Success - Ten Traits Supporting Four Fundamental Factors

"Innovation is the specific instrument of entrepreneurship."

                                                                        - Peter Drucker

"I'm convinced that about half of what separates the successful entrepreneurs from the non-successful ones is pure perseverance."

                                                                        - Steve Jobs

"Success or failure of a new venture is determined very early, on the strength or weakness of only a few fundamental factors, four to be exact.  Those four factors are Moxie, Market, Magic, and Mentors."

                                                                        - Jim Flowers

Entrepreneurship definitely does not equal innovation, but they sure do complement each other in powerful ways.

Here are some behaviors/traits/skills that support innovation, according to Professors Jeff Dyer of Brigham Young University and Hal Gregersen of Insead...

• Associating - a cognitive skill that supports connections across seemingly unrelated questions, problems, or ideas.
• Questioning - an inclination to ask "what if", "why", and "why not" questions that challenge the status quo and open up the bigger picture.
• Observing - the propensity to closely observe details, particularly the details of people's behavior.
• Experimenting - regularly trying on new experiences and exploring new worlds.
• Networking - connecting with smart people who have little in common with them, but from whom they can learn.

These do not match up well with the various lists of entrepreneurial traits that pop up in online investigation of the topic.  Recurring themes in definitions of an entrepreneur include...

• Clarity - true entrepreneurs absolutely "know" where they are headed.
• Focus - successful entrepreneurs stay on task - period.
• Persistence - they refuse to give up. 
• Self-confidence - they never doubt their ability to succeed.
• Courage - they take risks that most others would not take.

These entrepreneurial traits may be applied to an innovative vision, to be sure.  Apple, for example, was both innovative and entrepreneurial.  They may also be applied, on the other hand, to a perfectly common vision, such as opening a snack bar or an auto repair shop.

My simple-minded shorthand for all the entrepreneurial traits is MOXIE.  And the innovative traits relate directly to the other three Fundamental Factors: Market, Magic, and Mentors.