Explain the qualities of a successful entrepreneur. – Organisation of Commerce and Management | Shaalaa.com

Answer in Brief

Explain the qualities of a successful entrepreneur.

Solution

Qualities of a successful entrepreneur

1. Disciplined:
   These individuals are focused on making their businesses work, and eliminate any hindrances or distractions to their goals. An entrepreneur has comprehensive strategies and outlines the tactics to accomplish them. A successful entrepreneur is disciplined enough to take steps every day towards the achievement of his objectives.
2. Confidence:
   The entrepreneur does not ask questions about whether he can succeed or whether he is worthy of success. He is confident with the knowledge that he will make his businesses succeed. He shows confidence in everything he does.
3. Open-Minded:
   Entrepreneur realizes that every event and situation is a ‘business opportunity. Ideas are constantly being generated about workflows and efficiency, people skills, and potential new businesses. He has the ability to look at everything around him and focuses it towards his goals.
4. Self Starter:
   An entrepreneur knows that if something needs to be done he should start it himself. He sets the parameters and makes sure that projects follow that path. He is proactive, not waiting for someone to give him permission.
5. Competitive:
   Many companies are formed because an entrepreneur knows that he can do a job better than others. He needs to win the game of business. An entrepreneur will highlight his own company’s track record of success.
6. Creativity:
   One aspect of creativity is being able to make connections between seemingly unrelated events or situations. The entrepreneur often comes up with solutions which are the synthesis of other items. He will repurpose products to market them to new industries.
7. Determination:
   An entrepreneur is not thwarted by his defeats. He looks at defeat as an opportunity for success. He is determined to make all of their endeavours succeed, so will try and try again until it does. A successful entrepreneur does not believe that something cannot be done.
8. Strong communication skills:
   The entrepreneur has strong communication skills to sell the product and to motivate employees. A most successful entrepreneur knows how to motivate his employees so the business grows overall. He is very good at highlighting the benefits of any situation and coaching others to their success.
9. Strong work ethic:
   The successful entrepreneur will often be the first person to arrive at the office and the last one to leave. He will come on his days off to make sure that an outcome meets his expectations. His mind is constantly on his work, whether he is in or out of the workplace.
10. Passion:
    Passion is the most important trait of a successful entrepreneur. He genuinely loves his work. He is willing to put in those extra hours to make the business succeed because there is a joy his business gives which goes beyond the money. The successful entrepreneur will always be reading and researching ways to make the business better.

Concept: Qualities of a Successful Entrepreneur

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APPEARS IN

Balbharati Organisation of Commerce and Management (OCM) 12th Standard HSC Maharashtra State Board