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Rural entrepreneurship in Wales
Rural entrepreneurship in Wales

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1.5 Behavioural characteristics of entrepreneurs

Many, but not all, rural businesses are driven by the desire to provide a local service, to succeed and build the community around them. Some of those are private ‘for profit’ and some exist in the ‘not-for-profit’ sector – voluntary organisations, community interest companies, charities, or social enterprises. Of course the ‘not-for-profit’ organisations still need to make money, but that is not their principal goal and any excess profits are typically invested back into the organisation.

One idea of entrepreneurship may sit more comfortably with you than others, and indeed, you may never (until now) have considered yourself to be an entrepreneur at all. Whatever your motivation there are some key characteristics that support entrepreneurial success that were identified by Jeffrey Timmons from Massachusetts Institute of Technology. These are:

  • drive and energy
  • self-confidence
  • high initiative and personal responsibility
  • internal locus of control
  • high tolerance for ambiguity
  • low fear of failure
  • moderate risk taking
  • long-term involvement
  • money as a measure not merely an end
  • use of feedback
  • continuous pragmatic problem solving
  • use of resources
  • self-imposed standards.

Task 6: Qualities of and entrepreneur

Which of these qualities do you recognise in yourself? You don’t have to have them all! For more information see What makes an entrepreneur? [Tip: hold Ctrl and click a link to open it in a new tab. (Hide tip)] .

Share your thoughts with other entrepreneurs in your local networks.