Entrepreneurial behaviour includes innovations, creativity, creative, organization, values, qualities of a successful entrepreneur and the social responsibilities to be assumed by him etc.
Among these, innovation is the main characteristics of entrepreneurial behaviour, since he is a simulator of changes, possesses the abilities to operate new combinations and acts as a tool to search for new opportunities.
Characteristics of Entrepreneurial Behaviour
Following are the features or characteristics of entrepreneurial behaviour:
1. Facing Uncertainties
An important characteristic of an entrepreneur is that he faces uncertainties, maybe in respect of new uses or new commodity or in respect of profits or losses.
For that, he believes that till these uncertainties and unfamiliar conditions are not faced with patience, there will be no gain.
So, for facing the uncertainties, he bears patience in many ways.
2. Positive Self Thinking
The entrepreneur has positive thinking in No way, the losses the courage.
So, he has the hopes of achieving success in all his works and hence it very conscious about himself.
Besides, if he commits some mistakes or errors, then he accepts them, readily.
He never likes that someone else may have given him directions and control his activities.
All his activities and behavior are influenced by his internal instincts.
3. Bearer of Balanced Risks
The entrepreneur bears various types of risks, like – time, money and efforts in starting the business, depreciation in operation of the business, obsolesce and fluctuations, risks relating to non-acceptance of new things by the consumers, changes, and fluctuations in prices, etc.
But, he gives preference to the middle path of all risks, forbearing balanced risks, so that loss may be minimum, which may be borne out, otherwise, it will not be easy to start the business.
The entrepreneur has the qualities of freedom of values, thoughts, and activities.
So, he wants to become the master of his own, does not like the directions and suggestions of others.
He likes to act on his own inspirations and does not like control by others.
Hence, by behaviour, he dislikes working for others.
5. Use of Feedback
The entrepreneur carries out functions right from the first step to the last step, for any particular assignment.
In the end, he used the feedback, the reason being that in spite of the use of best possible Intelligence and caution, some lapses are certainly left out.
So, from time to time and step by step he makes introspection.
The entrepreneur has the quality to initiate, the reason being that he alone has to lead in all spheres and activities.
He finds out responsibilities for himself to work in various spheres and also ascertains, whether he will be able to bear the increasing responsibility with possibilities of expansion in work or not.
This way, the entrepreneur finds out responsibilities for initiations, which is known as entrepreneurial behaviour.
7. Self Confidence
The self-confidence of an entrepreneur is the essence of his success.
This is mighty power and inspiration, by which one can cross all hurdles, He has a confidence about his capabilities.
If he does not think so and behaves strongly, to do anything, howsoever big or small, he will not be successful.
The entrepreneur believes in firmness.
He feels that any person who makes the firm determination and sincerely carries any task even the most difficult task becomes easy and he may achieve his goals.
For that, he always perceives and consistently watches the environment and the circumstances and then goes on functioning, accordingly.
Hence, it may be stated that the entrepreneur vigorously acts with full firmness in his behaviour.
9. Dynamic Tendency
The entrepreneur uses the latest techniques, equipment, and tools in operation of the business and establishment of industry and adopts the latest modern philosophy.
10. Capacity and Need for Achievements
The target of the entrepreneur is to attain high achievements.
For that, the capacity to make decisions for Risks and innovations is necessary.
He always desires to achieve success for the progress of the business.
The entrepreneur has the speciality of being flexible. He takes decisions according to time, circumstances and environment, and also in accordance with the understanding of other persons.
He can mold himself according to other persons and by understanding techniques.
So, it is stated that the decisions are taken by entrepreneurial behaviour are fully flexible.
12. Stress Bearer
when someone desires to do something worthwhile, he has to bear several difficulties, pains, and stresses.
An entrepreneur is a person who is capable of bearing all types of stresses, the main reason being that he is laborious and also possess adequate inspirations and energy.
13. Organizing Capabilities
The entrepreneur has to perform various functions himself and also to get the works performed by others.
He allocates work according to the tastes, knowledge, and experience of the workers and establishes coordinating among them.
Besides, he also provides various types of motivations to the non-performing workers to make them work. This way, he fully utilizes his skill in organizing them.
14. Desire to Discover
The entrepreneur makes efforts to bring ‘something new’ in all areas.
He may found out new raw materials, new staff to serve, new customers to consume, and to use and utilize all available opportunities.
Hence, the entrepreneur extracts all opportunities for the fulfillment of the desire to search the opportunity or work.
An entrepreneur is a person having motivating qualities.
Hence, he always feels himself motivated for some new activities and searching for new resources, or for providing new facilities and for making improvements.
Besides, he motivates others also. By using motivation, he accomplishes the tasks.
So, it may be stated that the entrepreneur behaves properly by possessing qualities of motivation.
Whatever the entrepreneur does, he does for the future of the nation and himself, so that his contribution may go on being utilized and he may also go on earning for himself.
17. Prediction About Possibilities of Success
The entrepreneur works in various spheres and takes the desired decisions and also predicts the possibilities of the extent of success because has various types of abilities, behaviour, and qualities.
18. Analytical Ability
The entrepreneur has the ability to analyze work.
His analysis helps him to make sound decisions rationally.
Thus, now you know the characteristics of entrepreneurial behaviour.