Qualities of a Successful Entrepreneur & Functions of an Entrepreneur

Self-Confidence

For achieving success in life, one should have confidence in himself/herself. A person who lacks confidence can do any work himself/herself nor inspire others to work. Self-confidence is reflected in courage, enthusiasm and the ability to lead.

Adaptability

The entrepreneur must understand the ground realities of the business environment. He/She should be prepared to adapt to the changes taking place in the system. Any resistance to change and delay in responding thereto, shall lead to losing opportunity of taking advantage thereof.

Promotion

In fact, promotion may be undertaken for setting up a new business, small or large expansion of an existing business for combining two or more business firms. As a promoter, the entrepreneur must conduct feasibility studies, decide to the form of organization, assembled the required funds and, people, and give a concrete shape to th business proposition.

Bearer of Risks and Uncertainty

To start with, it is the entrepreneur who assumes risks and is prepared for the losses that may arise because of unforeseen situations in the future. In fact, it is his willingness to take risks that help him to take initiatives in doing new things and trying new method of production.

Orientation Towards Hard Work

While running a business, one problem or the other may occur. The businessmen has to be vigilant about these and find solutions thereof as early as possible. This requires hard work on the part of the entrepreneur. He has to put in extra effort to ensure success of the enterprise started by him

Staffing

An entrepreneur has to design the organisational structure and recruit suitable persons for various positions. He also makes an estimate for skilled and unskilled workers required and makes arrangements for their recruitment.

Conception of an Idea

An entrepreneur is a person with an active mind who can identify business opportunities and take steps for the conversion of ideas into successful business ventures, and give them concrete shape.

Innovation

An entrepreneur is also seen as an innovator who tries to develop new technology, products and market. The entrepreneur uses his creative abilities to do creative things and exploit opportunities in the market.

Initiative

An entrepreneur must have initiative aptitude, pick the right opportunity, and initiate action. If he/she does initiate the action at the right time the opportunity may lost. Hence, the ability to take initiative is the key to success of the venture to a great extent.

Wide Knowledge

An entrepreneur must have wide knowledge of the economic and non-economic environment of business like market, consumer attitudes, technology, etc. In absence of such adequate knowledge the decisions taken by him may be poor and will not contribute to profitability of business in the long run.

Open Mind and Optimistic Outlook

An entrepreneur should have an open mind. He/she should possess a dynamic and optimistic outlook so as to predict changes in the business environment and responded effectively without delay.

Leadership Qualities

An entrepreneur should posses the qualities of a good leader. He/she should have traits of self-discipline, presence of mind, sense of justice, honour and dignity and above all, a high moral character.

Arranging Necessary Capital

Arranging funds is one of the biggest hurdles in setting up a new entrepreneur. It is he who has to provide the initial capital(otherwise known as 'risk capital' or seed capital') for starting the ventures and making the necessary arrangements for raising additional funds required to carry on and expand ther business.

Willingness to Assume Risk

Entering any venture is full of and uncertainties. In order to deal with various types of risks and uncertainties efficiently, the entrepreneur have willingness and foresightedness to assume risks. The quantity and quality of risk taking would determine the quality of business decisions.