1. Moderate Risk Taker – If you want to be an entrepreneur, you have to be willing to take a few risks. For instance, if you get a job, you will be paid an hourly (or salary) rate no matter what happens. If you start a business, it could be years before you start to get paid for your hard work. So starting a business is much riskier than working for someone else.

2. Tolerant of Ambiguity – This means that you don’t have to have all of the information in order to make a decision. Ambiguity just means that things are unclear. When you’re an entrepreneur, you have to make decisions all the time when you don’t know how they’ll end up. For example, I’m writing a book and will implement a marketing plan once it’s published. But I don’t know how well that marketing plan will work.

3. Visionary – “Visionary” just means that you have the ability to plan your business so it’s successful in the future. For instance, I have a very ambitious vision for JuniorBiz and this site is just the beginning. I want to create a whole line of products and eventually franchise a coffee shop brand. That’s as much as I want to say

I hope that helps! Let me know if there’s anything else I can do.

Could you give me some example based explanation for these 3 points?

No problem, thanks for the comment!

Along with your point, people don’t need the iPhone, but they certainly want it. So it sells.

In most cases, it’s a combination of need and want. Most people need to have a car (arguably), but they buy the car they want.

Thanks for your comment!