Characteristics of successful Entrepreneur
Entrepreneurship can be defined by describing what entrepreneurs do. For example: “Entrepreneurs use personal initiative, and engage in calculated risk-taking, to create new business ventures by raising resources to apply innovative new ideas that solve problems, meet challenges, or satisfy the needs of a clearly defined market.”
But as the following definitions state, entrepreneurship is not restricted to business and profit: “Entrepreneurship involves bringing about change to achieve some benefit. This benefit may be financial but it also involves the satisfaction of knowing you have changed something for the better
An entrepreneur is a person who has possession of a new enterprise, venture or idea and assumes significant accountability for the inherent risks and the outcome.
An entrepreneur is “one who undertakes an enterprise, especially a contractor, acting as intermediately between capital and labour.”
Characteristics of successful Entrepreneur
- Capacity to take risk
- Capacity to work hand
- Above average intelligence and wide knowledge
- Self Motivation
- Vision and foresight
- Willingness to defer consumption
- Imagination initiative and emulation
- Incentive ability and sound judgment
- Flexibility and sociability
- Desire to take personal responsibility.
- Desire to seek and use feedback
- Persistence in the face of adversity
- Innovativeness and future orientation
- Mobility and drive
- Creative Thinking.
- Strong need for achievement
- Ability to Marshall resources
- High degree of ambition
- Will to conquer & impulse to fight.
- Will to prove superior to others.
Characteristics of Successful Entrepreneurs
Entrepreneurs are different from each other, but successful entrepreneurs tend to share certain characteristics. Not all of them have developed each of the following to the same degree, but they tend to have developed most of them to some degree.
Here are some common characteristics of successful entrepreneurs.
Entrepreneurs tend to:
- Be passionate about achieving their goals
- Have a spirit of adventure (in fact, the word “adventure” is derived from the latin word meaning “to venture”)
- Have a strong need to achieve and seek personal accomplishment
- Be self-confident and self-reliant
- Be goal-oriented
- Be innovative, creative, and versatile
- Be persistent
- Be hardworking and energetic
- Have a positive attitude
- Be willing to take initiative
- Have a strong sense of commitment
An eye for opportunity: Many entrepreneurs start by finding a need and quickly satisfying it.
Independence: Even though most entrepreneurs know how to work within the framework for the sake of profits, they enjoy being their own boss.
An appetite for hard work: Most entrepreneurs start out working long, hard hours with little pay.
Self-confidence: Entrepreneurs must demonstrate extreme self-confidence in order to cope with all the risks of operating their own business.
Discipline: Successful entrepreneurs resist the temptation to do what is unimportant or the easiest but have the ability to think through to what is the most essential.
Judgment: Successful entrepreneurs have the ability to think quickly and make a wise decision.
Ability to accept change: Change occurs frequently when you own your own business, the entrepreneur thrives on changes and their businesses grow.
Make stress work for them: On the roller coaster to business success the entrepreneur often copes by focusing on the end result and not the process of getting there.
Need to achieve: Although they keep an “eye” on profits, this is often secondary to the drive toward personal success.
Focus on profits: Successful entrepreneurs always have the profit margin in sight and know that their business success is measured by profits.
Knowledge and Skills of Entrepreneur
1. Idea generation & scanning of the best suitable idea
2. Determination of the business objective
3. Product analysis and market research
4. Determination of form of ownership
5. Completion of promotional formalities
6. Raising necessary funds
7. Procuring machine & material
8. Recruitment of men
9. Undertaking the business operations
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