The scholars do not have the unanimous opinion about the qualities of the entrepreneur, because the entrepreneur has to start right from the establishment of the industry, to make available the commodities in the market, and has also to provide services to the consumers and customers even thereafter. So, there are so many must have qualities of a successful entrepreneur.
In present times of increasing industrial complexities, technical changes, varied requirements, risks and uncertainties, the role of the entrepreneur is very typical and not so easy.
Hence, an entrepreneur can perform his functions efficiently, only when he commands various qualities required for an entrepreneur.
Qualities of Successful Entrepreneur
Following qualities and characteristics are essential for a successful entrepreneur.
1. Hard Working
It is essential that he should be hard working to become a successful entrepreneur.
It has been rightly stated that ‘Hard work is the key to success’ Those entrepreneurs who are afraid of hard work never get success.
They can never gather the courage to bear risks and go for innovations.
The role of talent in the success of any work is 1% where is the role of hard work is 99%.
The entrepreneur should be quiet alert. He should be awakened and alert towards the activities of his competitors, new technical changes, National and international policies, and business changes.
Only the informed and alert entrepreneurs achieve success in their functions, in this age of cutthroat competitions.
3. Creative Thinking
The entrepreneur should have the aptitude for thinking. The entrepreneur should be imaginative.
He should not waste his mental power on trifle and unproductive affairs. He should use his physiological powers in Creative Thinking.
4. Zeal, Courage, Dedication, and Foresightedness
A successful entrepreneur should essentially have these four qualities. The occurrence of ups and downs in the business may cause failure even for good entrepreneurs.
In spite of failures, the entrepreneur should always work with zeal, courage, and dedication. Business involves risk at all steps. It is difficult to gain success without courage.
He should March ahead by adhering the principles, “Failure is the key to success”. Business success is ensured only with these aspects.
5. Intelligence and Memory
The entrepreneur should have the power of comprehension and decision making.
He should correctly understand everything, events, persons and situations.
Besides, his memory should also be sharp, so that he may chalk out plans for future work performance on the basis of past experience.
6. Impressive Personality
The personality of a successful entrepreneur should be effective and impressive.
For that, decency, seriousness, patience, self-confidence, zeal, dedication are essential.
Besides, cheerful face, smartness, sweet voice, good expressions, and good dressing also add to his personality.
Related: 20 Types of Entrepreneurship (Explained).
7. Dynamic Philosophy and Broad Outlook
An essential quality of the entrepreneur is that his ideas and philosophy should be dynamic. His Outlook should be broad.
He should never support redundant and illogical ideas and should nourish progressive, scientific, rational, logical, modern and practical notions.
An entrepreneur should be the optimist. He should not become inactive by getting disappointed with failures and adverse circumstances.
He should realize that the failures are the leaders for the path of success.
He should learn lessons from past mistakes in his working and should again get seriously indulged with his work.
That is why, The terms and conditions of success are easy – we have to do some labour, have to bear a bit, have never to turn back.
The entrepreneur should be mentally matured. He should have the ability to understand and fulfill his responsibility.
Besides, he should also have the capacity to admire his critics, even after hearing criticism and to maintain balance while having the dialogue with agitated persons and other persons.
10. Self Confidence
A successful entrepreneur should essentially have the quality of self-confidence.
Truly speaking, self-confidence is that power by which the most difficult problems may also be faced.
On the contrary with the lack of self-confidence, even the smallest work is also not easy to be accomplished.
11. Rational and Imaginative
The entrepreneur should have good imaginative power also because of the plans and schemes for the establishment of the undertaking to use innovations.
However, it should be remembered that imaginative powers do not mean only wandering in the world of imaginations.
The imaginations should be realistic. The ambitions of only that person are fulfilled, who is workaholic.
The ambitions of a person who just imagines may never fulfill.
12. Reality or Accuracy
The successful entrepreneur should have the quality to understood realities because he has to meet various problems.
