The purpose of this study was to examine the influence of the entrepreneur on the formation of strategy over time. It can be argued that the research on traits is extremely important, and cannot be forgotten in any serious attempt to understand entrepreneurship. It is shown that different types of founders exist which challenge the single, stereotypical image of the entrepreneur in the literature. While there are good reasons for believing in the primacy of the founder and in the influence of entrepreneurial traits on the strategy formation process, the findings suggest that other variables such as the ability to learn from experience, adapt to change, and deal with crisis are also important.