Engr 102B Final Paper - Willy Lin Engr 102B Traits of...

Willy Lin
Engr 102B
Traits of Sucessful Entrepreneurs
Attending the guest lectures has led me to understand that being
a successful entrepreneur is not simply possessing a list of
characteristics, but more how the traits are used in conjunction with
each other. In general, it is necessary to be confident, objective, clear
in communication, creative, motivated, and willing to take risks. These
traits are the basis for other traits that successful entrepreneurs
possess.
Brainstorming a feasible venture requires a combination of
creativity, confidence, and objectivity. A great idea is not guaranteed
to become a successful venture; creating a successful business from
an idea depends on various influences. For instance, if the idea is not
feasible because the resources are unavailable it may be prudent to
move onto another project while keeping the initial idea to the side.
Thus, if in the future the resources are made available, the idea can
resume development. Entrepreneurs must be objective in determining
the value of their idea in the present, whether it is too early, just right,
or too late, and must be willing to move on if timing is not right. Timing
is a crucial component of the business industry and successful
entrepreneurs must understand the trends in a particular market

segment. In Kevin Hartz’ presentation, he discusses the importance of
understanding the market environment, specifically the cases of
extreme seasonality and existing barriers to entry. Therefore an
entrepreneur must be confident in understanding the consumer and
that the product is a consumer need and not a want. They must exhibit