Characteristics of Entrepreneur-
- Mental Ability-
Mental ability consists of intelligence and creative thinking. An entrepreneur must be reasonably intelligent ie, able to engage in the analysis of various problems and situations in order to deal with them. He/she should anticipate changes & must be able to study the various situations under which decision have to be made.
- Clear Objective-
An entrepreneur should have a clear objective as to the exact nature of the goods to be produced & subsidiary activities to be undertaken. A successful entrepreneur may also have the objective to establish the product, to make profit or to render social service
- Business Secrecy-
An entrepreneur must be able to guard business. Leakage of business secrets to trade competitors is a serious matter which should be carefully guarded against by an entrepreneur.
- Human Relations Ability-
The most important personality traits contributing to the success of an entrepreneur are emotional stability, personal relations, consideration & tactfulness. He must maintain good relations with his customers, creditors & the community.
- Communication Ability-
It is the ability to communicate effectively. Good communication also means that; both, the sender & the receiver understand each other & are being understood. An entrepreneur who can effectively communicate with customers, employees, suppliers & creditors; will be more likely to succeed than the entrepreneur who does not.
- Technical Knowledge-
An entrepreneur must have a reasonable level of technical knowledge. It is one ability that most people are able to acquire if they try hard enough.
Innovation at work : It requires knowledge, persistence, commitment.
To succeed, innovation must build on their strengths.
It occurs through the introduction of a new quality in a product, a discovery of a fresh demand & a fresh source of supply.
An entrepreneur must build a team, keep it motivated & provide an environment for individual growth & career development.
- Self Confidence-
Entrepreneur must have belief in themselves & have the ability to achieve their goals.
- High Energy Level-
Success of an entrepreneur demands the ability to work for longer hours for sustained periods of time.