The ability of entrepreneurs to innovate relates to innate traits, including extroversion and a proclivity for risk-taking.[citation needed] According to Joseph Schumpeter, the capabilities of innovating, introducing new technologies, increasing efficiency and productivity, or generating new products or services, are characteristic qualities of entrepreneurs.[citation needed] One study has found that certain genes affecting personality may influence the income of self-employed people.[87] Some people may be able to use[weasel words] "an innate ability" or quasi-statistical sense to gauge public opinion[88] and market demand for new products or services. Entrepreneurs tend to have the ability to see unmet market needs and underserved markets. While some entrepreneurs assume they can sense and figure out what others are thinking, the mass media plays a crucial role in shaping views and demand.[89] Ramoglou argues that entrepreneurs are not that distinctive and that it is essentially poor conceptualizations of "non-entrepreneurs" that maintain laudatory portraits of "entrepreneurs" as exceptional innovators or leaders [90][91] Entrepreneurs are often overconfident, exhibit illusion of control, when they are opening/expanding business or new products/services.[16]
Building a skill set can be achieved through learning and trying new tasks in real-world settings. For example, if an aspiring entrepreneur has a background in finance, he can move into a sales role at his existing company to learn the soft skills necessary to be successful. Once a diverse skill set is built, it gives an entrepreneur a toolkit that he can rely on when he is faced with the inevitability of tough situations.

Although the "self-made man" (or woman) has always been a popular figure in American society, entrepreneurship has gotten greatly romanticized in the last few decades. In the 21st century, the example of internet companies like Alphabet, fka Google (GOOG) and Facebook (FB) – both of which have made their founders wildly wealthy – people are enamored with the idea of becoming entrepreneurs.

The internet changes so fast that one year online equals about five years in the real world. But the principles of how to start and grow a successful online business haven't changed at all. If you're just starting a small business online, stick to this sequence. If you've been online awhile, do a quick review and see if there's a step you're neglecting, or never got around to doing in the first place. You can't go wrong with the basics.