Page 96 - Computer - 10(A&B)

4 4 Entrepreneurial Skills-II

Session 1

List the Characteristics of a Successful Entrepreneur

An entrepreneur is an individual who, rather than working as an employee, creates and runs a small business,
accepting all the risks and rewards of the venture. An entrepreneur is commonly seen as an innovator, a source
of new ideas, goods, services, and business.
Entrepreneurs play a key role in any economy. These are the people who have the skills and initiative necessary
to anticipate current and future needs and bring new ideas to market. Entrepreneurs who prove to be successful
in taking on the risks of starting a new company are rewarded with profit, fame, and continued growth
opportunities.

Entrepreneurship

Entrepreneurship is the process of discovering an opportunity, mobilising resources, and launching an enterprise
to use the opportunity. Business and entrepreneurship are complementary to each other and cannot be separated.
A business is established in a society for the welfare of the people. An entrepreneur accelerates the economic
growth of a society. Entrepreneurship is all about wealth creation for the entrepreneur and for the people that
are employed by the venture. As a result, the economy of the local area where the entrepreneurial venture has
based is developed. It also creates wealth for the government in the form of taxation which is then redistributed
accordingly to the services and communities in the society that need it the most.
Entrepreneurship fosters creativity. An entrepreneur will always come up with creative ways to better the
existing technologies such that they result in the production of fairly affordable products for all members of the
community.

Qualities of an Entrepreneur
You must be familiar with some famous business houses like Tatas, Birlas, Modi, Ambanis, etc. They all started
as small scale entrepreneurs and made their empires over the period of time with their hard work and special
qualities that make an entrepreneur. The success of an enterprise is attributed to the entrepreneur. Successful
entrepreneurs have many qualities in common.
Here are some qualities of a successful entrepreneur.

Discipline Confidence Flexibility
Taking Initiative Competitive Creativity
Determination Motivator Strong Work Ethic
Passion Leadership Dynamism

Discipline
Entrepreneurs are focused on making their businesses work. They eliminate all hindrances and outline and
make plans to accomplish their goals. Successful entrepreneurs are disciplined enough to take steps every day
towards the achievement of their goals.
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