Abstract: Small business entrepreneurs play a significant role in the economic development of Sri Lanka. However statistics indicate that most of the small businesses fail, despite their importance to the economy. Researches signify several reasons for their failure, in which lack of entrepreneurial traits being a major reason. Siropolis (1994) had identified six major entrepreneurial traits to be found in entrepreneurs, while four of them such as creativity and innovation, risk taking, self-confidence and hardworking which are believed to be most significant have been taken in this study for consideration. Pickle (1964) points out that if entrepreneur characteristics condition a business success or failure, then identification of these features is a important value as a predictor, to degree, of a success or failure.