What are the Qualities of an Entrepreneur?

Qualities of an Entrepreneur:

(1)   Willingness to Assume Risk: Entrepreneurs are persons who take decisions under the conditions of uncertainty, and therefore they are willing to bear the risk. Risk bearing calls for absolute clarity in thinking and co-ordinate actions. Every decision pertaining to enterprise involves a risk. No risk, no business or no risk, no gains. Since there is an element of risk in every business, an entrepreneur should be prepared to accept failures as a challenge as well as an opportunity. People who need certainty are unlikely to make good entrepreneurs.

(2)   Leadership: Leadership is the basic quality of entrepreneurs. The qualities of leadership will enable the entrepreneur to stand apart in whatever profession he might be in. As a leader of the industry he encourages good performance, creates trust, and listens to everybody calmly as well as clarifies priorities. The qualities of leadership is clear from his personal relationship, more of handling a problem, generating resources and taking others in his own strides.

(3)   Decisiveness: In order to establish an enterprise an entrepreneur has to take various decisions. The main decisions related with the establishment of an enterprise includes decision regarding the product to be manufactured, ownership of the production facility, sources of finance, location of the enterprise, choice of technology, Aids and subsidies provided by the government, production cost, price etc. In order to apply business decisions he has to take important managerial decisions.

(4)   Creative Thinking: Innovation is the process of growing new things and creativity is a prerequisite to innovation. An entrepreneur should be creative because ideas usually evolve through a creative process whereby imaginative people bring them into existence nurture them and develop them successfully. Basically an entrepreneur should be creative and imaginative.

(5)   Confidence in Project: Setting up of any new business enterprise is a very challenging task. Right from the conception of a business idea till the starting of production and distribution, a number of decisions have to be taken. In order to succeed in this task an entrepreneur must perceive the nature and the intensity of the problem correctly and likewise prepare and implement appropriate plans. For this he should have confidence in the project that he implements.

(6)   Technical knowledge: An entrepreneur must have sufficient technical knowledge about his field. He should be well conversant with manufacturing and trading process and also know about the economic aspects of technology including costs and benefits. A good aunt to bring is one who is interested in changing the pattern of production according to the available resources and the market conditions.

(7)   Flexibility: Successful entrepreneurs are persons with open mind and not rigid instead they do not hesitate in revising their decisions. They are more flexible in their decision-making process.

(8)   Ability to Marshal Resources: An entrepreneur should possess the ability immobilize necessary resources in order to achieve the business goal. He should be able to minimize the cost of production without reducing the quality of the product or service. In order to do this an entrepreneur needs sound judgment, accurate forecasting vision and knowledge of global business. He should have high ambitions and a never die attitude.

(9)   Market Orientation: Today the world has become a small village because of technological development. Therefore the need arises for every entrepreneur to know about the market, the substitutes and available, its price, its quality, its special features and about the taste of the consumers. He should have flexible policy to change anything according to the need of the customers and to bring satisfaction to them. He is to create a market oriented policy.

(10)Determination, Courage and Perseverance: An entrepreneur must have judgment, perseverance and knowledge of the world as well as of the business. He must possess the art of superintendence, and administration.

(11)Honesty: This is the most important factor which plays a major role in the successful operation of the business; if an entrepreneur is not honest he cannot stand for a long time in the market. Honesty is the best policy in any business.

(12)Drive to Achieve and Grow: The entrepreneurs should have a strong desire to achieve high goals in business. Such high achievements motivate and strengthen them to overcome the obstacles, suppress anxieties, prepare misfortunes and devise new alternatives to run a business successfully.

(13)Low Need for Status and Power: An entrepreneur should always work with balance and awakening. He should give some of his assignments and played them to work for him and act accordingly. If an entrepreneur works only for power and self-interest he may jeopardizes the entire organizations.