A great deal of time and effort has been dedicated to entrepreneurship research regarding the characteristics of entrepreneurs. However, characteristics of entrepreneurs in the gestation period have received less attention due to the difficulty of obtaining data from potential entrepreneurs at this stage in the entrepreneurial process. The purpose of this study is twofold. First we review the literature to determine key characteristics of entrepreneurs. Then utilizing a sample of Indiana entrepreneurs in the gestation stage, we conduct an empirical analysis. In addition to the key components identified through the literature review, in the empirical analysis additional variables are considered that we believe will be major determinants of business start-up.