The accuracy of work largely depends on accurate thinking.
Hence, the ideas and notions of the entrepreneur should be realistic and accurate.
Related: 21 Importance and Role of Entrepreneur.
13. Good Health and Stamina
The health of the entrepreneur should be sound because healthy brain lives in a healthy body. A good personality is built by good health.
The entrepreneurs with weak health are often unable to take risks, to face uncertainties and to undertake innovative activities.
Besides, the entrepreneur should have the stamina to work for a long time, otherwise, he will soon feel tired and will not be able to accomplish his job with efficiency.
Besides other qualities, the entrepreneur should also have the quality of initiative, so that he may become a successful entrepreneur. On every occasion, he has to come forward.
Industrial environment is created only by initiatives on the entrepreneurs, which also inspire the persons, who become ready for the establishment of industrial ventures.
15. Sharp Observation and Efficiency in Decision Making
The entrepreneur should have the ability to observe sharply the persons and situation, so that he may mold his work and behavior according to take quick decisions.
By sharp observations, the mistakes are not repeated and risks of the entrepreneur get reduced.
16. Business Aptitude
The entrepreneur should have the quality of business aptitude.
Here, business aptitude implies completing business activities with natural interest, dedication, and devotion.
Without business aptitude, the entrepreneur will neither be able to operate the business activities successfully and nor he will be able to nicely undertake innovative activities.
17. Business Ability, Education, and Training
Today’s age is the age of competitions and specializations. So, the experience of the entrepreneur only is not sufficient, he should be educated, trained and professionally knowledgeable too.
Only then, he will be able to provide a valuable contribution to the success of the enterprise.
For complete success in the business, both theoretical and practical education and training are essential.
18. Enterprising Ability
The entrepreneur should have the capacity to bear the risks.
If he does not possess the enterprising capacity, he will not be able to establish any new enterprise or to undertake innovative activities or successfully operate the enterprise, nor he will be able to undertake other related activities with required efficiency.
The person having the capacity to bear risks will only be able to perform various activities with patience at the appropriate time and may also contribute well in providing Momentum to the economic development of the country.
19. Leadership Quality
The Entrepreneur is known as the captain of the business.
He is required not only to give orders to other persons but is basically required to seek Corporation from the subordinates, motivate them as also to add to their morale, and exercise control, so that the goals may be achieved.
Orders to people may be given by a foolish person but leadership the team may be provided only by the bonafide person.
20. Management Ability
Although in present times, professional managers are appointed for management and operation of business undertakings, the entrepreneur himself also directly or indirectly participates in the management process of the enterprise.
Sometimes, he himself has to function as the manager or controller.
Therefore, we should have the ability to perform various management functions effectively, like, planning, organization, coordination, direction, motivation, communication, and control, etc.
21. Efficiency in Decision Making
The success of the enterprise also depends upon quick and correct decision.
So, it is essential that the entrepreneur should have decision-making efficiency, so that he may take quick decisions, according to the circumstances.
If he does not take correct decisions at the proper time, the business opportunity will be a slip from the hands and the competitors will become successful in the business competition.
22. Legal Knowledge
Compliance of various statutory rules, regulations, and restrictions are required from the entrepreneurs.
So, entrepreneurs should have sufficient knowledge of various business laws, economic laws, labour laws, FEMA, SEBI, stock exchange act, sales tax act, industrial act, trade union act, industrial dispute act, etc. so that these may be correctly complied with.
23. Knowledge of Market Conditions
The success of the entrepreneur mainly depends upon carrying out production.
So, it is essential that the entrepreneur has sufficient knowledge of the market, the demand of the consumers, fashion, tastes and ups and downs of the prices.
24. Technical Knowledge
Although the entrepreneur cannot be expected to be a technical expert, he should have basic knowledge about existing technology and latest production techniques, otherwise, he will not able to change the available opportunities into profits in competitive situations.
