Entrepreneurs - Characteristics of entrepreneurs
Introduction:
The word entrepreneur is derived from the French word entrepender. An entrepreneur is a person who establishes a new enterprise or business with an innovative idea and also he tries to convert that business into a reputed company.Entrepreneur meaning:
An entrepreneur comes up with an innovative idea and initiates and organizes the business according to that Idea. Entrepreneur combines the factors of production in a manner to maximize production and he strives to decrease the cost of production.
Characteristics of entrepreneurs:
Entrepreneurs have specific characteristics those characteristics will make the difference between entrepreneurs and the common people.
1. Innovation
2. Risk-taking
3. Decision making
4. Leadership
5. Planning
6. Hard work
7. Optimistic nature
8. Foresight.
1. Innovation:
The entrepreneur should have innovative skills. These skills will help the entrepreneur to take his idea into the market. While starting the new firm innovative skills will help entrepreneurs to attract more customers and to tell about their business.
2. Risk-taking:
The entrepreneur should be ready to take risks because they will be experimenting with their ideas in the real market. So they should be ready to bear the risk. They should take the responsibility of the entire firm even they get failure.
3. Decision making:
An entrepreneur should have decision-making skills because in each and every step and in every situation while doing business they should make their own decisions at right time. In fact, the growth of the business will depend on the power of their decisions.
4.Leadership:
The entrepreneurs must have leadership skills. Because they have to take responsibility for the firm. They should control all workers in that firm. Entrepreneurs should be able to motivate their workers to accomplish the targets of the firm in time.
5. Planning:
Planning plays a key role in business. Especially when running a startup planning is very important because the entrepreneurs will try to take their brand into the market. At that time they have to overcome the competition in the market. Without proper planning, it is not possible to make a successful business. So that an entrepreneur must have the ability for planning their future action.
6. Hard work:
The entrepreneur must be a hard worker because he has to do a lot of work to bring his idea into the real market. There is a lot of competition and there are more competitors in the market. As a new entrepreneur starts a new business he has to do a lot of work to make his business popular and that hardworking nature will bring a lot of customers to his business and helps to grow his brand. Hard work is the main quality or main ability that every entrepreneur should possess.
7. Optimistic nature:
the entrepreneurs should be optimistic, not pessimistic. Because they will enter the market with an innovative idea. At first, before starting their business they don't know whether their idea will be successful or not so they should be optimistic about the future. And they should implement their idea through step by step process so that they will know about the worth of their idea.
8. Foresight:
The entrepreneurs should have good foresight to know about the future business environment. As they will enter into the market with new business they should have a good foresight to estimate the future. If they can estimate the future correctly about the business they will plan their business accordingly so that the chances of getting their business successful are more...
5. Planning:
Planning plays a key role in business. Especially when running a startup planning is very important because the entrepreneurs will try to take their brand into the market. At that time they have to overcome the competition in the market. Without proper planning, it is not possible to make a successful business. So that an entrepreneur must have the ability for planning their future action.
6. Hard work:
The entrepreneur must be a hard worker because he has to do a lot of work to bring his idea into the real market. There is a lot of competition and there are more competitors in the market. As a new entrepreneur starts a new business he has to do a lot of work to make his business popular and that hardworking nature will bring a lot of customers to his business and helps to grow his brand. Hard work is the main quality or main ability that every entrepreneur should possess.
7. Optimistic nature:
the entrepreneurs should be optimistic, not pessimistic. Because they will enter the market with an innovative idea. At first, before starting their business they don't know whether their idea will be successful or not so they should be optimistic about the future. And they should implement their idea through step by step process so that they will know about the worth of their idea.
8. Foresight:
The entrepreneurs should have good foresight to know about the future business environment. As they will enter into the market with new business they should have a good foresight to estimate the future. If they can estimate the future correctly about the business they will plan their business accordingly so that the chances of getting their business successful are more...
