An entrepreneur is a person who sets up business or businesses, taking on financial risks in the hope of profits. In other words, it can be said that an entrepreneur is someone who exercises initiative by organizing a venture to take the benefit of an opportunity and as a decision-maker decides what and how much of goods or services will be produced.
As human beings, we all are created with different natures, passions, and skills. In addition to that, we all learn and experience a different phase of life that is unique to us allowing us to form characteristic sand qualities of who we are and what we want to be.
For those who decide that they have what it takes to become an entrepreneur, these qualities that can lead them to their path of success or failure. Although some would argue, that successful one just lucky or they have got luck on their side, but to be successful entrepreneurs, it needs more than luck in order to succeed in this hardcore competitive market. Luck may take them to the destination they want to reach but it is their ideas, dedication, hard work and their action that can make successful in their long way.
Entrepreneurs are some multiverse,multi-talented and diverse people. They try to perform different roles at the same time as they are the project managers, a risk-taker, an accountant, a marketer, and a salesman, etc.They need certain qualities in order to be successful which have been discussed below.
1. Passion and motivation
The one word that describes the basic requirement for an entrepreneurship venture is “passion”. Passion is the most important trait of a successful entrepreneur. Loving your work is the most important thing. A successful entrepreneur always loves his work genuinely and always willing to put those extra hours and efforts to make the business succeed. the happiness, which is being achieved from success is way beyond their money which they invested in their venture. In other words, a demonstration of passion and motivation would determine the success of any entrepreneurial venture. From building and implanting a prototype to pitching the idea to venture capitalists, success is the function of passion and motivation
2. Risk takers
Entrepreneurs are risk-takers and always ready to face the risk into the future of uncertainty.Good entrepreneurs are not scared of taking a risk on their shoulders. They have to take risks on an everyday basis because it is a part of running a business. What distinguishes a successful or a good entrepreneur from rest of the other entrepreneurs are that successful entrepreneur takes calculated risks, they are not the foolish one who would not see the pros and cons of the outcome. They look at the pros and cons, of every decision that they take and face, take the advantages and disadvantages of every move into consideration. They try to look at all the possible outcomes and then try to make calculated and informed decision making while taking everything into consideration. Taking risks in a business is part of the game, however, taking calculated risk brings about positive outcomes in most of the time.
3. Adaptability and flexibility
It’s good to passionate about the work and sometimes be rigid about the work you do. But being inflexible about client and market needs would lead to failure. It is necessary to have an open mind in adopting the.changes.They should not be headstrong and stubborn when it comes to choosing other options. An entrepreneur should be flexible while making a decision. They should not be rigid in the decision-making process. If the situation changes to demand in the decision that will be beneficial to the enterprise, then after looking and analyzing the pros and cons of the decision, the entrepreneur should revise and modify the decision.
A successful entrepreneur must pose a strong sense of self-confidence and healthy opinions of their skill and abilities.They must have the confidence and belief in themselves to achieve the desired objectives. They should strongly believe that they can beat anyone in this field. They are responsible for their own success. Therefore must have the confidence to promote themselves and their business on a continuing business. Their personality is assertive and strong. They are always focused on the task they performing keeping the pros and cons at the back of their mind. They are confident with the knowledge and their abilities that they would make the business succeed. They exude that confidence in everything they do.That’s what makes them different from the rest of the people.
5. Good communicator
Communication is the most important part of any professional field.It entrepreneur must be well-versed with the art of communication. An entrepreneur must be a good communicator while sharing the ideas and thoughts with their investors, clients, and many more people while advertising and promoting their company. It is the skill through which both the sender and receiver understand each other’s thought processes. In many situations, they require to influence creditors, investors, suppliers, customers, and government and make them think in his way and act accordingly. An entrepreneur who can effectively communicate and convince these above people will be more likely to succeed than those who do not know the art of communication.
6. Spot solutions, not problems
Entrepreneurs are never put off or scared by the obstacles faced in a venture, even one that seems insurmountable.A true entrepreneur looks for ways to make ideas work while regular people try to focus on the problem only why they won’t work.?If an entrepreneur faces any sort of obstacle, they try to realize the problem and seek the way to overcome it. On the other hand, regular people see the problem as an excuse to give up.
7. Innovative thinkers
An entrepreneur must be innovative and creative Entrepreneurs are almost defined by their constant drive to develop new ideas and always try to improve the existing one. Successful people welcome changes. Through his innovative ideas and creative thinking, an entrepreneur is able to engage himself to analyze various problems and situations in order to deal with them. With his thought process, try to improve the new products, develops new methods of production, try to discover a new market and reorganizes the enterprise.
An entrepreneur must possess good leadership qualities in order to be a successful entrepreneur because it is one of the important aspects of entrepreneurship. They are good at managing all the aspects of professional and their personal lives. They have the ability to make a big decision and the right decision. They can provide guidance and good opinions to others. The entrepreneur must have the ability to lead so that he can induce people to work with confidence and zeal. It is an aid to authority and also helps in better utilization of manpower.
9. Good human relation ability
Entrepreneurs must have the ability to maintain and establish good relationships with their customers, clients, suppliers, financers, and people involved and related to business to run it effectively and efficiently.It is very important to build a good rapport with the outside world.Maintaining good human elation is very essential in order to succeed.Emotional stability, tactfulness, and warm human relation are some of the important qualities and requirements which would bring success to an entrepreneur.
Entrepreneurs are always goal-oriented.Entrepreneurs love to set their goals and put their efforts to achieve that goal.They are always determined to succeed and would remove any hindrances that may stand in their way. They also tend to strategic in their game plans and have got a clear vision and idea that what exactly they want to achieve and how to achieve.
Entrepreneurs are not scared by their defeats or lose hope by their defeats. They look at the defeat as opportunities for success.They are very much determined to make their all endeavors succeed. They will keep on trying until they do not succeed. They are highly determined and do not believe in the term “impossible.
12. Hard work
It is one of the important traits and a completely pivotal ingredient to true success. In order to achieve the goal, the entrepreneur has to put a lot of effort and hard work to realize their dream. There is no short cut for success.Hard work and dedication can take the entrepreneur to that place where he wants to reach and would be able to realize his dream.
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