Characteristics of a successful entrepreneur


Aspire to have your own business and provide jobs for others? Want to be an entrepreneur? Then read this article to learn about the characteristics that are required to become a successful entrepreneur.

Introduction

"I have a dream and thousands followed in spite of overwhelming obstacles. In order to establish a successful new business venture the entrepreneurial leader must have a dream and work against obstacles to achieve it". Entrepreneur is one who distinguishes a person who undertakes to organize, manage and assume the risk of running a factory and/ or a business or an enterprise."
- Martin Luther King

One of the important driving force for economic growth is entrepreneurship. It is a complex process which is purposeful and has a philosophy that fosters organized change. It is the attitude of mind for taking risks and in seeking opportunities, innovate a business venture and increase economy by decision making skills and imagination with scientific mobilization and technological advancement. Entrepreneurship involves obtaining licenses, approvals from financial and government agencies for the projects and then implementing the business venture. An Entrepreneur takes charge of the entrepreneurship venture to establish his business. It is a creative activity which involves in building something new.

Entrepreneur concept

  • The term "entrepreneur" comes form the French word "Entreprendre" which means to "undertake". The word means a person who has management skills and leadership qualities for organizing a venture for the benefits. An entrepreneur is a person who possesses an urge of intrinsic quality; he is a person who starts a business which has not existed before. He is a person who translates his ideas into reality. He initiates, implements, manages, maintains, and diversifies into new enterprises.

  • An entrepreneur is a task master and an accomplisher. He is a creator who seizes the opportunity to produce marketable products with an objective of achieving profits by organizing manpower, finance and material resources. He undertakes useful activity and inspires him to do betterment for socially purposeful good services. In this process he builds a business, making use of the opportunity available. An entrepreneur is a person who possess self-respect, dignity ethical values, sentiments and dreams to bring them into reality.

  • An entrepreneur is a person who sets up a business or an enterprise with his/her innovative ideas and brings in a change for the society. He is a person driven with initiative with a creative mind and who foresees achievement. He brings in change and provides employment for others, creates wealth and promotes economic growth in other sectors.

Some qualities attributed to an entrepreneur


  • He is considered as a sensitive energizer by sociologists.

  • He is regarded as an entrepreneurial man by psychologists.

  • He is looked upon as a leader by political scientists.

  • He is acclaimed as a harbinger of economic growth by economists.

  • In all, he is a person combined with qualities of human values and leadership with a driving force for innovations.

Some of the Characteristics of a successful entrepreneur

Urge for achievement


  • Urge is one of the most powerful qualities of an entrepreneur. This urge to excel over others, the desire to aim high and reach for a level of status & a standard of living is found in most of the entrepreneurs who have enterprising skills. To achieve, to be successful, he works hard with determination, with excellence, cross hurdles, faces challenges and high risks in the society.

  • The driving force for achieving results makes him to scale his mission of goals. He has a trait to be different from others, wants to be extraordinary and wants to be independent. He sets up goals that are possible to achieve and targets for achievement. He has willingness to undertake any work for setting up of his enterprise. He is alert and seizes every opportunity for making profits from his business.

Innovator

  • An entrepreneur must be able to apply his innovative skills into specific business dreams. He implements his goals and his ambition. He organizes people's skills for financial gains professionally and personally. With his knowledge and diligence, he builds the business with strength and is market driven. The most important character of an entrepreneur is innovation. He is motivated by the changes around in his environment, the existing scenario and the problems prevalent in the society. He understands and brings in changes with new knowledge and seeks for solutions. His actions are simple but effective.

  • By innovations he assumes leadership roles, analyses the opportunities, designs business plans and implements them. An entrepreneur conceives ideas and implements them with courage and determination. He is a person who visualizes the situations, creates a new environment and makes adjustments in the economic systems. He is a person who is capable of projecting his visions into action for the betterment of the society.

