have learned a lot about what it takes to become a successful entrepreneur. I realize there is probably no such thing as the perfect entrepreneurial profile, and I have noticed there are many characteristics that seem to show up repeatedly in my work as a business coach. So from my work with hundreds of entrepreneurs as a coach and trainer, this is my summary.

Successful entrepreneurs:

• Are available. In small businesses where there is no depth of management, the owners must be present to win. The owners can’t afford a support staff to cover all business roles and therefore, need to work long hours, have very talented people or both.

• Are self-motivated. Entrepreneurs do not function well in structured organizations and do not like someone having authority over them. Rules, bureaucracy and politics frustrate them. This is often what leads them to start their own business. They enjoy creating business strategies and thrive on the process of achieving their goals. Once they obtain a goal, they quickly move to a greater goal. They constantly look to the future vision of the business. They have a compelling drive to do their own thing in their own way. They value freedom over money.

• Value their own well-being. Successful entrepreneurs are physically sound and in good health. They can work for extended periods of time as needed. They understand the relationship between a healthy body and a sharp mind.

• Are practical and pragmatic. Entrepreneurs can accept what is and what is not, and deal with issues accordingly. They may or may not be idealistic, but they are rarely unrealistic. They want to know the facts and conditions of a given situation at all times. They may be too trusting (because they are often idealistic), and they may not be sufficiently skeptical in their business dealings with other people.

• Embrace ambiguity. Entrepreneurs identify problems and begin working on their solution faster than other people. Uncertainty does not bother them because their healthy ego feels challenged and likes to solve problems. An entrepreneur is the natural “go to” person in the group or business.

• Have intelligence. Successful entrepreneurs think fast on their feet. They can comprehend complex problems and circumstances that may require planning, strategy or working on multiple business ideas at once. They have vision and are aware of important factors to consider. They are open-minded and will consider different perspectives. They seem flexible and are not afraid to change direction when failing.

• Have a healthy ego. Entrepreneurs are confident when they feel in control of what they’re doing and often like to work alone. They tackle problems head-on and quickly with confidence. They are persistent in problem solving and are not afraid of smart risks. They do well with adversity because they thrive on their own level of confidence. Someone saying or thinking they can’t pull it off doesn’t bother them at all.

• Have a sense of urgency. Entrepreneurs have drive and high energy levels, they are achievement-oriented and they are tireless in the pursuit of their goals. Idleness makes them impatient, on edge and anxious. They thrive on activity and are not likely to be found at the nail salon or the golf course. When they are in entrepreneurial mode, they are more likely to be found getting things done instead of taking care of the other “to-dos.”

• Are emotionally stable. Successful entrepreneurs can handle stress and even enjoy it. They are challenged rather than discouraged by setbacks and failures. Entrepreneurs are surprisingly uncomfortable when things are going well. This is when they will probably find a new project on which to focus their creative energy.

• Have the ability to let go. Entrepreneurs are not always the best “people” people. They are often impatient and drive themselves and everyone around them. They also resist delegating key decisions and responsibilities. My favorite coaching question for entrepreneurs is, “Who can help you with this?” It shakes them up every time. It is not uncommon for the entrepreneur to do the books, drive business development and buy the office supplies.

As the business grows and becomes an organization, entrepreneurs go through a classic crisis (this is usually when they call us). They have become the bottleneck; their want for control has made it hard for them to hand over authority in the way that a growing business demands.

Their strong, direct approach makes them more likely to seek information directly from the source, bypassing the structured chains of authority and responsibility. Their interpersonal skills, which were adequate during the start-up phase, will cause them problems as they try to adjust and free themselves from the day-to-day operations. Cash flow, retention and low morale are symptoms of this issue.

Did you recognize yourself? Did you locate your likely strengths as an entrepreneur? Did you identify potential barriers to your success?

Awareness matters here. Focus on your strengths, be aware of your weaknesses and go for it.

Alicia Marie Fruin brings a wide range of experience to coaching. For more than 10 years, she has coached managers, presidents and salespeople in how to build a business truly worth having. She has been instrumental in the success of other business coaches through her relentless focus on mastering the basics of coaching and business.

Fruin also enjoys dispelling the myths about misunderstandings associated with coaching. “It is not training, and it is not consulting,” she says. “In a coaching relationship, the client is the expert.” Fruin applies almost two decades of business ownership experience, a background in organizational development and a wealth of sales and marketing knowledge to help her clients tackle the business challenges they face.

For more information, contact Fruin at 512-989-2230 or alicia@peoplebizinc.com.