Qualities of an Entrepreneur
These are the essential traits or qualities of an entrepreneur:
- Strong Desire to be a Winner (Need to Achieve)
- ‘Stick-to-it’ Quality (Perseverance)
- Moderate and Calculated Risk-taking
- Ability to Identify and Develop Opportunities
- Analytical Ability
- Using Feedback
- Hope for Success
- Systematic Planning
- Coping with Stress
- Positive Self-Concept
Strong Desire to be a Winner (Need to Achieve)
Most people dream of success and achievement but do not take any action towards achieving those dreams. People with entrepreneurial qualities, on the other hand, have a strong desire to achieve a higher goal and make their dreams come true. For them winning is achievement.
‘Stick-to-it’ Quality (Perseverance)
Once committed to a goal and a course of action, entrepreneurs become absorbed in it. They are not deterred by difficulties and problems that beset any project; they work hard until the entire project is successfully accomplished.
Moderate and Calculated Risk-taking
Entrepreneurs are not high risk-takers; they are not gamblers. They choose a moderate risk rather than a wild speculative gamble. They love a moderate-risk situation, high enough to be exciting, but with a fairly reasonable chance of winning.
Ability to Identify and Develop Opportunities
Entrepreneurial persons are quick to see and seize opportunities. They show an innovative turn of mind and convert difficulties into opportunities. But they are realistic too. They carefully plan how to achieve their goals and anticipate problems that might arise in realizing an opportunity.
If an entrepreneur has analytical ability he can effectively analyze situations, problems, and difficulties and identify solutions for them. This makes the management and running of the enterprise smooth and successful.
Entrepreneurs like to have immediate feedback on their performance. They seek prompt and accurate data and it does not make any difference whether or not the information they get is favorable. In fact, they are stimulated by unfavorable feedback to pour more energy into attaining their objectives.
Hope for Success
Achievement-oriented people tend to be optimistic even in unfamiliar situations. The odds may not be clear but the circumstances may be appealing. In such situations, entrepreneurial persons see no reason for failure given their abilities.
They go ahead undeterred, sometimes even without guidelines, and frequently make the best of whatever opportunities there are. As they begin to understand their environment they start calculating their chances very closely. Thus, paradoxically, they present a picture of boldness in the face of the unknown and prudence in the face of the familiar. They usually win by applying their special insight and skill.
It is found that most entrepreneurs start off on their own because they do not like to work for other people. They like to be their own masters and want to be responsible for their own decisions.
Most successful people tend to set a goal for themselves and make systematic plans to achieve that goal within a certain time limit.
Coping with Stress
As a central figure in your enterprise, you will have to cope with many situations at the time and make the right decisions which may involve a lot of physical and emotional stress. All this can be done if you have the capacity to work long hours and keep cool under a lot of tension.
An achiever directs his energies toward the accomplishment of worthwhile goals and sets standards of excellence in what he is doing. This is based on his awareness of his strengths and weaknesses. He uses positive knowledge to support his thinking. He is rarely negative. He has self-confidence.
No entrepreneur has all these qualities. But most of them possess at least some of them. So the first step for a person aspiring to entrepreneurship is to make an inventory of the traits he possesses. This self-awareness analysis will help define your strengths and overcome your weaknesses.
FAQs Section About Qualities of an Entrepreneur
What are the qualities of an entrepreneur?
The following are the qualities of an entrepreneur:
1. Strong Desire to be a Winner (Need to Achieve)
2. ‘Stick-to-it’ Quality (Perseverance)
3. Moderate and Calculated Risk-taking
4. Ability to Identify and Develop Opportunities
5. Analytical Ability
6. Using Feedback
7. Hope for Success
9. Systematic Planning
10. Coping with Stress
11. Positive Self-Concept.