  • He examines the investment options for his business, seeks capital, mobilizes manpower, uses latest technology and promotes his innovation. He is a person who maximizes the opportunities available to him through systematic innovations. He is a man who explores and exploits opportunities, thinks creatively and involves brings in changes in production. He aims for profitable investment. He is intelligent and is able to analyze the problems, solve them easily and logically. He is a man who maximizes his wealth by his innovations. He has a foresight and is hard working to make his dreams come true.

Leader

  • He is a leader in his business, he is able to implement his ideas and work for its economic growth and business prosperity. He wants to lead others and is action oriented; he does not wish to act to others' direction. He helps in fostering the economic development of the country. He must also play a vital role in improvement of industrial, agricultural service sectors. He should be a man of visionary with steering team abilities. He is an outstanding leader and a high achieve.

  • A leader strives for bringing in changes and gains respect and trust from the employees. He instills a pride in for their business. He takes the responsibility for his actions. He works on his instincts and is balanced both in professional and on the personal front. He is bold and a builder with action oriented schemes. He accepts mistakes as an ongoing business process. He strives for efficiency in all areas of enterprise activities; he expects the same from his workforce.

  • A leader executes his planning systematically and provides instructions for following his guidelines. He is a mentor and trains his team in know-how and in understanding the set targets. He has a clear vision of his enterprise and plans and executes it with professional authority to achieve the set targets. He holds the control of his business and aims to become a top notch leader.

Team builder

  • He is driven with energy to build a powerful and good team for his venture. He recruits capable individuals who would associate with his enterprise for a long term of years. He builds a team of talented individuals who are high performers. He is a hard worker and an organizer. He should provide space for the members for their career growth and for their personal development.

  • He should see that he builds confidence and self esteem in them to be productive and result oriented. He should be a team player and contribute to the success of the targets set. He should guide and mentor them at every stage of task levels and fore see that there are no barriers hindering the progress of productivity. He should be a goal setter and set challenges for the team for achieving realistic goals. He should supervise overall work atmosphere and take decisions to accomplish the tasks in given time limits.

  • He should encourage, motivate and instill self belief in the team members towards the progress of the business. He recruits individuals who are determined, focused and work towards the progress of the business. He looks for qualities in them of honesty, loyalty and commitment towards their work. He identifies the talent in his employees and brings out the best in them. He shows concern and treats each one individually, advises and fosters their personal growth.

Motivator

  • He uses his business skills to motivate the employees and inspire them for efficient and effective working. He enhances his communication skills to deliver the thoughts and ideas to others. His aims for good communication skills to bring in clarity of his messages for others to understand clearly. To success he communicates effectively with employees, customers, clients, suppliers, creditors, financiers and in marketing sectors. He strives hard to motive his team with his communication skills.

  • He chalks out incentive schemes, benefits and increments for the workers based on their performances. He has a business acumen and wants to uplift their spirits for business development by rewards and awards. Such appreciations will help them to work efficiently and more productively. He is a motivator to bring in changes in the society and help in uplifting the living conditions of the people.

  • He willfully promotes joyful activities and schemes for workforce contribution to the society. He is self motivated and self driven for achieving goals. He is a role model who sets trends for other to follow his example.

Dynamic

  • Entrepreneurs hold an important place in the country's economy and they serve as igniters for dynamic activities. An entrepreneur has vision for long term goals. He maintains his business secrets and takes measures to guard his enterprise to avoid trade competition. He deals with people who can conceive his projects. He should be self confident and positive in approach. He tactfully solves any issues effortlessly He is a person who shows winning projection & has professional abilities and logical reasoning.

  • He has a clear vision of his business and has effective delivery skills for making his employees understand each other. He possesses technical know-how to deal with the latest techniques for quick process and production. He puts efforts for gaining technical knowledge and strives hard to achieve it. He does not hesitate to learn latest technological advancements to bring in dynamic changes in business venture. He works hard to implement the techniques and business approaches to succeed in his goal setting.

