Lesson 6

Here are the 10 Best Characteristics of An Entrepreneur that one must nurture:

1) Creativity:

- Creativity gives birth to something new. For without creativity, there is no innovation possible. Entrepreneurs usually have the knack to pin down a lot of ideas and act on them. Not necessarily every idea might be a hit. But the experience obtained is gold.

2) Professionalism:

- Professionalism is a quality that all good entrepreneurs must possess. An entrepreneur's mannerisms and behavior with their employees and clientele go a long way in developing the culture of the organization.

Along with professionalism comes reliability and discipline. Self-discipline enables an entrepreneur to achieve their targets, be organized, and set an example for everyone. Reliability results in trust and for most ventures, trust in the entrepreneur is what keeps the people in the organization motivated and willing to put in their best. Professionalism is one of the most important characteristics of an entrepreneur.

3) Risk-taking:

- A risk-taking ability is essential for an entrepreneur. Without the will to explore the unknown, one cannot discover something unique. And this uniqueness might make all the difference. Risk-taking involves a lot of things. Using unorthodox methods is also a risk. Investing in ideas, nobody else believes in but you is a risk too.

- Entrepreneurs have a differentiated approach towards risks. Good entrepreneurs are always ready to invest their time and money. But, they always have a backup for every risk they take.

- For exploring in the unknown, one must be bestowed with a trump card; a good entrepreneur has one, always. Also, evaluation of the risk to be undertaken is also essential. Without knowing the consequences, a good entrepreneur wouldn’t risk it all.

4) Passion:

- Your work should be your passion. So when you work, you enjoy what you’re doing and stay highly motivated. Passion acts as a driving force, with which, you are motivated to strive for better.

- It also allows you the ability to put in those extra hours in the office which can or may make a difference. At the beginning of every entrepreneurial venture or any venture, there are hurdles but your passion ensures that you are able to overcome these roadblocks and forge ahead towards your goal.

5) Planning:

- Perhaps, this is the most important of all steps required to run a show. Without planning, everything would be a loose string as they say, “If you fail to plan, you plan to fail.”

- Planning is strategizing the whole game ahead of time. It basically sums up all the resources at hand and enables you to come up with a structure and a thought process for how to reach your goal. The next step involves how to make optimum use of these resources, to weave the cloth of success. Facing a situation or a crisis with a plan is always better. It provides guidelines with minimum to no damage incurred to a business. Planning is one of the most important characteristics of an entrepreneur.

6) Knowledge:

- Knowledge is the key to success. An entrepreneur should possess complete knowledge of his niche or industry. For only with knowledge can a difficulty be solved or a crisis is tackled. It enables him to keep track of the developments and the constantly changing requirements of the market that he is in. May it is a new trend in the market or an advancement in technology or even a new advertiser’s entry, an entrepreneur should keep himself abreast of it. Knowledge is the guiding force when it comes to leaving the competition behind. New bits and pieces of information may just prove as useful as a newly devised strategy.

- He should know what his strengths & weaknesses are so that they can be worked on and can result in a healthier organization. A good entrepreneur will always try to increase his knowledge, which is why he is always a learner. The better an entrepreneur knows his playground, the easier he can play in it.

7) Social Skills:

- A skill set is an arsenal with which an entrepreneur makes his business work. Social Skills are also needed to be a good entrepreneur. Overall, these make up the qualities required for an entrepreneur to function.

Social Skills involve the following:

· Relationship Building

· Hiring and Talent Sourcing

· Team, Strategy, and Formulation

8) Open-mindedness towards learning, people, and even failure:

- An entrepreneur must be accepting. The true realization of which scenario or event can be a useful opportunity is necessary. To recognize such openings, an open-minded attitude is required.

- An entrepreneur should be determined. He should face his losses with a positive attitude and his wins, humbly. Any good businessman will know not to frown on a defeat. Trying till you succeed is the right mentality. Failure is a step or a way that didn’t work according to the plan. A good entrepreneur takes the experience of this setback and works even hard with the next goal in line.

This experience is inculcated through the process of accepted learning. Good entrepreneurs know they can learn from every situation and person around them. Information obtained can be used for the process of planning.

9) Empathy:

- Perhaps the least discussed value in the world today is empathy or having high emotional intelligence. Empathy is the understanding of what goes on in someone’s mind. This is a skill that is worth a mention. A good entrepreneur should know the strengths and weaknesses of every employee who works under him. You must understand that it is the people who make the business tick! You’ve got to deploy empathy towards your people.

