Qualities of an Entrepreneur

By: Nikita Biswas

 CONTENTS

● Who is an Entrepreneur ?

● Role of an entrepreneur

● Qualities of an entrepreneur
Who is an Entrepreneur ?
• The word "entrepreneur" is derived from
a French root ‘entreprendre’, meaning,
"to undertake".
• Basically an entrepreneur is a person
responsible for setting up a business or
an enterprise.
• He takes the initiative, has skill for
innovation and looks for high
achievements.
• An entrepreneur is a person who starts
an enterprise. He searches for change
and responds to it.
 Role of an Entrepreneur

To know about the qualities an entrepreneur should possess, one needs to

understand the role of an entrepreneur in the enterprise.

Initiator

Manager

Risk Taker

Adhering to legal norms

Decision Maker

Allocator of resources
 Qualities of an Entrepreneur

These are the 10 qualities which are a must for a person to be an entrepreneur :

Risk
Management Leadership Patience
Management

Communicati- Self-
on Skills Creativity Decisive
Confidence

Learnable
Planning
approach
Qualities of an Entrepreneur

Let’s have a brief description about all these qualities in the

next slides
 Management

● An entrepreneur has to manage each and every

aspect of the enterprise because he/she is the
one on whose shoulders the entire enterprise
relies. An entrepreneur has to manage the
capital, resources, labor as well as time.
● That’s why it is important that he/ she should
possess good management skills such as
planning, organizing, directing, coordinating
and controlling.
 Leadership

● An entrepreneur must be a good leader so

that integrity is maintained amongst the
employees of the enterprise and they can
yield the best outputs.
● An entrepreneur has to motivate his / her
employees for any challenging situations
and this is possible only when he/she is a
good leader.
● A leader ( here, entrepreneur) has to set a
good example in front of his sub-ordinates
by following the rules which are set by
himself/ herself.
 Risk Management
● An entrepreneur should understand that
his/ her business idea may or may not
work.
● An entrepreneur must have the willingness
to assume risk arising out of his/her
business idea.
● An entrepreneur must be ready to bear any
kind of results that his/her enterprise has
produced.
● It is important for the entrepreneur to take
risks but in a calculated manner.
● Also, the entrepreneur has to make sure
that the risk involved in any new business
is reduced.
 Patience
● An entrepreneur needs to have the patience
to see his/her efforts bear fruit.
● Sometimes, the business takes times to
produce good results, so the owner needs to
be patient at this waiting period.
● There are many ups and downs in a
business and when a business goes through
a bad phase, the entrepreneur has to keep
his calm to keep his/her business alive in
this competitive world.
 Communication Skills
● An entrepreneur should have good
communication skills because he/she has to
interact with a lot of people on a daily
basis.
● He/she needs to convince his clients for
certain product(s) and sometimes his/her
own employees to come to a particular
decision.
● An entrepreneur has to articulate his/her
ideas to the employees and highlight the
benefits of the situation despite the risk
included in that situation.
● So it is very important for an entrepreneur
to have good communication skills.
 Creativity

● To survive in this competitive world, an

entrepreneur needs to have creative ideas to
make his/her products sell.
● Another aspect of creativity is being able to
make connections between seemingly
unrelated events or situations.
● Creativity helps develop new ways of
improving an existing product or service
and optimizing a business.
 Self-Confidence

● An entrepreneur needs to have confidence that

his/her business will succeed no matter how
tough the conditions are.
● A successful entrepreneur believes in his/her
abilities.
● If an entrepreneur does not have confidence,
he/she can become demotivated or frustrated
and may eventually give up.
 Decisive

An entrepreneur needs to be decisive .

He/she needs to take decisions at every
stage of their career which have to very
tough at times.
Also, he/she needs to have a stable
mindset because they need be very firm in
their temptation without getting swayed
away by latest trends.
 Learnable Approach
● The industry is growing at a very fast rate
globally and new businesses are emerging
from every corner of the world.
● Therefore, it is important that
entrepreneurs keep on updating their
knowledge and skills on everything be it,
stock market or technology.
● Entrepreneurs must keep learning new
things throughout their life to make his/her
business successful.
 Planning
● It is important for an entrepreneur to have all
sorts of plans required for the business before
the establishment of the enterprise.
● An entrepreneur needs to have specific
answers for the following questions which I
have stated in the next page.
 What is the
business
about ?

How will you

How will you
resolve
arrange the
conflicts
capital for the
among your
business ?
employees ?

How is your
How will you
business idea
arrange all the
different from
resources in
the existing
your budget ?
ones ?

How much
resources are
required for
the business
to set up ?
Thank
You