Primary Qualities that Lead to Entrepreneurial Success

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Qualities of an Entrepreneur

Entrepreneurship

Entrepreneurship generally refers to managing small, independent businesses. Recently, some management theorists have applied this term to large organizations and also to managers performing entrepreneurial functions through which they bring about change to make the most of an enterprise's potential. Entrepreneurs, managers and executives must try to capitalize on the available opportunities and improve the organization's position in the industry. Entrepreneurs are defined as persons, who emphasize on creative & innovation and convert an idea into profit making business by working outside the organizational setting.

Qualities of an Entrepreneur

The idea of starting a business is good but it requires special qualities and behavior to become a successful entrepreneur. Entrepreneurs have altogether different traits that make them successful and better than others. These people like to take challenges and are always eager to learn new things. They are action oriented and quickly adopt new methods which can improve their performance and increase the productivity. One of the most important qualities in them is the ability to lead a team by their extrovert nature and management skills. A leader needs to be intelligent and updated with the latest information (Gordon, 2006).

Entrepreneurs use their skills, energy and time in an effective manner. Generally, they are healthy and stable (Geimure). Individuals set achievable & realistic goals and identify the best way to achieve them. The basic quality possessed by the entrepreneurs that makes them succeed in their business plans is the ability to judge other people and developing feeling of trust. Excellent communication skills make them outstanding performer (Gordon, 2006).

Even without having any management degree, they have business acumen. Many of the successful business people have not attended any business school; still they have the credit of running highly profit making organizations (Gordon, 2006). Entrepreneurs take the right decision at the right time. Efficient use of men, material and money is ...