An entrepreneur is a person with a vision, drive, and with ability to bear risk. He or She is a pivot around which the entire industry rotates because it is foresight, knowledge, optimism, hard work, persistence, and efficient management of the enterprises that bring success to the enterprises.
He or She is the ‘spark plug’ who transforms the economy of a country. This shows how important an entrepreneur is in the economic system of the country. Hence, it is said that an economy is an effect for which entrepreneurship is the cause.
Qualities of a Successful Entrepreneur
These are the essential qualities of a successful entrepreneur:
- Looking for Opportunities
- Systematic Planning
- Information Seeking
- Concern for Quality Products
- Commitment to Work
- Efficiency Orientation
- Concern for Employee’s Welfare
- Effective Strategist
Initiation of any business activity should come from the entrepreneur. It is the entrepreneur who takes action that goes beyond job requirements or the demands of the situation. He does things before being asked or forced by the events.
Looking for Opportunities
A successful entrepreneur is one who always is on the lookout for and takes action on opportunities. He must be always ready to exploit it to maximize the interest of the organization.
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.
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.
Successful entrepreneurs are challenging by nature. They always try to find ways and means to overcome the problems that come their way. They also identify new and potentially unique ideas to achieve their targets.
Successful entrepreneurs must have a strong belief in themselves and in their own abilities. They have full faith and confidence in their own knowledge, skill, and competency to complete a task or meet a challenge. They are not at all cowed down by difficult situations.
A successful entrepreneur must be assertive in nature so that he can assert his issues with others for the promotion of the interest of his enterprise. He tells others what they have to do and rebukes or disciplines those failing to perform as expected.
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.
An entrepreneur is always in search of new ideas and information 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 to realize his goals.
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.
Commitment to Work
Successful entrepreneurs make every sacrifice to get the task completed. They put the highest priority on accomplishing their objective. They are committed to their work. They also express a concern for satisfying their customers.
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.
Successful entrepreneurs ensure regular monitoring of the work to achieve the organization’s goal in the best possible manner. They personally supervise all aspects of their project to ensure completion of the work within the scheduled time and cost.
Concern for Employee’s Welfare
Concern for employee welfare should be at the top of the agenda of successful entrepreneurs. They give priority to improving the welfare of the employees because it is the employees whose dedication and commitment services lead to the super performance of the organization.
The successful entrepreneur develops and uses a variety of effective strategies to accomplish their own objectives. They also evolve relevant strategies that will safeguard and promote the interests of the organization.
What are the qualities of a successful entrepreneur?
The following are the qualities of a successful entrepreneur: Initiative 2. Looking for Opportunities 3. Persistence 4. Systematic Planning 5. Problem-Solving 6. Self-Confidence 7. Assertiveness 8. Persuasion 9. Information Seeking 10. Concern for Quality Products.