Entrepreneurs Follow Similar Traits – Decoding the Entrepreneur by Ernst & Young

I came across an interesting report by world renowned management consulting firm Ernst & Young (E&Y) titled “Natured or Nurtured: Decoding the Entrepreneur”. This report is a result of a survey conducted by the company by interviewing 685 winners of “The Entrepreneur of the Year Award”.

The report suggests that about 60% entrepreneurs still feel that they are in transition phase. This group had worked with other employers before opting for entrepreneurial career. 45% respondents said that they started their business after 30. Only 26% believed that mentorship helped them in their career, where as 30% viewed education and 44% thought that their previous experience was the reason for their success.

Ernst & Young believes that, “Entrepreneurial leaders are defined as much by their early business experience, cultural background and external environment as they are by any innate personal characteristics. Nurture not nature does appear to be more important in shaping the entrepreneurial mindset.”

Report provides the following key findings:

Entrepreneurship is rarely a one-off decision
Funding, people and know-how are the biggest barriers to entrepreneurial success
Entrepreneurs share common traits that are (chronological order):

Passion 73%
Drive 64%
Flexibility 33%
Relentless focus on quality 18%
Loyalty 14%

I guess the above is a good benchmark for aspiring entrepreneurs.