Who is an entrepreneur?

An entrepreneur is an individual who organizes and operates a business or businesses, taking on financial risk to do so.

A more technical definition of entrepreneur is ‘a person who brings together the factors of productions to produces goods and services.’ It is one of the factors of production.

Characteristics of successful entrepreneurs

Self motivation

They are also often very passionate about their ideas that drive toward these ultimate goals and are notoriously difficult to steer off the course.

Positive attitude

There might be initial hurdles and failures in ventures. A successful entrepreneur learns from his mistakes and does not get dismayed by initial failures. He always sees the light at the end of the tunnel and continues with his journey. Positive attitude also helps in making a strong team which might be very instrumental in the ultimate success of the venture.

Risk taker

"nothing ventured, nothing gained". Successful entrepreneurs are risk takers who have all gotten over one very significant hurdle:  they are not afraid of failure.

Excellent leadership qualities

A successful entrepreneur must have excellent leadership qualities. It earns the trust and respect of his team by demonstrating positive work qualities and confidence. They foster a positive environment and then proliferates these values through the team.

Innovator

Successful entrepreneur are innovators and usually have an ‘out of the box’ approach to solving problems. They usually identify gaps in consumer demands or needs which have been ignored for long. They welcome change and are consistently innovating with the changing demand patterns.

Dependable

Successful, sustainable business people maintain the highest standards of integrity because, at the end of the day, if you cannot prove yourself a credible business person and nobody will do business with you, you are out of business. Therefore, a successful entrepreneur should have Strong sense of basic ethics and integrity. In short, he should be dependable.

Resourceful

Most new businesses have limited resources such as money, information and time. Successful entrepreneurs figure out how to get the most out of these resources. They are masters at stretching a dollar and making a few resources go a long way.

Communicators

A successful entrepreneur must be a good communicator. Excellent inter-personal and networking skills go a long way in business success.

Achievement oriented

Successful entrepreneurs are achievement oriented. They value accomplishment and the intrinsic rewards that go along with achieving difficult goals.

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