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Entrepreneurial Qualities
Successful entrepreneurs refer to the desired traits, which enable an entrepreneur to do what is expected of him/her and succeed in business. It is the combination of these characteristics that is required to enable any one to perform effectively as an entrepreneur. It is possible for people to develop these characteristics and succeed in their careers as entrepreneurs.
I. Entrepreneur Prefer Moderate Risks
Entrepreneurs are people who prefer taking moderate risks. Before they commit themselves and their resources, they assess the risks that are associated with a business opportunity that they have selected, and their ability to manage them, the benefits that they will realise and the challenges that they will face from the venture to be undertaken.
Entrepreneurs can earn profits as a result of taking risks and the higher the risks, the higher the profits. However, entrepreneurs will always prefer to take on those risks that they can manage.
An entrepreneur must be a moderate risk taker and learn from failures. The successful entrepreneurs are neither high risk takers, nor gamblers. They work in between the two extremes. They take moderate challenging risk to attain moderate returns which are influenced within their abilities and decisions.
II. Entrepreneurs are Self-confident
This refers to having a strong belief or confidence in oneself and the ability to complete a difficult task or meet a challenge. Entrepreneurs must have confidence and belief in them to achieve their desired objectives. They strongly believe that they can beat anyone in the field. 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.
III. Entrepreneurs are Seek Concrete Feedback on Performance A desire by people with a high need for achievement to seek situations in which they get concrete feedback on how well they are doing is closely related to his concerned for personal accomplishment. Consequently, achievement-motivated people are often found in sales jobs or as owners and managers of their own business. In addition to concrete feedback, the nature of the feedback is important to achievement-motivated people. They respond favorably to information about their work. They are not interested in comments about their personal characteristics, they want to hear about the performance they did.
IV. Entrepreneurs are more Concerned with Task Rather than People
They want more money, more success, more health, more influence, more respect, more love and more happiness. Human wants are limited only by individual imagination. No matter how much a person has, he or she still wants more and more. When you can show people how they can get more of the things they want by helping you achieve your goals, you can motivate them to act in your behalf.
V. Entrepreneurs are Achievement-oriented Focusing efforts on achieving excellent work
Sets and persuasively communicates a clear vision and business direction
Demonstrates, through his/her own behavior, a commitment to the vision; is willing to do what it takes to accomplish the vision.
Looks for staff/team members who are achievement and goal oriented and who do what it takes to succeed
Motivated to build a successful venture and to be an entrepreneur
Willing to shift roles in order to achieve success.
Recognizes the importance of, and puts in place, good business processes and practices to support the organization in achieving its business goals.
Prepared by: Jibb Panganoron