An entrepreneur is defined as someone who organizes, manages, and assumes the risks of a business. Entrepreneurship involves creating new things using local resources and seizing opportunities to compete in today's economy. There are ten key personal characteristics of successful entrepreneurs which are organized into three clusters: achievement, planning, and power. The achievement cluster includes being an opportunity-seeker, persistent, committed, risk-taking, and having concern for quality and efficiency. The planning cluster involves being a goal-seeker, information-seeker, and systematic planner. The power cluster consists of being persuasive, having strong self-confidence, and being able to network well.