In this world of huge population, many people believe that entrepreneurs are born and cannot be made, while on the other side, many people believe that entrepreneurs are made nor born. So, what you think?
In order to resolve this controversy, many research studies have been done by different agencies and researchers, including Entrepreneurship Development Institute of India (EDI) Ahmedabad, Mc clelland and B.C. Tandon etc.
So, what does it take to be a successful entrepreneur? On these different studies, following common traits have come out which are essential for successful entrepreneur –
- Opportunity Seeker: An entrepreneur is always in search of right business opportunity for converting it into a project to earn a profit.
- Initiator: As per the demand and situation, entrepreneur takes initiative and start a new enterprise.
- Innovativeness: An entrepreneur is ore than inventor as he uses inventions in commercial way by changing some combinations. He is creative and does new things or existing ones in better way.
- Calculated risk taker: An entrepreneur always does calculations before taking risk or he do not gamble. Entrepreneurs always prefer high risk situation rather than low risk situation because of lack of challenges and gain high profit and success.
- Learner: Entrepreneur is ready to learn from the experiences of others which helps him to reach his goals.
- Committed to work: An entrepreneur always give priority to his work.
- Quality conscious: Entrepreneurs always put efforts to make better than the existing standard of performance.
- Self-confident: Entrepreneurs is a strong believer in his strengths and weaknesses. He is self-confident to seek new opportunities and able to adapt changes in conditions.
- Efficient: Entrepreneurs always tries to do work fast so he can reduce the production cost. He tries advanced technology and always improves and upgrades the quality of product and service.
- Planner: An entrepreneur plans a realistic business plan and follow them to achieve his objective.
- Systematic approach: An entrepreneur have systematic approach for launching a new product which includes product analysis, market survey and changes in product time to time.
- Efficient supervisor: Entrepreneurs always personally supervises the work itself personally to ensure the work is accomplished under the standards of enterprise. He has ability to organize and manage the various factors of production.
- Efficient financial manager: An entrepreneur has ability to use the finances efficiently in best possible manner to achieve his ultimate business objective. He also interests in expanding his enterprise to earn more profits.
- Leadership: An entrepreneur should be a true leader. He should have all the qualities of good leader including confidence, courage, balanced mind in all kind of situations, he always aims to achieve his goals.
- Habit of Saving: An entrepreneur always saves some money for maintaining his reserve money. This savings habit will help in facing tilt in his business.
- Courageous: An entrepreneur must have courage to face any king of problem in all situations. He should prepare for taking risk and uncertainties in his enterprise.