Question

Mention five qualities of a good entrepreneur.

State two qualities of a successful entrepreneur.

Explain any four qualities in an individual to be a successful entrepreneur.

Answer 1

Five important qualities of an entrepreneur:

1. Organizational ability: A successful entrepreneur must be a good organizer. He should have the ability to coordinate the effort of the various factors of production. People who are good at their own work but poor organizers cannot make good entrepreneurs.
2. An attitude of Risk-taking: An entrepreneur must be a person who is bold and willing to face the risks and uncertainties of business. A person who is always averse to risk-taking, cannot be a good entrepreneur.
3. Prudent decision-making ability: The ability to take prudent decisions is another quality of a good entrepreneur. He must not take unreasonable risks and bring disaster to a business firm. He should take calculated risks and earn profits through prudent decision making.
4. Innovative ability: A successful entrepreneur must play the role of a pioneer, i.e., he or she must break fresh ground. New products must be evolved and marketed or some new method of manufacturing an old commodity must be implemented. All these are possible only if the entrepreneur has an innovative ability.
5. Negotiating Skills: An ideal entrepreneur must also have to negotiate skills because the running of a business firm successfully often involves holding negotiations on various issues with various parties (for instance, the trade unions, the local administration, the Government, etc.).

Answer 2

A successful entrepreneur should possess the following qualities:

1. He should have complete knowledge of his business.
2. He should be capable of taking quick decisions.
3. He should have the quality of farsightedness.
4. He should also possess leadership qualities.
5. An entrepreneur should be honest.