Important Characteristics of an Entrepreneur

Here, some of the best characteristics of an Entrepreneur that is vital to cherish if the business
wants to hit the list of top-notch business firms. We are going to enlist all these indispensable
characteristics below that an Entrepreneur must possess to achieve success.

Capacity to take risks

The first and foremost trait of Entrepreneur is the capacity to take the risk as the starting of any
business involves a lot of risks that may lead to failing sometimes. A venture cannot be started
without any reasonable amount of risk. An entrepreneur needs to have courage as well as the
capacity to bear all the associated risks with a business.

Innovation
In today’s world where we have done with all sorts of uniqueness and inventiveness, it is a
priceless gift to innovate something whether it is a service or a product. Ideally speaking,
Innovation refers to new as well as creative ideas with which you can commence a business and
accomplish a considerable amount of profits. It can be attached to a product like a launch a
product that no other business is selling and it may be a service that is in favor of people and less
costly. Apart from this, if a business is doing any kind of work related to manufacturing and
production efficiently and economically, and then it is also a decent sign of innovation.
For instance, a better example of innovation is launching a touch screen phone when people have
only keypad cell phones. In capital-intensive industries, the replacement of manual work with
machines can increase the speed of production and also lower down the need for workers.

Visionary
An Entrepreneur needs to be visionary as the person needs to anticipate what will happen in the
future and what will be the need of people and how they can meet the needs cost-effectively.
With no future need for the venture, the Entrepreneur becomes aimless and never reaches the
peak of success.

Leadership Quality
Needless to say, the leadership quality is a must in an Entrepreneur and it requires various
resources to switch the vision into reality. Manpower is among the asset and widely required as
they hired to perform several activities related to the business such as manufacturing, production,
supplying and accounting and so on.
Not an Entrepreneur can tackle the burden of all the tasks attached to the business success and
hence it is necessary to have the manpower. Being a leader, it is vital to give directions to the
employees and lead them perfectly towards the avenue of goal achievement. With no directions,
every employee is working independently in their directions and not for the accomplishment of
the set target.

Open-Mindedness
Any sudden situation can be a business opportunity and a good level of Entrepreneurship can
only grasp the same. Thus these opportunities can be utilized for the betterment of the
organization.
To exemplify, during the time of demonetization Paytm realized the importance of online
transactions and thus, develop a system that helps people to transfer money from one bank
account to another. In such a way, the firm grew massively and this was the golden period for
Paytm.

Confident
Entrepreneurship ought to be done in a manner that all ideas, as well as skills, seem to be more
confident in line with business success. If the confidence lies in Entrepreneurship, then the
employees already get more confidence and it will result in some phase of goal fulfillment.

Well Informed
The confidence exists if the Entrepreneur is familiar with the industry and associated ups and
downs in the environment. Some political and economic issues can be a hindrance in the path of
success but some others could be favorable for business too. Such a piece of knowledge can help
the business to make the right decisions on the spot.

Flexibility
As the situation in a business atmosphere changes from time to time, so the Entrepreneurship
ought to be flexible and open to adjust it with any circumstances. People always want a change
and some changes are required to match the customer’s taste is vital. SO, Entrepreneurship
should ready to introduce change in a product or service.

Know Ins and Outs of Product

The product offered by the business firm should meet the latest trends in the market. It is
necessary that all the manufactured products and services ought to meet the demands of the
current market. If not, then point out the need and male changes accordingly.

Economic Activity
Entrepreneurship is a kind of economic activity as it involves creating and operating an
organization to gain profit and ensure the optimum utilization of resources. It focuses more on
the creation of wealth and value.

Dynamic Activity
Frankly speaking, Entrepreneur is a dynamic activity that is performed continuously, no matter
what are the circumstances even in an uncertain business atmosphere. Thus, Entrepreneurship is
known as a dynamic force.

Profit Potential
Entrepreneurship is a two-way path as one way is to invest in any product or service with a high
level of risk and another way is to expect a high level of return on investment in the form of
profit. With the absence of profit potential, all the efforts of the Entrepreneur will remain only a
theoretical task and nothing more than that.
Curiosity
This is a characteristic of an Entrepreneur that can make or break the business. As if the
Entrepreneur has the curiosity to do something unique and different in their products and
services, then they can beat the competition as the taste of customers never remains the same.

Inspiration
In the outside world, anyone can find some inspiration however the successful Entrepreneurs are
self-inspiring as they find inspiration in creativity. The inventiveness lies in Entrepreneurship
from scratch and they are always interested in making things happen.

Perseverance
It is well said that “Genius is one percent inspiration and ninety-nine percent of perseverance”.
Most of the people think that Entrepreneurship is only made for intelligent people and is not a
cup of tea for common people. However, it is a myth like if you are working like crazy for your
venture and want it on the top, then it is not necessary that you must have some kind of divine
inspiration.
It is not a simple task to become exceptionally hard-working and it does not happen overnight in
any circumstances. Having the drive to work hard is not at all enough.

Tenacity
Entrepreneurship needs to be tenacious in all sorts of circumstances and it is a must to succeed in
the business sphere as an Entrepreneur. Tenacity is the ability of a person to continue working
even when they get tired and don’t want to continue in tough times.

