Entrepreneurs are basically innovative, risk-taking persons, who try to advantage of new technology. Entrepreneur is in different types and nature. They are classified on the level basis of expertise, motivation and business nature. An entrepreneur should have basic skill i.e.
Starting a business
Develop the business toward the path of success.
Arrange financial for running the business.
Producing a product in an efficient way.
Manage the product in time.
The world is going competitive day by day, this basic skill alone is not enough to sustain the entrepreneurial venture. They should have possessed other special kinds of skills i.e.
Sales and Marketing Skill: Sales and marketing skill is needed to attract consumers, producing customer oriented products i.e., highly demanded products and make awareness among the customer about the product through wide publicity through advertisements etc.
Financial Management Skill: Profitability of the enterprise depends on availability of money, efficient utilization and handling of money. The balancing nature of finance is essential.
Self-motivating skills: The self-motivation among the entrepreneurs really leads the person to the great position and makes the business a sustained unit.
Time management skills: Time is a limiting factor in both the cases of product delivery and finance payment. Other than production, the timely delivery of product is also important for a business. It is very crucial in home based single person running business.
Administrative skills: Entrepreneur should be familiar of the basic job of an administrator such as planning, organizing, staffing, directing, coordinating, reporting and budgeting to make effective business administration.
For, Talent Entrepreneur should have following characteristics i.e.
Initiative: An entrepreneur should have the ability to initiate things in correct time and also in efficient manner.
Independent: An entrepreneur should have the tendency to face all problems and solve it in a strategic way. Even though obtains opinion from others, the entrepreneur should take decision independently.
Ideas: New idea should be backed by creative thinking to make your product unique and popular
A true Entrepreneur should possess these values:
Strong desire: Entrepreneurs should have a strong desire to achieve a higher goal and make their dreams come true.
Consistency: Entrepreneurs should be consistent in decision and follow up. Not to be deterred by difficulties and problems.
Risk taking: Entrepreneurs should take moderate risk rather than a wild speculative gamble.
Courage and perseverance: An entrepreneur should possess higher levels of courage and perseverance. For example: One must be courageous enough to leave his current job (which provides a stable income) and persevere all the defeats (Yadav, 2015).
Other values of true entrepreneur are Self-motivation, Time orientation, Risk taking capability, learning from Failure and mistakes, Decision making skill, empathetically thinking.
Mindset of an Entrepreneur:
They always have a growth mindset. When one has a growth mindset, he is paying attention to the process and be engaged in bringing success. This process may have given birth to failures but one can always learn from those failures and perform better next time. So, when one feels getting deep into fixed mindset thinking or being anxious about a challenge or feeling considered by a failure, one has to move oneself into the growth mindset thinking (Dweck, 2012).
Entrepreneurs are basically innovative, risk-taking persons, who try to advantage of new technology. Entrepreneur is in different types and nature. They are classified on the level basis of expertise, motivation and business nature. An entrepreneur should have basic skill i.e.
Starting a business
Develop the business toward the path of success.
Arrange financial for running the business.
Producing a product in an efficient way.
Manage the product in time.
The world is going competitive day by day, this basic skill alone is not enough to sustain the entrepreneurial venture. They should have possessed other special kinds of skills i.e.
Sales and Marketing Skill: Sales and marketing skill is needed to attract consumers, producing customer oriented products i.e., highly demanded products and make awareness among the customer about the product through wide publicity through advertisements etc.
Financial Management Skill: Profitability of the enterprise depends on availability of money, efficient utilization and handling of money. The balancing nature of finance is essential.
Self-motivating skills: The self-motivation among the entrepreneurs really leads the person to the great position and makes the business a sustained unit.
Time management skills: Time is a limiting factor in both the cases of product delivery and finance payment. Other than production, the timely delivery of product is also important for a business. It is very crucial in home based single person running business.
Administrative skills: Entrepreneur should be familiar of the basic job of an administrator such as planning, organizing, staffing, directing, coordinating, reporting and budgeting to make effective business administration.
For, Talent Entrepreneur should have following characteristics i.e.
Initiative: An entrepreneur should have the ability to initiate things in correct time and also in efficient manner.
Independent: An entrepreneur should have the tendency to face all problems and solve it in a strategic way. Even though obtains opinion from others, the entrepreneur should take decision independently.
Ideas: New idea should be backed by creative thinking to make your product unique and popular
A true Entrepreneur should possess these values:
Strong desire: Entrepreneurs should have a strong desire to achieve a higher goal and make their dreams come true.
Consistency: Entrepreneurs should be consistent in decision and follow up. Not to be deterred by difficulties and problems.
Risk taking: Entrepreneurs should take moderate risk rather than a wild speculative gamble.
Courage and perseverance: An entrepreneur should possess higher levels of courage and perseverance. For example: One must be courageous enough to leave his current job (which provides a stable income) and persevere all the defeats (Yadav, 2015).
Other values of true entrepreneur are Self-motivation, Time orientation, Risk taking capability, learning from Failure and mistakes, Decision making skill, empathetically thinking.
Mindset of an Entrepreneur:
They always have a growth mindset. When one has a growth mindset, he is paying attention to the process and be engaged in bringing success. This process may have given birth to failures but one can always learn from those failures and perform better next time. So, when one feels getting deep into fixed mindset thinking or being anxious about a challenge or feeling considered by a failure, one has to move oneself into the growth mindset thinking (Dweck, 2012).
References
Dweck, C. (2012). The Right Mindset for Success . Retrieved from HBR: hbr.org/2012/01/the-right-mindset-... 1
Tobak, S. (2016). What Makes a Successful Entrepreneur? Perseverance . Retrieved from an entrepreneur: entrepreneur.com/article/269840 2
Yadav, M. P. (2015). Model of Entrepreneurial Success: A Review and Research Agenda. Journal of Advanced Academic Research, 2 (1), 40-58.