(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) Characteristics :
The characteristics of entrepreneur are as follows:
(1) Intellectual capabilities : An entrepreneur is a creative thinker. He always thinks more creatively and better than others. He always give innovative ideas which is the sign of his intellectual capabilities. He has ability to analyse any situation and take proper decision.
(2) Future vision : The entrepreneurs have the ability of foreseeing the future market conditions. He can take appropriate decision by considering recent market situations and changes in market conditions. He must have knowledge of external business environment. This enables them to take timely actions.
(3) Hard work : An entrepreneur is ready to work hard. Hard work is necessary in any type of venture or business activity to make it more successful. He is required to work more tediously, sincerely and seriously for long terms
(4) Technical knowledge : The entrepreneur should have advance technical knowledge about the products and service, plans of production, etc. Entrepreneur should also update his technical knowledge from time to time to understand latest changes take place in technology.
(5) Communication skills : An entrepreneur needs to communicate effectively with different people like customers, suppliers, creditors, employees, etc. from time to time. He should have good communication skill and command over language he speaks, to be able to express his ideas and strategies effectively. Good communication skills mean proper understanding between sender and the receiver of the message.
(6) Highly optimistic : He should have positive thinking and positive approach in all the activities he undertakes. He is always hopeful and confident about the market situations even in failure or difficult times. It helps him to take the business out of difficulties and make it successful.
(7) Risk-bearing capacity : This is one of the main characteristics of an entrepreneur. He should be calculative in taking risk. He should be prepared to face challenges and look for opportunities in every adverse situation of business.
(8) Self confidence : He should be self confident to achieve his organisational goals. He I should always keep himself confident and motivated to face various obstacles and come out victorious every time in every challenge he faces.
