Characteristics of an entrepreneur

Business studies study module

A good entrepreneur should have the following characteristics:

  1. Desire to achieve-An entrepreneur is a person who wishes to excel and has the drive to succeed while competing with others. He/she always tries to accomplish something new.
  2. Ability to solve problems-An entrepreneur is expected to struggle with determination to get solutions even under difficult situation so that the business can succeed.
  3. Risk taker-Entrepreneurs take viable business ventures even when they are not sure of the returns. They assess situations and take calculated risks.
  4. Initiative –An entrepreneur should be aggressive in implementing ideas well ahead of other businesses so that he/she can be ahead of them.
  5. Time consciousness-An entrepreneur should be able to use time wisely and avoid wasting it. A wise and quickly implemented decision may mean success in business whereas time lost may mean failure.
  6. Creativity and innovation-An entrepreneur should be able to generate new ideas as well as think of the best ways of putting them into practice.
  7. Independence and self confidence-Entrepreneurs are their own bosses and should believe in their ability to do things and succeed.
  8. Persistence and patience-An entrepreneur should not give up when challenges arise. Sometimes, he/she takes time and make a repeated action or adopts a different course of action in order to overcome such challenges so as to reach the target
  9. Decisive-Entrepreneurs have strong problem, solving and decision making skills. The business environment is such that decision has to be made quickly to respond to any situation that may arise.
  10. Persuasive-Convincing people to believe in their ideas and buy their products keeps entrepreneurs in business
  11. Goal-oriented-Entrepreneurs are achievers who work towards set goals. They continually monitor progress to determine whether they are achieving the goals they have set and where improvements need to be made.
  12. Seek information-Entrepreneurs use various methods to get the relevant information that is necessary for the success of the business.
  13. Concern for high quality products-An entrepreneur should strive to cope or beat the existing standards of quality. This will enable him/her succeed in a competitive market.
  14. Commitment to work-An entrepreneur places priority on getting tasks accomplished. To achieve this he/she may make extra ordinary personal sacrifice e.g. working until very late.
  15. Concern for customer satisfaction-An entrepreneur should ensure that customers are satisfied so as to continue being/remain loyal to the business.
  16. Desire to feedback-An entrepreneur should be interested in knowing how the business is performing.

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