In the present scientific age, the entrepreneur should have complete knowledge of the latest technological changes, new inventions, alternative raw materials, and competitive products, etc. so that he may easily adopt innovations.
25. Knowledge of Accounting
Maintenance of accounts is essential in business, for various reasons. Although in big business, this function is performed by the accounts section.
But, the entrepreneur should also have basic knowledge about the general principles of accounting, accounting methods, accounts books, etc.
26. Good Reputation
Reputation is a valuable asset for all entrepreneurs, which not only benefits him but also his generations in the future.
For building up the reputation, qualities, like, honesty, hard work, and satisfactory services to the customers are essential. To maintain it, the business institutions have to follow high resolutions.
27. Knowledge of National Economic Policies
Each entrepreneur should essentially have knowledge of various economic policies of the country, like industrial policy, industrial licensing policy, import-export policy, and trade policy, related to business and industries.
With such knowledge, he will be able to mold the activities of his enterprise in consonance with National policies and will also be able to avail relaxations, incentives, and facilities, out of these policies.
The entrepreneur should have the quality of being social, so that he may interact with all persons, who come in contact with him, for developing intimate relations with them.
This will facilitate developing their faith in him.
A successful entrepreneur should essentially be tactful.
Here, tactfulness means right response according to the circumstances, giving arguments, which are suitable to the circumstances, influence the persons coming in contact.
While expressing the importance of being tactful, In this regard, it has been correctly stated that “If tactfulness could be purchased like tea and coffee, I am ready to pay the highest price for that in the world.”
A successful entrepreneur should essentially be cooperative.
He should be ready to provide Corporation to all sections of the society, like, owners, employees, suppliers, debtors, customers, and other entrepreneurs, etc.
Besides, he should also have the ability for reconciliations, adjustments, and adaptation and should feel no hesitation in accepting his errors and mistakes, at the appropriate time.
The entrepreneur should be polite in his behavior. Politeness does not mean that he should not keep his self-respect in view, or may indulge in flattery of others.
He should have with politeness, courtesy, affection, and sympathy towards others, though in accordance with his own position.
In this context, there is a famous proverb ‘Politeness cost nothing but pays more.’
The entrepreneur should perform entrepreneurial activities, with loyalty.
The feeling of work is worship should always be kept in mind. Work culture should be suitably developed in each enterprise.
33. Pleasant Dispositions
The entrepreneur should have likable dispositions.
He should have the qualities of good habits, politeness, mannerism, respectfulness, and cheerfulness. All these qualities make his nature decent.
He may win the hearts of others and may convert who respectfully behave with others, in one sense respect themselves.
A successful entrepreneur should always have feelings of respect, meaning thereby that he should behave respectfully to all.
In this regard, it has been correctly stated that, Those who respectfully behave with others, in one sense respect themselves.
35. Feeling of Social Responsibility
The entrepreneur should have the feeling to fulfill social responsibilities.
He arranges various types of resources, like human resources, raw material, machinery, capital, space at concessional rates, water, electricity, etc. for his business activities, only for the society.
So, he should also fulfill his responsibilities towards various sections of the society.
The entrepreneur should always follow the principal, ‘Honesty is the best policy’.
The edifice of business prosperity may be raised on the foundations of morality alone.
Dishonesty and deceiving may prove profitable only once, but they are not everlasting.
Ultimately, the entrepreneur will have to act with honesty only.
37. Good Character
The character of the entrepreneur should be very sound.
The entrepreneur with sound character leaves an indelible mark on the persons coming to his contact, by his good work and behavior, by which the enterprise proceeds well towards success and the future of the enterprise also becomes bright.
The person with good character puts his heart in another person by his eyes, voice, expressions and the facts of statements.
In this regards, the proverb, If money is lost, nothing is lost, if health is lost something is lost, but if the character is lost everything is lost. Describe the importance of character.
Thus, now you know the must-have Qualities of Successful Entrepreneur.