Entrepreneurship: Qualities and Types of Successful Entrepreneur

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Qualities of Successful Entrepreneur

Image of the Qualities of Successful Entrepreneur

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

According to the types of business

  • Trading Entrepreneur

  • Industrial Entrepreneur

  • Agricultural Entrepreneur

  • Service Entrepreneur

According to the Use of technology

  • Technical Entrepreneur

  • Non-technical Entrepreneur

According the Area

  • Urban Entrepreneur

  • Rural Entrepreneur

According to Gender

  • Men Entrepreneur

  • Women Entrepreneur

Types of Entrepreneurs in image

Image Shows the Types of Entrepreneurs

Types of Entrepreneurs in image

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