Describe the key personal traits and characteristics of entrepreneurs. Which two or three of these traits and characteristics do you think are most important for entrepreneurial success? Why?

The personal traits and characteristics that are typically associated with entrepreneurs are the following:
Internal locus of control - entrepreneurs believe that they control their own destiny; they are self-directing and like autonomy.
High energy level - entrepreneurs are persistent, hardworking, and willing to exert extraordinary efforts to succeed.
High need for achievement - entrepreneurs are motivated to act individually to accomplish challenging goals; they thrive on performance feedback.
Tolerance for ambiguity - entrepreneurs are risk takers; they tolerate situations with high degrees of uncertainty.
Self-confidence - entrepreneurs feel competent, believe in themselves, and are willing to make decisions.
Passion and action orientation - entrepreneurs try to act ahead of problems; they want to get things done and not waste valuable time.
Self-reliance and desire for independence - entrepreneurs want independence; they are self-reliant; they want to be their own boss, not work for others.
Flexibility - entrepreneurs are willing to admit problems and errors, and to change a course of action when plans are not working.
Each student should identify the two or three personal traits characteristics that s/he thinks is most important and provide appropriate supporting reasons.