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4.1.3 Qualities of a Successful Entrepreneur
There are many striking qualities of a successful entrepreneur. However, the following qualities are regarded as
essential:
Initiative
Willingness to
Decision take Risks
Making Ability
Ability to Learn from
Experiences
Hard Work
Qualities of
Entrepreneurs Motivation
Business Strategy
Focus
Sales Communication
Ð Ðinitiative: Taking the initiative is seizing an opportunity. To be a successful entrepreneur, one has to think and act
proactively. It’s about going the extra mile and getting the task done, crossing all the barriers, complications, and
risks to launch and maintain the business. Therefore, taking initiative is an important quality of an entrepreneur.
Ð ÐWillingness to take risks: Taking risks requires enormous courage. Only an entrepreneur who is willing to take risks
can proceed. It is not necessary that every risk taken will be fruitful, but taking a risk is the only possible option that
can lead the business to its next level. It depends on the entrepreneur to lessen the risk that has been taken.
Ð ÐAbility to learn from experience: The ability to learn from experience is one of the most important skills. In any event,
setting, or even failure, entrepreneurs must have this skill or at least the desire to learn from their experiences. This is the
only way through which they can minimise future risks and complications while still performing effectively in their business.
Ð ÐMotivation: It is said that if a person is motivated, it will help him achieve his goals and maintain goal-oriented
behaviour. There are biological, emotional, social, and cognitive factors that activate motivational behaviour.
Motivation helps a person exert a high level of effort to achieve their goals.
Ð ÐFocus: Focus compels an individual to be disciplined and stick to the main course rather than deviate from it. A
focused entrepreneur can achieve much in less time. There are a few tips through which an entrepreneur can
remain focused, especially in difficult times:
i. Talk to a business mentor
ii. Save time with better tools and software
iii. Remember to take breaks
iv. Reconsider the priorities
v. Just say ‘no’ when required
Ð Ðcommunication: A successful entrepreneur must be able to communicate effectively. One can network with other
people and expand their business by having good communication abilities. It is essential to maintain cool and
communicate the necessary information to address the problem rather than react to the circumstances during
challenging moments.
Ð ÐSales: The soft skills, viz., communication and sales, go hand in hand and are sides of the same coin. An entrepreneur
must be able to sell anything and everything. Communication not only helps in selling but also helps in handling
scenarios that are tough.
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