As I said on my previous Instagram posting, I will try to share materials that I learned on Entrepreneurship Development Banaras Hindu University Online Course. Now, I want to share about 15 Key Qualities of Entrepreneur, and I think it is important basic thing about how we as entrepreneurs should get the characteristics and ability that we must have. So, these are 15 Key Qualities of Entrepreneur and its short explaination. Enjoy!
1. Desire to Excel: Have "Never Give Up" Attitude
The entrepreneur should always engage in competitions with self imposed standards with himself to beat his last best performance.
2. Initiative: be Empathetic
Seeking personal responsibility for actions and use the available resources for optimisation of objectives.
3. Hard Work:
Possess an intense level of strong determination and willingness to work hard.
Capacity to work for long hours and in spurts of several days with less than normal amount of sleep.
4. Self-Confidence: Encourage and Uplift People
They have confidence and belief in themselves to achieve their desired objectives.
They do not believe in status quo, rather they believe that the events in their life are self-determined and have little belief in fate.
5. Moderate Risk-Taker: Learn from failures.
Successful entrepreneurs are neither high-risk takers nor gamblers.
They work in between the two extremes.
6. Motivation: Try to Cheer People Up
7. Innovative
An innovative entrepreneur introduces new products, develops new methods of production, discovers new markets, and reorganises the enterprise.
8. Optimistic: Have a lot of perseverance
Entrepreneurs do not believe that the success or failure of a new business venture depends mostly upon luck or fate or external uncontrollable factors.
9. Analytical Ability
They Must be realistic in their approach.
They should not be affected by personal likes and dislikes.
In times of crisis, they must select experts rather than their friends and relatives to solve the problems.
10. Mental Ability: The inner strength of an entrepreneur.
It consists of the intelligence and creative thinking of an entrepreneur.
Through this ability, entrepreneurs are able to adjust themselves to the changing business environment.
They are never disturbed by any internal or external threat to their business or intermittent problems in accomplishing their goals.
11. Flexibility
If the situation demands a change in the decision that will be beneficial to the enterprise, then after analysing the pros and cons of the decision, the entrepreneur should revise or modify or change the decision.
12. Independence
They prefer to work in an environment free from interference.
13. Leadership
The entrepreneur must have an ability to lead so that he can induce the people to work with confidence and zeal.
It is an aid to authority and helps in better utilization of manpower.
They like to be independent in decision making of their own business.
14. Communication Ability
They must be well-versed in the art of communication.
In many situations to influence customers, employees, suppliers, creditors, and government and make them think in his way and act accordingly.
An entrepreneur who can effectively communicate and convince the above people will be more likely to succeed than an entrepreneur who does not.
15. Good Human Relations Ability
They must establish and maintain good relations with customers, employees, suppliers, financiers and other people related with the business to run it effectively and efficiently.
Emotional stability, tactfulness and warm human relations are some important qualities which bring success to an entrepreneur. An entrepreneur who maintains good human relations is much more likely to succeed in his business than the individual who does not practice such relations.
Conclusion:
• Entrepreneurship is the state of mind
• If you wish – you emerge as an entrepreneur
• Key Qualities which motivate an entrepreneur to capture Opportunities
