12 Qualities of an Entrepreneur


An entrepreneur is a person who lives for his idea and carve a successful business out of it. Sometimes, he risks everything he possesses for making an idea a success. People have defined the qualities of an entrepreneur in different ways as entrepreneurs have different personality, educational background, social and economic status but become successful with their sheer grit in all the times and all the countries. The list of successful entrepreneurs can run into several volumes of books; yet the word ENTREPRENEUR has twelve letters symbolizing twelve basic qualities of an entrepreneur. Let’s see what these are:-
1. Enjoy the Work: Entrepreneur enjoys their work and enjoy it to the extent that we sometimes can distinguish the work and worker. Even there are successful people who find themselves lethargic in some point of their life and created short-cuts in their field of work; but their procrastination is of type where they use it a positive manner. They are the people who want to enjoy their idle time but only after finishing their work in hand.
2. New Idea Generation: New Ideas are the backbone of entrepreneurship. Though everyone have new ideas but people who have faith in their ideas put them into work. Once they decide to apply their idea they never listen to even themselves before making their idea fruitful. As usual they have no dearth of ideas and keep on making more and more ideas successful, though they are the people who have their fair share of failures too.
3. Total Commitment: People can identify entrepreneurs with their commitment for their work. Though, you can find this quality in all the successful people in every walk of the life but this characteristic is more prominent in entrepreneurs. For their commitment sometimes people call them crazy, still they ensure their total commitment to bring their idea to the market with all their energies- physical, mental, emotional, financial etc.
4. Resource Mobilization: Entrepreneurs mobilizes the resources for the business- man, machine, material and money all. Whether it is a traditional business or new age virtual business, every entrepreneur has to mobilize all these things to run a business successfully. The difference may be of volume and ownership, but resources are required to deliver goods are services to the ultimate consumer. People may say that Uber don’t own cars but still they are biggest taxi service providers. Even they have to mobilize cars for their operations from a large number of operators and drivers.
5. Effective Communicator: Most of the entrepreneurs are effective communicator. It does not mean that they all are good orators but they create understanding in the minds of their staff and associates in very effective manner. They value their time and time of the people whom they have to deal with, therefore, they convey what they want to in a few words.
6. Perseverance: As an entrepreneur has to sail through different trade cycles and business conditions, they have this quality in abundance. As the famous football player and Coach Vince Lombardi have once said, “Winners never quit and quitters never win.” Entrepreneurs are winners and there is no doubt that their perseverance help to become them so.
7. Relationship-Builder: “Your network decides you net worth.” Every entrepreneur knows this concept and they create, nurture and maintain good relationship with the people whom they come into contact during their day to day life. Some successful entrepreneurs are dubbed as very hard task master by their employees but still they are loved by them as their employees know that it is just for their grooming to be good workers and leaders in times to come.
8. Efficient Manager: Entrepreneurs are efficient managers. They manage people well who in turn manage things for their businesses. Their profitability depends upon efficiency in their management of people, product, process, price, promotion and so on.
9. Nurture Leaders: Entrepreneurs nurture leaders in their organisations with more speed than their business grows, because they know it that there are chances of other organisations to poach their talented people. It is the people who help any business to grow, therefore, good entrepreneur stress more upon development of people than the products. Though, they even don’t ignore product and processes, but their emphasis is always on their people.
10. Ensure Wealth Creation: Good entrepreneurs always insist upon wealth creation and wealth distribution. One can keep long term investors only if their business is creating wealth for their investors. When they create wealth for others automatically their own wealth swells more during the process. They know that every idea has its time and its expiry; hence they keep on investing into new ideas and creating more wealth to their investors and users.
11. Understands Market: Good entrepreneurs have perfect understanding of the market conditions. They can figure out the things in advance that people understand only they make things happen. As they are more creative in reading the pulse of the market they tend to change faster than the market itself. Sometimes they fails in understanding the change that is about to happen; then they have to pay heavy price of their ignorance. But good entrepreneur bounce back faster than others to regain their lost grounds.
12. Right place at Right Time: Good entrepreneurs are always at right place at right time. Their positioning helps them to amass vast fortunes not only for themselves but for their investors and creditors. They tend to reinforce their customer delight through providing them with best of product and services. They are the biggest server and provide people with right kind of products and services at right prices.
In short, we can say that the word ‘Entrepreneur’ is acronym of all the qualities a successful entrepreneur must have. If someone wants to become a good entrepreneur he has to imbibe ass these qualities. The more one have these qualities, the more successful he can become as an entrepreneur.
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