Qualities of a Successful Entrepreneur
An entrepreneur needs certain qualities to be a successful entrepreneur. It is due to the fact that without development of those qualities, he or she cannot be succeeded in the diversified business world. Table 1 identifies the qualities and their traits that should be part of an entrepreneur to be successful.
Table1: Characteristics and Traits of an Entrepreneur
Source: Singh & Gupta (2016)
The earlier described traits are interlinked to each other and hence can be summarized in the following manner.
Decision-making Ability: The entrepreneur can avail any business opportunity in case he or she has the ability to take quick decision.
Entrepreneurial Ability: It is required by an entrepreneur to e energetic and optimistic. Profit-orientation and ability to take responsibilities enable entrepreneurs to manage a diverse workforce and achieve success.
Leadership Ability: An entrepreneur should be a leader as he or she has to direct and motivate sub-ordinates. The entrepreneurs to be a successful leader should:
Develop and implement the innovative ideas
Make efforts to enhance their skills and to overcome weaknesses
Plan work and time
Share success with employees, etc.
Risk taking: An entrepreneur should evaluate situations in relation to making choice of ventures that can be completed and have the capacity to offer return on investment.
Knowledge of Business Environment: Knowledge of complex business environmental characteristics like government and legal policies and regulations, changing attitudes of consumers, environment, economy and environment along with competition, demand and supply and marketing enable entrepreneurs to make better business plans (Singh & Gupta, 2016)..
Motivation to be part of Entrepreneur Exchange Program
The key reason to be part of SYLEP is that it focuses on the development of entrepreneurial characteristics in the students to be successful in the business world apart from the issues like different cultures and business models. The program will enable the students to develop organizational, technical, leadership, social and moral and critical thinking skills. In a diverse working environment with numerous business opportunities in the U.S. the program will help me to socialize with locals, develop skills through working and engaging with key business personnel and public and private organizations and to understand how to avail opportunities to be succeeded in a business. Hence, the interest in this program is linked to the fact that it will enable me to be a successful entrepreneur as entrepreneur not only a leader, but also a manager and employee at one time. The program will help me in near future to implement the innovative business idea and get success by utilizing my strengths and overcoming weaknesses.
References
Singh, S. K., & Gupta, S. (2016). Entrepreneurship: E-Book. India: SBPD Publications.
