(A) Definition : According to Webster dictionary, “An entrepreneur is a person who starts a business and is willing to risk loss in order to make money.” The entrepreneurs are passionate to innovate, lend, invent or pioneer with a disruptive product or technology. A small businessman, a plumber or a founder of huge company are entrepreneurs.
(B) The qualities of a successful entrepreneur:
(1) Discipline : An entrepreneur has comprehensive strategies and tactics to accomplish the organisational goal. Successful entrepreneur is disciplined enough to take steps every day towards the attainment of his objectives. They eliminate any hindrance or distractions.
(2) Confidence : An entrepreneur is confident with the knowledge that he will make his businesses succeed. He shows the confidence in everything he does.
(3) Open-minded : An entrepreneur has the ability to look at everything around him and realises that every event and situation is a business opportunity. New ideas are constantly being generated about potential new business.
(4) Self starter : An entrepreneur is proactive, not waiting for someone to give him permission. Everything which needs to be done, he should start in himself. So, he sets parameters for the project.
(5) Competitive : An entrepreneur knows that he can do a job better than others. He needs to be competitive to win every game of the business.
(6) Creativity : An entrepreneur often comes up with solutions which are the synthesis of other item. He makes connections between two unrelated events or situations.
(7) Determination : An entrepreneur is determined to make all of their endeavours succeed, so will try again until it does. He sees opportunity for success in defeat.
(8) Strong communication skills : The entrepreneur has strong communication skill to sell the product and to motivate employees. He has to highlight benefits of situation and coach others to be successful.
(9) Strong work ethics : An entrepreneur mind is constantly on his work place to ensure that an outcome meets his expectations.
(10) Passion : Passion is the most important that of a successful entrepreneur. He genuinely loves his work because there is a joy that his business gives which goes beyond the money. He should always research and read to make his business grow and be better.
