To be an entrepreneur, there are personality traits that one must possess. You must have vision and confidence to realize your goals and see them through. You must have a passion for your idea, whether it’s a new concept or an improvement on an existing one. Confucius was right to declare choosing a job you love means never having to work a day in your life. Another trait possessed by entrepreneurs is tenacity and the ability to bounce back from failure. Obstacles will always be there, and they need to be faced and overcome. A strong work ethic and flexibility also separate entrepreneurs from status-quo seekers.
More entrepreneurs are male, but America has come a long way towards bridging that gap. There are currently over 12 million female-led small businesses in the U.S. since Congress passed the Women’s Business Ownership Act. in the 1980s. H.R. 5050 was created with the National Association of Women Business Owners (NAWBO) to provide women additional resources and to eliminate discrimination concerning lending.
Prior to the Act being passed, there were women already making history. The first female entrepreneur lived in the early 1900s as a daughter to former slaves. Orphaned at age seven, she sought to find a solution to her dramatic hair loss, caused by a scalp ailment. She invented her conditioning and healing formula called Madam Walker’s Wonderful Hair Grower. Within a year, she had opened her factory and beauty school. Within two years, her company was making multi-million dollar profits by today’s standards. Seven years later, Madam Walker held one of the first-ever national businesswomen meetings, called the Madam C.J. Walker Hair Culturists Union of America convention.
The top 10 list of influential female entrepreneurs includes household names such as Oprah Winfrey and Sheryl Sandberg, but not all of them are in the public eye.
Male and female entrepreneurs have differing views about crucial character traits, with more women than men considering multitasking, empathy, and creativity to be strengths. Men listed confidence as the most valued trait. Studies show they differentiate from their male counterparts in how they structure their businesses and work-life balance. Women are more likely to hire from within the family, as opposed to men. In addition, while both men and women make personal sacrifices for their businesses, women tend to limit self-care and social life. Men limit family time with their spouses and children.
There are also plenty of similarities, with the top regret being not enough time spent with loved ones and listing the most significant accomplishments as the ability to support their families, doing what they love, and being their own boss.