- Entrepreneurship Development
- Entrepreneurship - Home
- Entrepreneurship - Introduction
- Enterprise & Society
- Qualities of an Entrepreneur
- Mind vs. Money
- Entrepreneurial Process
- Starting a Business
- Entrepreneurial Environment
- Industrial Policies & Regulations
- International Business
- Business Plan
- Growth Strategies in Business
- Product Launch
- Case Study
- Entrepreneurship Useful Resources
- Entrepreneurship - Quick Guide
- Entrepreneurship - Useful Resources
- Entrepreneurship - Discussion
- Selected Reading
- UPSC IAS Exams Notes
- Developer's Best Practices
- Questions and Answers
- Effective Resume Writing
- HR Interview Questions
- Computer Glossary
- Who is Who
Entrepreneurship Development - Qualities
In order to organize and run a business successfully, an entrepreneur must possess certain traits important for driving success. Some of them are −
Self-confidence − Others will trust you only when you trust yourself. This is the most important trait of an entrepreneur, who should have the confidence to take one’s own decisions.
Risk-taking ability − Business is all about taking risks and experimenting. Entrepreneurs need to have a risk-taking ability.
Decision-making ability − Entrepreneurs should have the willingness and capability to take decisions in favor of the organization all the time.
Competitive − Entrepreneurs should always be ready to give and face competition.
Intelligent − Entrepreneurs always need to keep their mind active and increase their IQ and knowledge.
Visualization − Entrepreneurs should have the ability to see things from different point of views.
Patience − This is another virtue which is very important for entrepreneurship as the path to success is often very challenging and it requires a lot of patience for sustenance.
Emotional tolerance − The ability to balance professional and personal life and not mixing the two is another important trait of an entrepreneur.
Leadership quality − Entrepreneurs should be able to lead, control and motivate the mass.
Technical skill − To be in stride with the recent times, entrepreneurs should at least have a basic knowledge about the technologies that are to be used.
Managerial skill − Entrepreneurs should have the required skill to manage different people such as clients, employees, co-workers, competitors, etc.
Conflict resolution skill − Entrepreneurs should be able to resolve any type of dispute.
Organizing skill − They should be highly organized and should be able to maintain everything in a format and style.
High motivation − Entrepreneurs should have high level of motivation. They should be able to encourage everyone to give their level best.
Creative − They should be innovative and invite new creative ideas from others as well.
Reality-oriented − They should be practical and have rational thinking
Skills of an Entrepreneur
Every entrepreneur should have the following necessary skills to run his/her business smoothly.
Confidence to Delegate Tasks
An entrepreneur likely has a full plate and feels that he/she can take on any task. But in reality, they keep adding to the already-full plate and eventually it is going to collapse and create a mess.
An entrepreneur should be confident to delegate tasks to an experienced member of the company, who has the ability to get tasks completed.
Effective Time Management
Proper time management is necessary to differentiate between the extremely urgent tasks and those that can wait. An entrepreneur should use a notebook or whiteboard to prioritize tasks by writing them down.
Mobile devices and tablets have calendars and notepads, but nothing is more effective than actually making a “to-do” list. Concentrate on one task at a time and don’t let new “to-do’s” disrupt your focus. Check them out one at a time.
Visualizing Aim and Success
Entrepreneurs need to visualize their goals and success in their mind first, if they wish to plan on making it a reality. Not only do they need to visualize the end result, but also every step that it is required to get there.
Proper Listening and Communicating Well
Entrepreneurs need to be good at listening and communicating. If they lack this quality then this may result in miscommunication and wastage of time. Apart from this, extra work is required to correct the miscommunication.
Time is something that all entrepreneurs would like more of. How often we wished there were more hours in a day? Wasting priceless time repeating and redoing tasks due to poor communication should be avoided.
Understanding the Importance of Time
It’s not possible to give everyone the time they want, as it would leave the entrepreneur with little to no time to complete the things that is to be done.
If a sales representative has a question, they should discuss it with the sales manager. If a customer has a question they should be speaking with the company’s customer care representative.
While people might demand time, it doesn’t mean that it is a must to grant them the time. Time is valuable, so it shouldn’t be wasted on disruptions that can be handled by other members of the organization.
Seeking Help When Needed
We often let our adamant nature to prevent us from asking for help. There were times when we were stumped and someone came along with the answer and we thought, “Why in the world didn’t I think of that?”
Sometimes clear mind and a different viewpoint can quickly solve a problem or provide a solution to a question. One should not be afraid to ask for help when needed, as it can also help to strengthen the communication within the organization.
It is important to understand how blessed entrepreneurs are to do what they love to do. When we are appreciative of what we have achieved, we should just take a step back to see what we can do to give back, it gives a feeling like no other.
Nobody said being an entrepreneur is an easy task, and while these qualities will not transform into automatic success, they sure can help in the journey to success.