Entrepreneurs are persons who initiate, organize, manage and control the affairs of a business unit that combines the factors of production to supply goods and services whether the business pertains to agriculture, industry, trade, or profession. Entrepreneurs Innovate and create resource because there is no such thing as resources until somebody finds a use for something. He is one who evaluates the New situations in his environment. An entrepreneur must be an innovator as well as a leader and must be capable of analyzing the opportunities and exploit them successfully. He should innovate for the present period but not for the future. He need not be the owner of the business. He must mobilize resources and allocate them to make a commercial gain from the opportunities identified. Successful businesses people businesses have many traits in common with one another. They are disciplined and self-stars. Here are 10 traits of entrepreneurs.
Entrepreneurs are basically an innovator who discovers new techniques, methods, new markets, new sources of raw material, New forms of the industrial unit and new material, and discoveries in order to make a new combination. It creates innovative products and services. Entrepreneurs innovate the business processes in their business.
Risk means uncertainty. Risk-taking is also the fundamental function of an entrepreneur. Risk-taking refers to take responsibility for loss that may occur due to unforeseen contingencies of the future. Entrepreneurs take a calculated risk. He faces uncertainty confidently and assumes the risk. The highest order of ability is needed to bear heavy risks and thereby earn high gains. An entrepreneur likes to take a real risk because he wants to be successful.
3. GOOD ORGANIZER
Entrepreneurs assemble, coordinates, organizes and manages the other factors namely land, labor and capital. It also refers to the ability to think out and start a new business. Entrepreneurs initiates, organised, manage and control the affairs of a business unit that combines the factors of production to supply goods and services whether the business pertains to agriculture, industry, trade or profession. Being an organizer, he develops organization structure, makes rules, develops policies, divides work etc.
It is essential to be a self-confident for an entrepreneur. He has full confidence in his strengths and abilities. He should have faith in himself and his abilities. Only self-confident entrepreneurs can trust others and can delegate his authority to others. He should have the confidence to implement the change. Entrepreneurs should have the courage to own their mistakes and correct them.
The main function of an entrepreneur is to make decisions. He decides the activities of enterprise. He decides about the type of business to be done and the way of doing it. An entrepreneurs must be innovative in decision making process. The true entrepreneurship requires creative decision-making, rational approach, problem solving ability and ability to take quick and correct decision. The profitability and productivity of an enterprise directly depends upon the decision making capacity of an entrepreneur.
Every entrepreneurs has a vision for growth and development. An entrepreneur is one who incubate new ideas stars his enterprise with these ideas and provides added values to society based on their independent initiative. A vision is the ability to see what others cannot see. It is being able to have a picture in your mind of exactly the result you intend to produce. The visionary entrepreneurs can see exactly what his or her. Business is going to look like in every detail when it is finished.
7. HIGHLY OPTIMISTIC
Entrepreneurs must be optimistic. An entrepreneur attempts his task with an optimistic attitude for success rather than failure. The positive thinking of entrepreneurs can turn the situation favorable to him. Wise entrepreneurs can analyse the chances of success by understanding the environment optimally. Highly optimistic entrepreneurs can turn unfamiliar and adverse situations to be favorable for him. Always be positive.
Leadership quality is the most important characteristics of entrepreneurs. Leadership is an important element of directing function of the business. It is the ability to build up confidence and zeal among family members and to create an urge in them to be led. It is the process of influencing and supporting others to work enthusiastically towards achieving objectives. Leadership is the catalyst that transforms potential into reality, problems into opportunities.
9. MENTALLY SOUND
An entrepreneur is energetic, single-minded, having a mission and a clear vision. He should be a person of Clear vision. He should be a creative thinking ability and analytical thinking ability. An entrepreneur must be intelligent, adaptable and problem solvers. He keeps an ayes over the work thereby ensuring that everything happens the way he wants that it should happen. He plans his activities very carefully in light of opportunities, treats, strong and weak points.
He is not cowed down by failures and believes in ‘Try Try Again’. He has to work even in an adverse situation. He learns from failures and never gives up. Persistence is the iron quality of characters. Program your subconscious mind for persistence well in advance of the setbacks and disappointments that you are going to have your upward quest towards success. Resolve in advance that you will never give up, no matter what happens. The courage to persist in the face of adversity and disappointment is the one quality that, matter than anything, will guarantee your success. Your greatest asset can be your willingness to preserve longer than anyone else. Your persistence is a true measure of your belief in yourself and your ability to succeed.