Entrepreneurs portray certain characteristics and patterns of behavior which can be all learnt and/or acquired. Every entrepreneur may not possess all of the qualities useful to make him/her successful. The following are the various qualities an entrepreneur may have:
1. Risk taking
An entrepreneur is open to risk in his business. They has to make decisions and implement plans, the success of which cannot be fully guaranteed. He risks financial, material and human resources at his disposal in the venture that he undertakes.
2. Autonomy/independence
An entrepreneur by his/her own nature likes to be his own boss and does not want to follow the instruction of another person without thinking further. This, however, does not mean that they rejects counseling from others. They wants to try his own ideas and while making decisions, they has to form his own opinion and a set of course of action. They is ready to carry the burden of the consequences of the decisions they makes. Independence of thought is important.
3. Creativity and innovativeness
entrepreneurs must have an aptitude for searching out new ways and means of doing things. They must be innovative in their approach to carrying out business activities. To remain competitive, they must experiment to find out new techniques of production, kinds of materials, types or variety of products. They a ttempt to modify the method of manufacture to accommodate technological developments, discover marketing opportunities, identify sources of supply and develop sound organizations to meet requirements of the environment.
4. Internal locus of control
Entrepreneurs possess a high internal locus of control. They believe that achievement of goals is dependent on their behavior or individual characteristics.
NB: A person with external locus of control believes that achievement of goals is a result of luck or other people’s action. Such a person is not an entrepreneur.
5. Need for achievement
Entrepreneurs believe in achieving the set goals. The need to achieve may be satisfied by acquiring higher status, succeeding in business, inventing and popularizing a product, targeting new markets and attracting a greater number of customers. It is the achievement motive which makes an entrepreneur diversify, expand and innovate.
6. Keenness to learn
Entrepreneurs analyze the results and try to learn from them. They constantly watch the path they take. They draw inferences from feedback, information and have alternative plans.
7. Ability to marshall resources
Entrepreneurs have to bring together all the required resources in the right quantities at the right time. To achieve this, entrepreneurs must have patience, ability to convince others and a strong conviction that their job is going to be successful.
8. Time-consciousness
Entrepreneurs are interested in timely delivery of results. In order to achieve this they must complete their activities within a given time.
9. Organizational skills
Entrepreneurs have the ability to organize activities and utilize manpower in order to put them to productive use.
For effective utilization of resources, the entrepreneur has to build a suitable organization structure and with it, appropriate manpower.
10. Hardworking
Starting a business is hard work. An entrepreneur has to cope with the demanding work of starting a business. Success comes very slowly for those
who are not willing to work hard.
11. Integrity
Integrity plays an important role in the advancement of any corporation and the lack of it poses risks of loss of confidence, faith and commitment of employees, clients and colleagues. Companies can promote integrity by establishing the moral standards expected of its employees and implementing systems to reinforce these standards. This will entail the provision of model roles, developing codes of ethical conduct and providing information channels to report questionable actions. Companies should also include integrity in their evaluations and consider ethical aspects when formulating long-range plans.
12. Persistence
Successful entrepreneurs are persistent and hardworking. They master self-discipline to such extent that if a work is important and related to their goals, they will, eventually, complete it.
Getting things done is the vital link between motivations and their outcome. At times, entrepreneurs force themselves to choose work over fun, a boring job against a pleasant one, working on tax papers rather than reading a glamour magazine. This requires a self-control that many people simply fail to develop in them.
Successful entrepreneurs persist. They understand that it takes time to make it really BIG !!! They are prepared to go the extra mile and do that little bit extra for which they do not get paid.
13. Self Confidence
Self confidence is a key entrepreneurial skill for success. It is easy to become demoralized, frustrated and resentful if you lack self-confidence.
Self-confidence is concerned with how a person feels about his ability. A successful entrepreneur believes in his abilities. He is not scared to explore, take risk and take difficult decisions.
Entrepreneurs are highly motivated to achieve. They tend to be very competitive.
14. Information seeking
15. Opportunity seeking
16. Honesty
17. Goal oriented
