Key Entrepreneur Qualities

Key Entrepreneur Qualities

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Identify potential evidence of key personal qualities desirable in an
entrepreneur

What kind of person is willing to take the risk of starting a
business? What are the qualities needed for success? It is difficult
to generalise, as each case must be viewed on its own merits.

Hard working

Successful entrepreneur must demonstrate high level of energy. Most of
successful entrepreneurs don’t know how to stop working they always
seems restless, work 14-16 hours a days, take few holidays.

Strong motivation to succeed

Entrepreneurs tend to demonstrate a driving ambition to succeed. Many
measure their success by the extent to which they satisfy their
success by the extent to which they satisfy their inner sence of
achievement. Three traits of individuals with a high need for
achievement.

· A willingness to take personal responsibility for finding solutions
to problems.

· A desire to set moderate achievement goals and take calculated
risks.

· The need for concrete feedback regarding performance.

I think these three traits strongly connected with entrepreneurial
success. The need for power as a possible source of the successful
business leader ambition. However, entrepreneur with a great need for
power perform less well when starting their own business than those
with a moderate need. The latter group are able to adopt a more
democratic style of management and delegate decision making as the
business grows. Many people who start their own business do so to gain
some control over their own working lives. This is more likely to
reflect a desire for independence than for power over others.

The ability to innovate

The ability to develop new ideas for products or services, or think of
new ways of satisfying customer needs, gives these individuals a head
start in the market place when they set up their business. It is more
important to be hard working than to be highly intelligent. Ambition
to achieve and the desire for power and control are also key factors.
Entrepreneur must be prepared to take the risks, and put in the time

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and effort, to make the business a winner.

Planning and control

Entrepreneur are also likely to contribute to the overall planning of
company activities along with the owner and other managers. They also
have a controlling role in the business. This may involve control of
finance, equipment, time and people, for example.

Entrepreneur desirable qualities are:

Ability to work long hours

Commitment to personal development and training

Ability to get on with people

Ability to know where to get appropriate advise
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