The success or failure of an enterprise depends on the efficiency of an entrepreneur. An entrepreneur undertakes various activities, such as formulating and implementing a business plan and managing resources, to establish and run his/her enterprise successfully. He / she should possess some abilities and skills to perform different activities successfully. Following are certain traits and characteristics of a successful entrepreneur:

Creativity: Refers to the ability of an entrepreneur to bring out new ways to run a business. An entrepreneur needs to verify the feasibility of the new idea before implementing it.

Innovation: Refers to the ability of an entrepreneur to provide things in a novel manner. It is a specific instrument of entrepreneurship to add value to products or services or the unique recombination of resource to give something new to the world.

Risk taking and Decision-Making Ability: Refers to the capability of entrepreneurs to make decisions under the conditions of uncertainty. They should have courage to put everything on stake to convert his / her idea into a reality. However, he / she should assess risk involved in the decision and estimate the probability of success before acting upon.

Self –Motivation: Implies that an entrepreneur can be successful if he /she is guided by inner self and motivated to accomplish set goals. In addition, an entrepreneur should take intuitive to do something beyond their job requirement or the demand of the situation. He /she should also look for opportunities and take necessary action to avail them.

Problem Solving: Indicates the ability of an entrepreneur to solve problems rather than avoiding them. An entrepreneur should identify the cause of problems that come in the way and searches potentially unique ideas to solve them. He / she should either switch to an alternative strategy to reach a goal or generate innovative solutions.

Leadership: Refers to one of the most indispensable quality of an entrepreneur that decides the success of the organization. The leadership spirit helps the entrepreneur to move forward in every sphere of his / her life. The entrepreneur should be able to handle the problem effectively, generating resources, and influence other to perform efficiently.

Question to Consider: 

1. Write the traits and characteristics of entrepreneurs.
2. List out five characteristics of successful entrepreneurs.