5 Must-Have Personality Traits for Entrepreneurs

Whether you're an artisanal chef or a DIY-crafter, we've found that there's no perfect set of rules to follow when launching a business. We did, however, find a common thread of qualities, which most successful entrepreneurs possess. Do you have what it takes?

You're a risk-taker: You're a powerhouse of ideas who is not afraid to try something a different way if it means getting ahead in the long run. In fact, you find making tough decisions empowering. Sure, failure isn't your primary goal, but you view it as stepping-stone in the process.

You're charismatic: An idea is only as good as the person pitching it, which is why persuasion skills can be one of the biggest assets for new business owners. If you're able to clearly articulate your purpose and passion by engaging your audience with compelling speech, then you're likely to not only have that $1 million dollar idea but also the ability to sell it.

You're Resourceful: Turning lemons into lemonade is your forte, which is why starting off small doesn't scare you. Keep your network close and constantly growing -- that Rolodex will come in handy when you least expect it.

You're creative: You're always looking for new paths to take in order to make your product stand out in the marketplace. You pay attention to the trends and are quick to connect those ideas to your own in order to thrive against competition.

You're independent: Say good-bye to second-guessing once you take the helm. You're ability to think fast and stay confident will keep the wheels turning. But also keep that ego in check. Rejection, though frustrating, is part of the learning curve, and staying open-minded will make a big difference.

So, think you have what it takes? We know it seems like everyone and their mother is launching their own brand, but there's a lot of heavy lifting involved. Ask yourself these six basic questions to streamline your concept before setting up shop -- you can thank us later.

Why? Why am I starting a business in the first place?

What? What kind of products and services will I offer?

Who? Who is my target audience?

Where? Where will my business be located or is it exclusively online?

When? When is the best time to launch my business?

How? How much money do I need to get started?



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