An entrepreneur is an individual who creates a new business, bearing most of the risks and enjoying most of the rewards.
There may be many qualities needed to successfully run an enterprise. However, the following qualities are considered important.
1. Take risks: In any business, there is an element of risk involved. It implies that it is not necessary that every business shall earn a profit. This determines individuals to take up risks and start a business. However, an entrepreneur always volunteers to take risks to run a business and be successful.
2. Ability to learn from experience: An entrepreneur may make mistakes. However, once an error is committed, it must be tried that it is not repeated again. It may lead to heavy losses. Therefore,the person must have the ability to learn from experience.
3. Self-confidence: For achieving success in life, a person needs to have confidence in oneself. Someone, who lacks confidence, may not be able to achieve much in life or inspire others to work. Therefore, a successful entrepreneur must have self-confidence.
4. Hard work: While running a business, one problem or the other may arise every day. The entrepreneur has to be vigilant so as to identify the problems and solve them as early as possible. This requires hard work on the partof the entrepreneur.
5. Decision making ability: In running an enterprise, an entrepreneur has to take a number of decisions. Therefore, the person must be capable of making suitable and timely decisions.
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