Traits and Qualities of an Entrepreneur, Entrepreneurship Development - I Notes, B.Com 4th Sem CBCS Pattern

Entrepreneurship Development - I Notes
B.Com 4th Sem CBCS Pattern
Unit - 2: Traits and Qualities of an Entrepreneur

Traits and Qualities (Characteristics or Matching of situational requirements) of an Entrepreneur:

The true entrepreneur is one who is endowed with more than average capacities in the task of organizing and co-coordinating the various other factors of production. He should be a pioneer, a captain of industry. The supply of such entrepreneurship is however quite limited and all are not endowed with such talent. The modern entrepreneur is one who detects and evaluates a new situation in his environment and directs the making of such adjustments in the economic systems as he deems necessary. He conceives a new industrial enterprise, displays considerable initiative, grit and determination in bringing his project to fruition. Some of the qualities of an entrepreneur are mentioned below:

a) Initiative: Initiation of any business activity should come from the entrepreneur. It is the entrepreneur who takes action that goes beyond job requirements or the demand of the situation. He does things before being asked or forced by the events.

b) Looking for opportunities: A successful entrepreneur is one who always is on the look for and takes action on opportunities. He must be always in readiness to exploit it in maximizing the interest of the organization.

c) Persistence: An entrepreneur should take repeated actions to overcome the obstacles that get in the way of reaching goals. He should never be disheartened by failures. He should believe in the Japanese proverb, "Fall seven times, and stand up eight".

d) Information seeking: An entrepreneur is always in search of new ideas and information’s from various sources to help reach objectives or clarify problems. He can consult experts for business or technical advice. He personally undertakes research, analysis or investigation on his own to get information in realizing his goals.

e) Concern for quality products: Successful entrepreneurs always believe in high quality standards of their products with reasonable prices. They believe in excellence. They act to do things that meet or beat existing standards of excellence.

f) Commitment to work: Successful entrepreneurs do every sacrifice to get the task completed. They put highest priority for accomplishing their objective. They are committed to their work. They also express a concern for satisfying their customers.

f) Efficiency orientation: Successful entrepreneurs find ways to do things faster with fewer resources at lower costs. They are always interested in devising new methods aimed at promoting efficiency.

g) Systematic Planning: Entrepreneurs develop and use logical, step-by-step, realistic and proper plans to accomplish their goals. They believe in systematic planning and its proper execution to reach goals.

h) Problem solving: Successful entrepreneurs are challenging by nature. They always try to find out ways and means to overcome the problems that come in their way. They also identify new and potentially unique ideas to achieve their targets.

i) Self-Confidence: Successful entrepreneurs must have a strong belief in themselves and in their own abilities. They have full faith and confidence on their own knowledge, skill, and competency to complete a task or meet a challenge. They are not at all cowed down by difficult situations.

j) Assertiveness: A successful entrepreneur must be assertive in nature so that he can assert his issues with others for promotion of interest of his enterprise. He tells others what they have to do and rebuke or disciplines those failing to perform as expected.

k) Persuasion: A successful entrepreneur must be able to persuade others to do the work the way he wants them to do. He is able to convince others through his knowledge and competence. He asserts strong confidence in his own company's product or services. He must possess the ability to convince everybody - sellers, consumers, employees, creditors etc.

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