10 qualities of an entrepreneur

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Information about 10 qualities of an entrepreneur
Business & Mgmt

Published on February 20, 2014

Author: Sapphirexox

Source: slideshare.net

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These are the qualities an entrepreneur should obtain. Enjoy!

Determination   Determination in business is the ability to remain committed during difficult times. Problems may arise, requiring you to work longer hours, or make less profit than desired, but it is important to remain focused on what you wish to achieve in the end.  An example of an entrepreneur who had to be determined was Deborah Meaden. She moved to Italy to begin her ceramics business, but when similar products were seen in stores, her business failed. This could have been an excuse for her to give up, but Deborah continued to work hard and after setting up several other businesses, she succeeded in building up her parents caravan sales. She now has a wealth of £40m.

Initiative   Initiative means making the first move.  Entrepreneurs should always be pro-active and look out for new business opportunities.  They should be able to take advantage of constructive situations and use them for their own benefit.  They have to think outside the box and, at times, become independent. An example of an entrepreneur who showed initiative was Mark Zuckerberg, the creator of Facebook. He wanted to find a way for people to share media and stay connected. It began as a site that only he and other people on his university campus used. Now, however, it is global.

Taking Risks   Every entrepreneur should be prepared to take risks. There is a chance of damage occurring but there is also a possibility of success.  If an entrepreneur takes a calculated risk and it pays off, it could see them achieve incredible feats, and make significant profits.  An example of an entrepreneur who took risks was Richard Branson. Not only has he pulled some shocking stunts, but he has made many losses in order to achieve what he currently has.

Making Decisions   Entrepreneurs and business owners must be good at making decisions. Before deciding upon anything, however, they need to judge if it will be beneficial for their business. The most experienced entrepreneurs can do this well and do the best for their business.  An example of an entrepreneur who made a good decision was Peter Jones, who went from starting up a tennis academy, to telecommunications which has saw him generate a revenue of £14 million during it’s first year. Had he not made the decision to start up the business, it cannot be ascertained whether he would have been successful in the tennis academy industry.

Planning   Every business must be well planned out. Entrepreneurs, especially those of small businesses, must ensure that they have excellent business plans drawn together. They must know what their aims are, and think of creative ways that these aims will be achieved. Planning is an essential skill needed everyday to guarantee organisation and success.  Many successful entrepreneurs have taken time to write business plans, in order to ensure accomplishment in their career.

Persuasion   Entrepreneurs will often encounter customers and suppliers. They need to have the ability to persuade people to buy their business’ product and suppliers to produce their goods for a low cost.  Persuasion is not simply an entrepreneurial skill, but one needed to create respect between people of all backgrounds. It is key to the success of entrepreneurs and a good skill to have in general.  Saira Khan is an example of an entrepreneur who had to rely on persuasion skills to survive on ‘The Apprentice’. She now has multiple careers, including a baby product business.

Showing Leadership  Entrepreneurs need to have the self-confidence to take control of their businesses. They must believe they have the ability to achieve great things. This positive attitude will allow them to lead their business to success.

Luck   Sometimes, even if a business plans and prepares, everything may come down to luck. Will customers actually like the product? Will the desired profit be made? Will the product become available in stores? Entrepreneurs require luck, but even when things go wrong they must persevere.  Alan Sugar struggled to find decent material to create personal computers, and this saw his business falter in the 1990’s. However, he kept on and now has a net worth of $1.2 billion.

Work Ethic   Entrepreneurs need to have good work ethic and be wholly committed to what they do and what they wish to achieve. They should have the mind set of being an over achiever, and ensuring that they give everything one hundred and ten per cent.  An entrepreneur with good work ethic is Oprah Winfrey who states ‘Don’t put a ceiling on yourself.’

Creativity   Entrepreneurs may need to come up with unique solutions to problems in order to make themselves known.  The Dragon’s Den tests many entrepreneurs on a number of qualities, their creativity included.  An example of an entrepreneur who was successful on the Dragon’s Den was Levi Roots who came up with the innovative ‘Reggae Reggae Sauce’. Had he not been charismatic and insightful, he may have never succeeded.

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