- Unhappy employees are not determined and as an entrepreneur, it is up to you to create a working environment where people are happy to come. To look after their well-being, an entrepreneur should try to understand the situation of employees. What can be a motivational factor? How can I make my employees want to give their best? All this is understood through empathy.

- Keeping a workplace light and happy is essential. For without empathy, an entrepreneur cannot reach the hearts of employees nor the success he desires. Empathy is one of the most important characteristics of an entrepreneur.

10) And lastly, the customer is everything:

- A good entrepreneur will always know this; a business is all about the customer. How you grab a customer’s attention is the first step. This can be done through various mediums such as marketing and advertising. It is also important that you know the needs of your customers. The product or service which is being created by your organization needs to cater to the needs of your consumers.

- Personalizing a business for consumers will also boost the sales. The ability to sell yourself in front of a potential investment when it comes in the form of a customer is also required. Being ready with the knowledge to please a customer, is a way to have a successful business.

- It isn’t necessary that every entrepreneurial venture is a huge success. In addition to a brilliant idea, viability is an equally important aspect of a business, which is where having a business education can play an important role. All these characteristics of an entrepreneur can be instilled in an individual

PECs refer to the qualities, characteristics, skills, abilities, knowledge and behavior that a person must possess by an individual in order to perform entrepreneurial functions effectively.

1. Opportunity-seeking

• Being active in finding openings in the environment which can be used in different ways to start a business, to create a new market or improve business operations

• Acting and grabbing new business opportunities even in the most problematic and hopeless situations

• Doing things before asked or forced by the events

• Acting to extend the business to new areas, products, and services

2. Persistence

• Doing something continuously even though others say you will not succeed or that you are just wasting your time and effort

• Doing something over and over again until you get what you think you deserve

• Standing up straight and not giving up even during the hardest times when you are trying to do something new or something difficult

• Taking the action in the face of a significant obstacle

• Taking repeated action or switching to an alternative strategy to meet a challenge or overcome an obstacle

• Taking personal responsibility for the performance necessary to achieve goals and objectives

3. Commitment

• Giving much time and attention to something because you believe it is right and important

• Taking full responsibility and having the job done efficiently to create a delighted customer

• Being able to meet a deadline

• Making a personal sacrifice or expending extraordinary effort to complete a job

• Pitching in with workers or in their place to get a job done

• Striving to keep customers satisfied and placing long-term goodwill over short-term gain

4. Persuasion

• Using deliberate strategies to influence or persuade others

• Using key people as agents to accomplish own objectives

• Actng to develop and maintain business contracts

5. Self-Confidence

• • • Trusting his own skills and embracing his own imperfections

    • Completing any task or activity is easier because of self-awareness and faith in personal abilities

    • Solid self-belief

    • Seeking autonomy from the rules or control of others

    • Striking with own judgment in the face of opposition or early lack of success

    • Expressing confidence in own ability to complete a difficult task or meet a challenge

6. Goal-seeking

• Planning every action and carefully making decisions based on where he wants to go

• Setting goals and objectives that are personally meaningful and challenging

• Articulating clear and specific long-range goals

• Setting measurable short-term objectives

7. Risk-taking

• Taking the chance to do something which is out of your comfort zone

• Doing something that can result in anything unpleasant or dangerous

• Taking a risk at any risk-taking behavior: from high risk-taking or moderate risk-taking to low risk-taking

• Deliberately calculating risks and evaluating alternatives

• Taking action to reduce risks or control outcomes

• Placing self in situations involving a challenge or moderate risk

8. Decision Making

• Gathering information from relevant resources, which is critical to the formulation of different business strategies

• Seeking direct response, feedback

• Personally, seeking information from clients, suppliers, or competitors

• Doing personal research on how to provide product or service

• Consulting experts for business or technical advice

9. Creative & Innovative

• An entrepreneur should be creative and innovative to stay in the business and in order to have edge over the other competitors.

10. Problem-solving

• Responsible for identifying and solving the problems of your customers, partners, employees, and your company.

11. Planner

• Setting goals and then taking the steps to reach them.

• The planning process helps an entrepreneur identify exactly what needs to be accomplished to build the venture, and what human and financial resources are required to implement the plan.