Qualities of Successful Entrepreneur

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Qualities of Successful Entrepreneur

Image of the Qualities of Successful Entrepreneur

  • Initiative:

    • Entrepreneur must have an innovative aptitude

    • Pick the right opportunity, and initiate action

    • If he/she does not initiate action at the right time the opportunity may be lost

    • Initiative is the key to the success of the venture to a great extent

  • Wide Knowledge:

    • Entrepreneur should have wide knowledge of the economic and non-economic environment of business

    • The market

    • Consumer attitudes

    • Technology

    • In the absence of such adequate knowledge, the decisions taken by him may be poor

    • Not contribute to the profitability of his business in the long run.

  • Willingness to assume risk:

    • Entering any venture is full of risks and uncertainties.

    • Deal with various kinds of risks and uncertainties efficiently

    • The entrepreneur should have willingness and necessary foresightedness to assume risks.

    • The quantity and quality of risk taking would determine the quality of business decisions.

  • Open mind and optimistic outlook:

    • Entrepreneur should have an open mind.

    • He/she must possess a dynamic and optimistic outlook

    • To predict changes in the business environment and respond effectively without delay.

  • Adaptability:

    • The entrepreneur must understand the ground realities of the business environment.

    • He/she should be prepared to adapt to the changes taking place in the system.

    • Resistance to change and delay in responding

    • Lead to losing the opportunity of taking advantage

  • Self-confidence:

    • Achieving success in life, one should have confidence in himself/ herself

    • Person who lacks confidence can neither do any work himself/herself

    • Nor inspire others to work

    • Self-confidence is reflected in courage, enthusiasm and the ability to lead

  • Leadership Qualities:

    • Entrepreneur should possess the qualities of a good leader.

    • He/she should have the traits of

      • Self-discipline

      • Presence of mind

      • Sense of justice

      • Honour and dignity

    • High moral character

  • Orientation towards hard work:

    • There is no substitute for hard work in life.

    • While running a business, one problem or the other may occur.

    • The businessmen have to be vigilant about these and find solutions thereof as early as possible.

    • This requires hard work on the part of the entrepreneur.

    • He has to put in extra efforts to ensure success of the enterprise started by him.

Types of Entrepreneurs

  1. According to the types of business

    • Trading Entrepreneur

    • Industrial Entrepreneur

    • Agricultural Entrepreneur

    • Service Entrepreneur

  2. According to the Use of technology

    • Technical Entrepreneur

    • Non-technical Entrepreneur

  3. According the Area

    • Urban Entrepreneur

    • Rural Entrepreneur

  4. According to Gender

  • Men Entrepreneur

  • Women Entrepreneur

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