Entrepreneur Qualities

8/12/2019 Entrepreneur Qualities

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WHO IS AN ENTREPRENEUR

without entrepreneurship and growing number of entrepreneurs, aneconomy is certain to become sluggish in growth. Entrepreneurialdynamism forms the cornerstone of a progressive society as it is apurposeful activity that attempts to create value through recognition ofbusiness opportunity, management of risk appropriate to opportunityand through communicative and management skills to mobilise human,financial and material resources necessary to bring a project to fruition.

This gives a definite upsurge to the economic growth of a nation.Economic growth is an upward change whereby the per capita incomeincreases over a long period of time. If economic growth is the effect,entrepreneur is the cause. Entrepreneurs are the ones who exploreopportunities, scan the environment, mobilize resources, convert ideasinto viable business proposition and provide new products and services

to the society by bringing together and combining various factors ofproduction. An entrepreneurial individual has a distinct concept, visionand a dream, which he/she is able to convert into products. Suchindividuals are driven by task, challenge and opportunity with very highachievement orientation.

If you wish to start and succeed in your enterprise, you need to play

different roles at different stages.


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ENTREPRENEUR QUALITIES

1. A strong desire to win.

(NEED FOR ACHIEVEMENT)

Most people dream of success, butseldom do anything to implement it. In

contrast, entrepreneurs have a strong

desire to continuously hit new goals anddo not rest till they win.


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2.An approach of never-say-die.

(PERSEVERANCE)

Once committed to a goal and a

course of action, entrepreneurs never

retract. Difficulties do not deter them

and they work hard till the entire

project is successfully accomplished


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3. Entrepreneurs prefer a middle-of-the-road strategy while handling tricky

situations. (MODERATE RISK

BEARING)They donttake high risks; they are notgamblers. They prefer a moderate riskto a wild gamble, high enough to beexciting and containing a reasonablewinning chance.


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4.Alert to opportunities and seizing themto their advantage.

(ABILITY TO FIND AND EXPLORE

OPPORTUNITY)Entrepreneurs are innovative and canconvert crises into opportunities. But

they are realistic enough to ensure thatthe opportunity suitably dovetails intorealising their goals.


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5.They have a dispassionate approachto problems. (ANALYTICAL ABILITY)

Entrepreneurs will not let personal

likes or dislikes come in the way oftheir taking a business decision. Theyseek out experts for assistance ratherthan friends and relatives. Theirdecisions are objective and notemotional or impulsive.


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6. It is important for them to know how theyare faring when they work on their goals.

(USING FEEDBACK)

Entrepreneurs take immediate feedbackon performance and prefer prompt andaccurate data, irrespective of whetherthese are favourable or not.

Unfavourable news spurs them intomaking amends to attain their goals.


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7. Entrepreneurs do not get deterred by unfamiliarsituations.

(FACING UNCERTAINTY)

Achievement-driven people are optimistic even in

unfamiliar situations. Even if they find the oddsdaunting, they see no reason why they cantsucceed with their treasure of abilities. They marchundeterred, making the best of fine opportunitiesthat come their way, even without guidelines. They

quickly come to grips with the new environmentand present a picture of boldness and prudence.They apply their special insight and skill to quicklyunderstand the environment and adapt to it.


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8. They dislike working for others.

(INDEPENDENCE)

Entrepreneurs do not like to work forothers and therefore start off on their

own. They wish to be their own

masters and be responsible for their

own decisions.


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9. They are flexible. (FLEXIBILITY)

Successful entrepreneurs have an openmind and do not hesitate to change theirdecisions.


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10. Entrepreneurs think ahead of others

and plan for the future.

(PLANNING)

Most successful people set goals for

themselves and plan to realise them in

a time frame.


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11. Entrepreneurs can deal with people

at all levels. (INTERPERSONAL

SKILLS)

An entrepreneur comes across all

kinds of people. He has to make them

work for him and with him to help

realise his objectives. He likes workingwith people and has skills to deal with

them.


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12. They can influence others.

(MOTIVATION)

Successful entrepreneurs can

influence others and motivate them to

think and act in their way.


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13. They can work for long hours andsimultaneously tackle different problems.

(WITHSTANDING STRESS)

As a key figure in his enterprise, theentrepreneur has to cope with severalsituations simultaneously and take theright decisions, even if it involves physical

and emotional stress. This is only possibleif one has the capacity to work long hoursand still keep cool


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14. They know themselves.

(POSITIVE SELF-CONCEPT)

An achiever channelizes his fantasiesinto worthwhile, achievable goals and

sets standards for excellence. He can do

this for he knows his strengths and

weaknesses, and so adopts a positive

approach. He is seldom negative


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15. Entrepreneurs think ahead.

(ORIENTATION FOR FUTURE)

They have the ability to look into the future. They

wontallow the past to bother them and think onlyof the present and the future. Bygones arebygones, what of now? This is their usualresponse. An individual may not have all thesequalities, but most will have many. The first step

for a person aspiring to become an entrepreneuris to make an inventory of his traits. This self-awareness and analysis will help him define hisstrengths and overcome weaknesses.

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Entrepreneur Qualities