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Whenever we are looking around, we find certain entrepreneurs doing exceedingly well. They are managing their enterprises very well and are out to make them grand success. The various questions that normally arise are Who are they? What do they possess? and various other questions related to their style of functioning. In their case, there is a judicious mixture of knowledge, skill, and personality.

All these are called entrepreneurial traits or competencies. Knowledge refers to the collection and retention of information about any job or activity. Knowledge forms the basis for any action. Only knowledge can ensure success. Success depends upon the ability or skill to use the acquired knowledge to achieve desired results.

Skill refers to the practical application or use of knowledge. Thus performance depends upon both knowledge and skill. Motivation is an inner urge in an individual which calls for action. According to Steneir “A motive is an inner state that energizes, activates or moves and directs or channels behavior goals.”

It is this inner urge in an individual to achieve his/her goal which David McClelland has termed as ‘Achievement Motivation’. It is this urge to achieve a goal that prompts the individual to perform better and better. Thus in order to achieve success in any venture a person must possess a judicious combination of knowledge, skill, and motive.

Personality Traits of an Entrepreneur

Entrepreneurship Development Institute of India [EDI] conducted a study under the guidance of Professor David C McClelland, a reputed behavioral scientist in three countries namely India, Malawi, and Ecuador. It was found that possession of certain competencies traits or abilities results in superior performance.

An entrepreneur may possess certain competencies and at the same time, it is possible to develop these through training, experience, and guidance. Various traits required for superior performance were identified during the study and are under:

1. Initiative
2. Looking for Opportunity
3. Persistence
4. Information Seeker
5. Quality Consciousness
6. Commitment to Work
7. Commitment to Efficiency
8. Proper Planning
9. Problem Solver
10. Self Confidence
11. Assertive
12. Persuasive
13. Effective Monitoring
14. Employees Welfare
15. Effective Strategist

Initiative

It is an inner urge in an individual to do or initiate something. There is a popular saying ‘Well begun is half done’. It is the entrepreneur who takes or initiates the first move toward setting up an enterprise. Most of the innovators have got this urge to do something different. An entrepreneur basically is an innovator who carries out new combinations to initiate and accelerate the process of economic development.

Looking for Opportunity

An entrepreneur is always on the lookout of searching for opportunities and is ready to exploit them in the best interests of the organization.

Persistence

An entrepreneur is never disheartened by failures. He believes in the Japanese proverb ‘Fall seven times, stand up eight’. He follows Try-Try Again to overcome the obstacles that come in the way of achieving goals.

Information Seeker

A successful entrepreneur always keeps his eyes and ears open and is receptive to new ideas which can help him in realizing his goals. He is ready to consult an expert for getting their expert advice.

Quality Consciousness

Successful entrepreneurs do not believe in moderate or average performance. They set high-quality standards for themselves and then put in their best to achieve these standards. They believe in excellence, which is reflected ill everything they do.

Commitment to Work

Successful entrepreneurs are prepared to make all sacrifices to honor the commitments they have made. Whatever they commit, they take it as a moral binding for honoring their commitments, irrespective of the costs involved.

Commitment to Efficiency

Top performers are always keen to devise new methods aimed at promoting efficiency. They are keen to evolve and try new methods aimed at making work easier, simpler, better, and economical.

Proper Planning

Successful entrepreneurs develop or evolve future courses of action keeping in mind the goals to be realized. They believe in developing relevant and realistic plans and ensuring proper execution of the same in their pursuit of attaining their goals.

Problem Solver

Successful entrepreneurs take problems as a challenge and put in their best to find the most appropriate solution for the same. They will first of all understand the problem and then evolve appropriate strategies for overcoming the problem.

Self Confidence

Top performers are not cowed down by difficulties as they believe in their own abilities and strengths. They have full faith in their knowledge, skill, and competence and are not worried about future uncertainties.

Assertive

An assertive person knows what to say, when to say it, how to say it, and whom to say it. He believes in his abilities and ensures that others fall in line with his thinking, aimed at promoting the interests of the organization.

Persuasive

A successful entrepreneur through his sound arguments and logical reasoning is in a position to convince others to do the work the way he wants them to do it. It is not the physical but intellectual force he will use to convince others.

Effective Monitoring

Top performers ensure that everything is carried out in their organizations as per their wishes. They ensure regular monitoring of the work so that the goals of the organization are achieved in the best possible manner.

Employees Welfare

Future of the organization depends on its employees. If the employees are dedicated, committed, and loyal, the organization is bound to perform well.

A successful entrepreneur tries to promote an organization’s interests through the promotion of the interests of the workers. He takes a personal interest in solving problems confronting workers and generates the feeling that there is interdependence between the interests of workers and the management.

Effective Strategist

A successful entrepreneur possesses the ability to evolve relevant strategies, aimed at safeguarding or promoting an organization’s interests. The strategy may be with respect to facing future uncertainties or challenges posed by competitors. organization.

FAQs Section about Personality Traits of an Entrepreneur