  • He maintains emotional stability both at personal and professional level. He maintains a decorum and conducts himself wit utmost dignity and respect. He coordinates with other business persons effectively keeps himself in pace with the latest information and trends in business sectors across the globe. He strives for business improvement and aims to bring in changes that are required in the business and the society.

  • He focuses on areas where he can succeed. He is an able administrator and a leader who possess efficient professional-characteristics and business skills for fostering his business.

Risk taking

  • He is a person who takes risks energetically. He should be calculative and take up those challenges which can be overcome. One of the attribute of an entrepreneur is risk taking. He should be bold in taking challenging tasks and be prepared for unseen problems arising from it. He should have standby strategies to implement them to recover the loss, be able to find new avenues to solve issues.

  • He should be able to face failures and deal with them as hands-on experience. He should spend time for meticulous planning to ensure success before starting the business. He should study in deal all the aspect of business, to overcome disturbing forces. Successful entrepreneurs are moderate risk takers and they prefer safeguarding their business interests.

Decision maker

  • He takes right decisions for growth of the company/business, plans for its development and expansion. He has good decisions-making skills. He widens his scope for business by diversification, employs strategies for takeover or mergers. He decides on resolving conflicts. He is intelligent and a positive thinker. He intends on being independent and wants to have a control of authority on his business.

  • He dislikes others giving commands as he has a sense determination to establish their ideas, decide on choosing the right ideas. This makes it one of the characteristics of a business person. He maintains good relationship with his employees and motivates them for high efficiency in their work. He plays fairness in his business, judges issues logically and possess honesty which is an another attribute of a business man.

  • He has a winning talent and takes right decision at right times. He has a passion for his work and dreams to diversify his business with his expertise skills in entrepreneurship. He aims for better performances time he achieves success.

Commitment

  • An entrepreneur is committed to his enterprise; he takes all the initiatives to solve all problems by involving himself in the project. To succeed in their venture they do not hesitate to work, they are ever available to get things completed by working themselves or for completing the work. He is a person who indulges in fair business practices and provides services for society which is useful. He sets an example for dignity of labor and is socially concerned.

  • When situation demands, he lends a hand to the work force and boosts their morale for cooperation and for efficient working. He is committed to his business activities and aims for generating jobs for people and strives for social uplifting the common man. He is optimistic and thus has a larger interest of serving the society, this mission is the pursuit of his ambition. He learns from experiences. He hopes for a better future.

Problem solving


  • He identifies the problems, collects the data, analysis the facts, understands the situations, figures out possible solutions and takes a course of action. He takes interest and initiative in problem solving issues. He finds ways and means to solve issues with less damage or cost effective

  • He uses man power and resources to for action plans. He gauges the issues and tries to solve them effectively. He possesses strong will power and courage for resolving problems.

Functions of an entrepreneur

  • An entrepreneur begins his venture by meticulous planning related to his business. He covers all areas of production to oversee the benefits for the society and creates wealth for prosperity. He decides on several aspects of business such as the end-product, technology involved, marketing procedures, employment etc. He shoulders the risk, challenges and focuses on budget, co-ordinates things effectively and gives instructions to the employees, business firm and ensures for efficient operational process.

Entrepreneur's role in economic development

  • Entrepreneurs utilize the resources for setting up of their business and help in promoting wealth creation by movement of savings of people.They help in increasing the gross domestic product for the country. They help in creating job opportunities to qualified individuals and professionals. New creation of products and services are developed and mobilized for the economic growth of the country. They cater to the needs of the people by offering better quality products at low cost and uplift the living standard of the man. They foster industrial development and promotes the development of the society. The country's export trade is increased by the entrepreneurs.They play an instrumental role in bringing in changes in socio-economic transformation.

Conclusion

  • If you have innovative ideas and wish to translate into reality then you can do it. You can choose to become an entrepreneur and make a difference in the society. You can create a niche for yourself and create jobs for thousands of people and help in solving unemployment problems. You can join hands for building the country's economy. If you have strong will power, want to be independent and want to provide better standard of life for many then choose to become an entrepreneur and serve the people.


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