Resilience
As similar to that of tenacity, another characteristic is resilience that is vital for Entrepreneurship.
An Entrepreneur must find some creativeness all the time and always looking for something
unique. No matter whatever the situation is, startup business with new inspiration and recover all
the past things.

Craving for competition

An enterprise is nothing without competition and a successful Entrepreneur always have thirst
for competing with other rivalries. Competition always exists as there is already a market for
your product. In addition to this, appreciate competition and beat the opponent at the hit list.

Bottom Line
All these characteristics are required for an Entrepreneur to achieve the great heights of success.
A huge success of a venture depends on how you treat the business. In addition to these brilliant
traits, a significant aspect of a business is viability which is associated with having business
education that plays an important role. An individual with all these characteristics get benefited
the most and also appear among the top-notch Entrepreneurs.
Entrepreneurial characteristics of Sufi Mohamed Mizanur Rahman
In the expansion of trade and commerce and investment, the man who is working like a thriving
young man despite himself being an elderly person he is the Chairman of countrywide famous
PHP Group, Sufi Mohammad Mizanur Rahman. PHP is a notable institution of present time,
which has been able to raise storms in the system of technology and development of 21st
Century. Alhaj Sufi Mohammad Mizanur Rahman is a humanitarian entrepreneur personality. By
bearing honesty, idealism and principles, even in this critical time of globalization, the success
which he has attained as a citizen of a backward third world country that is rare in this country.
He structured this group with his divine contemplations and imaginations, thoughts and
awareness and ideology. He believes firm faith, strenuous labor and deep patriotism is the only
track to liberty.
Standing on strong base due to talent, skill and sincere endeavor of Alhaj Sufi Mohammad
Mizanur Rahman, illuminated institutions of PHP group are PHP Corporation Ltd., PHP Ship
Breaking and Re-cycling Industries Ltd., PHP Cold Rolling Mills Ltd., PHP Fittles Ltd., PHP
Continuous Galvanizing Mills Ltd., PHP Float Glass Industries Ltd., PHP Shipping Lines Ltd.,
PHP Power Company Ltd., PHP Fisheries Ltd., PHP Rubber Plantation Ltd., Bay Terminal and
Distribution Company Ltd., PHP has established  University of International Technology
Services(UITS) to spread education fitting the needs of 21st Century. The main philosophy of
Sufi Mohammad Mizanur Rahman is beauty and truth, whatever hard it is, should be accepted.

Important entrepreneurial skills that are needed for a business graduate

If a business graduate successful in business career, he/she is going to need some entrepreneurial
skills. An entrepreneurial mindset is an asset to any business career, whether you're running a
thriving business of he/she own or he/she is the star player in someone else's organization.
By providing him/her with the proper training and opportunities to build the network, BBA
program will help you hone the creative, strategic, and collaborative skills need to be a business
leader in any setting.
Here are four essential entrepreneurial skills that anyone who aspires to own a business or who
wants to be a leading innovator on a company.
1. Creative thinking.

Creative thinkers revel in the freedom to come up with big ideas and to let those ideas percolate
and bloom. They are willing to challenge assumptions, and they seek input from people with
different experiences and who can offer new perspectives.
Forbes says that creative thinking is one of the most important entrepreneurial skills because it
allows business leaders to see patterns where none exist and to think of innovative ways to solve
problems.
2. Time management
Efficiency is an indispensable survival tool for entrepreneurs, especially those in the start-up
phase. When resources and staff are tight, every moment needs to be as productive as possible.
If you decide to start your own business, being able to plan and organize your time efficiently
will get you through those hectic periods when you're wearing several hats and working on
multiple projects at once, with very little help. Good time-management skills will also serve you
well as an employee. You'll be able to take ownership of managing your assignments and
meeting deadlines. You'll know how to prioritize tasks and eliminate distractions so you get your
work done. That kind of initiative makes a positive impression, and it can help put your business
career on the fast track.
3. Networking.

Networking is all about building relationships. It's the cultivation of connections among people
who share information, ideas, and resources for their mutual benefit. And it's one of the most
valuable entrepreneurial skills.
Entrepreneurs need feedback on their ideas, connections to funding resources, information about
how to start and manage a business, and access to a wide range of business expertise and
professional services. Networking feeds that support system.
That ability to connect with others and form collaborative relationships is just as valuable to
employees as it is to entrepreneurs. It's a prerequisite for being an effective team member,
finding a career mentor, and meeting the expectations of your supervisors and the customers that
your workplace serves. Forbes recommends building genuine connections when networking; you
never know when in your career you'll need to rely on your network for opportunities, advice, or
resources.

4. Communication.

Even the best business ideas won't go anywhere if potential funders and customers can't be
convinced that they're good enough to support. That's why communication is such a crucial skill
for entrepreneurs.
Employers also value communication skills—especially written communication skills. In a 2019
survey conducted by the National Association of Colleges and Employers, four out of five
employers indicated they most wanted to see written communication skills on the résumés of
students applying for jobs. And the aforementioned LinkedIn survey listed persuasion—an
ability that directly correlates with effective communication—as the second-most desirable soft
skill among employers, behind creativity.