Entrepreneurial success is never linear. All entrepreneurs are faced with opportunities, challenges and obstacles. How they respond to these situations can determine their success or failure.

 

A recent article written by a professor in the Department of Engineering at the University of Cambridge summarized 5 personality traits that influence an entrepreneur’s success or failure in their venture [1].

 

1. Confidence

“Don’t be afraid to assert yourself, have confidence in your abilities and don’t let the bastards get you down.” – Michael Bloomberg

 

Confidence is essential for startup success. Entrepreneurs must have the confidence to take risks, lead their team to create their vision and sell their product to investors and customers.

2. Optimism

“As I look forward, I’m very optimistic about the things I see ahead.” – Bill Gates

 

Optimism about the product, team and future is crucial. A recent study of entrepreneurs found that they perceived risks as smaller than they actually are and smaller than other people perceived them to be [2].