Question

What are the characteristics of an entrepreneur?

Answer 1

Characteristics of an Entrepreneur:

1. Spirit of Enterprise:

• Entrepreneurs should be bold enough to encounter risk arising from Elements of Entrepreneurship 145 the venture is undertaken.

2. Self-confidence:

• Entrepreneurs should have self-confidence in order to achieve high goals in the business.

3. Flexibility:

• Entrepreneurs should not doggedly stick to decisions in a rigid fashion.

4. Innovation:

• Entrepreneurs should contribute something new or something unique to meet the changing requirements of customers namely a new product, a new method of production or distribution, adding new features to the existing product, uncovering a new territory for business, innovating new raw material, etc.

5. Resource Mobilisation:

• Entrepreneurs should have the capability to mobilize both tangible inputs like manpower, money materials, technology, market, method, etc., which are scattered over a wide area, and certain intangible inputs like motivation, morale, and innovativeness.