CHARACTERISTICS OF ENTREPRENEURS

CHARACTERISTICS OF ENTREPRENEURS

Entrepreneur possess several positive characteristics:

Through their innovations, they contribute to the improvement of the standard of

living. So, they do not only help the economy, they also help society

Entrepreneur Defined

These are several definitions or meaning of entrepreneur:

•He is one who takes risks and makes innovations on the factors of production.

•In French concept, an entrepreneur is an adventurer, undertaker, and projector. His function is to supply and accumulate capital.

•To Schumpeter, an entrepreneur is an innovator.

•Peter Drucker says that an entrepreneur always searches for change, responds to it and exploits it as an opportunity.

•An economist explains that an entrepreneur is one who shifts economic resources from an area of lower productivity to an area of higher productivity and greater yield.

•The American Heritage Dictionary defines an entrepreneur as a person who organizes, operates, and assumes the risk for business ventures.

•The pure entrepreneurs are those who launch their own ventures from scratch.

•According to Geoffrey Meredeth entrepreneurs are people who have the ability to see and evaluate business opportunities.

Here are the most important characteristics

of entrepreneurs:

Characteristics of Entrepreneurs

Characteristics are distinguishing traits or qualities, like:

takers

Reasonable

Entrepreneurs enjoy challengesBut they are careful and calculating

Successful people always attribute their success to hardwork

Entrepreneurs are creative

They do things in new and different ways

Entrepreneurs are leaders by the very nature of their functions

Here are the essential leadership qualities:

•Selfless dedication•Purpose and vision

•Courage•Conviction•Enthusiasm

•Integrity•Tact

•Hardwork

Entrepreneurs are positive thinkersThey think of success and bright sides

Entrepreneurs make decisionThe success of their business depends on

their ability to make right decisions

Entrepreneurs have strong faith in their abilities

Decision-making has six distinct phases:

1. Identifying the problem

2. Gathering the data about the problem

3. Analyzing the data

4. Formulating alternative solutions

5. Selecting the best solution; and

6. Implementing the solution/decision.

A presentation made by:

Isabel Booc

Risgil Sagarinoand