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The other day, I finished reading The Millionaire Next Door by Thomas J. Stanley and William D. Danko and was reassured by their findings. They made it absolutely clear that while most self-employed persons, or "entrepreneurs", are not, and will never become, wealthy, the ranks of the rich are largely populated by self-employed individuals or entrepreneurs (including self-employed professionals). Thus, according to Stanley and Danko, you have a much greater chance of becoming wealthy as an entrepreneur than as an employee.

But this got me thinking about what constitutes "being an entrepreneur"? Merriam-Webster defines an entrepreneur as "one who organizes, manages, and assumes the risks of a business or enterprise". I found that definition somewhat narrow and incomplete.

Considering that an entrepreneur is responsible for wearing so many hats, while almost always confronting a paucity of resources, then she must also undoubtedly be an innovator as well. He must be someone who brings new ideas and resources together to serve the dynamic needs of the marketplace.

But whatever definition you choose to accept not withstanding, at the root of entrepreneuriship is COURAGE, or the ability to forge ahead despite fear, doubt, substantial risk and a myriad of obstacles and challenges. This is the quintessential quality shared by all entrepreneurs.

This is why entrepreneurship is not for everyone. The vast majority of people are not entrepreneurs. In my view, to be a successful entrepreneur you need to possess courage and the following qualitites:

1. A keen ability to observe and detect business opportunities
2. A practical mind
3. A positive attitude
4. A willingness to reject group-think and conventional wisdom
5. A tolerance for risk and uncertainty
6. Self-esteem and audacity
7. A burning desire to prove the critics wrong
8. A burning desire to achieve and make something of oneself