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Traits of an Entrepreneur

Updated on October 26, 2009

Traits of an Entrepreneur


Entrepreneurs are people who have the initiative to run a business. Anyone who aspires to engage in business has roles and functions that bring valuable benefits to increase income and utilize raw materials into productive items.

The entrepreneur plans ahead to come up with the resources needed. He uses these resources to meet the needs of others in delivering the products and services. He is also obliged to take the challenges and demands in entrepreneurship.

An entrepreneur is defined as an individual who identifies the people's needs and provides products and services. This involves activities necessary to serve the people and improve man's quality of life.

Entrepreneurs are engaged in different business ventures and take risks to achieve the following:

1.    Entrepreneurial capabilities

There are known business personalities whose work are far from their educa­tional attainment. In line with this, their jobs are not fit on their capabilities or skills. Although, there are some who became successful in business. In reality, this must not be the basis or guide to. start a business. There's a need to have enough knowl­edge on a business to maximize the use of your money, energy, properties and many related things. There are also schools where business management courses serve as their specialization. The basic entrepreneurial skills are taught to the students.

2.    Establish a good work habit

There are many established businesses based on the entrepreneurs' personal ex­perience. Probably, they started as sales clerk or factory worker when they are still on their job and gradually learned the system in running a business. In this case, experience is the best teacher.

3.    Achieve high

The success of any business depends on proper management. The manager is like a captain that guides the ship crossing the middle of the sea during a storm. Through proper management, the business is able to overcome the obstacles.

4.    Handle money wisely

In a small or big business, there are risks and trials that entrepreneurs encounter. Any wrong decision made, you might lose or fail in your business. There are some factors that you cannot control like fluctuation in our economy and the impact of world trade in the business system.

According to some researches, entrepreneurs must have these traits:

1.   Risk-takers - Many entrepreneurs risk a large amount of their savings or may go into extensive debt to start a business. Despite the risks in business, many fail but eventually learn the tricks of the trade.

2.   Committed workers - These involve industrious workers that set standards of ex­cellence to satisfy the clienteles.

3.   Opportunity seekers - There is trade liberalization in the country, as manager of the business, you must observe the environment for ideas and classify the needs of the people.

4.   Persistent initiators - As entrepreneurs, there is a need to provide and improve products. There are also some alternative to improve their products and services.

5.   Good salesman - Entrepreneurs apply different strategies to develop business en­terprise and influence the customers to take their goods and services.

6.   Honesty - As a manager, you will meet different people together with your em­ployees, producers, salesmen and advertisers, co-owners and many more. You must show honesty on your work in dealing with people about the products. Goods and services are delivered on time, place, right people and at a reasonable price.

7.   Self-confident - Believe in yourself to get things done, overcome problems and meet the challenges.

8.   Good innovators - Keep on finding ways to improve the products and services rendered to the people.

9.   Good planners - Many Filipinos take up management courses so that they under­stand the importance of planning. Entrepreneurs set plans, identify options, fol­low up progress, sustain feedback and attain the set goals.

10. Goal setters - Entrepreneurs set clear and specific short-term goals and also long-term goals. Goals are set to be specific, measurable, attainable, result-oriented and time-bound (SMART).

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    • profile image

      Bethel Goka 

      6 years ago

      @pnkguru excellent info: clear, concise and executable advice

    • profile image

      pnkguru 

      9 years ago from COIMBATORE INDIA

      7 Principles + 2 Guides= Successful Enterprise

      I am a business strategist: I used to suggest the entrepreneur to have

      1.an open mind to accept the newer things being taught,

      2.common sense to analyze

      3.concentration in bringing sharpness of mind, sight, techniques and tools in learning and practicing

      4.Division of labor to specialize the jobs

      5.Become specialist by repeated job working

      6.Do practice all extrovert activities in disseminating the product or service information

      7.Serve the people covered by a target group.

      Guides: Besides the knowledge to 1. attract the people with catch phrases and 2. getting help from the god by creative visualization techniques.

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