An Entrepreneur has a dream and he visualizes the ways and means to achieve that dream. In doing so he visualizes market demands, socio-economic and the technological environment and then based on these dynamics, he visualizes a future for his business venture.
1. Vision:- An entrepreneur has a dream and he visualizes the ways and means to achieve that dream. In doing so he visualizes market demands, socio-economic and the technological environment and then based on these dynamics, he visualizes a future for his business venture.
2. KNOWLEDGE: An entrepreneur has sound conceptual knowledge about all the technicalities of his business – be it technological, operational, financial or market dynamics.
3. DESIRE TO SUCCEED: An entrepreneur has strong desire to succeed in life. Their dreams are not just limited to achieving one single goal but they constantly work to achieve higher goals.
4. INDEPENDENCE: An entrepreneur needs independence in work and decision- making. They don’t follow the rules of thumb but make their own rules and destiny.
5. OPTIMISM: Entrepreneurs are highly optimistic about achieving their vision.
6. VALUE ADDITION: Entrepreneurs do not follow the conventional rules of thumb. They have a constant desire to introduce something new to the existing business. They create, innovate or even add value to the existing products/services and therefore, stand out in the market.
7. LEADERSHIP: An entrepreneur exhibits the qualities of leader. They are good planners, organizers, have good communication skills, are empathetic towards their employees, are good decision-makers, take initiatives to implement plans and are result-oriented.
8. HARDWORKING: At times they are called workaholics. Work is worship for them. They put in continuous efforts to achieve success and know that there is no substitute for hard work.
9. DESIRE TO HAVE CONTROL OVER THEIR FATE: Entrepreneurs do not want to move in herds like sheep but want to pave their own paths. They do not believe in luck or destiny.
10. RISK- taking ability: Frank Knight has identified risk-taking ability as the most integral element in defining entrepreneurial characteristics.