Entrepreneur is the person who,
after analyzing risk and marketing conditions, initiate or re-initiate a business
by combining all 3 types of resources that is human resources, physical resources
and financial resources.
By this narrow definition one
can easily think that be an entrepreneur is such a simple and easy task but it is
not the case in real, on the contrary, choosing your goal as a successful entrepreneur is rather a challenging task. If you do not have any wishful thinking about startinga business and you have the set of some specific traits then nobody can stop you
to become a successful entrepreneur So, without any further delay let us start
sorting out those essential traits of successful businessman or entrepreneur.Trait No.1 Locus Of control.
Locus of control means your believe about controlling the situation. Basically
there are two types of locus of control
- Internal Locus Of Control
- External Locus Of Control
Persons with internal locus of control believe that they are the master of any situation and they can change the
situation in a way they want while persons with external locus of control believe
that they can not make any changes with the situation and they have to accept it
in a way it is.
To be a smart entrepreneur you
must be a person with internal locus of control otherwise you can't compete with
the difficult situation and will give up easily while business is all about playing
with difficult scenarios and situations.
Trait No. 2 Higher Energy Level.
Set up a new business requires
high amount of energy. Research proves that new entrepreneurs have to work 60-70
hours per week in order to earn reputation and get recognition. Only 23% entrepreneurs work less than 60 hours in a week which is quite a average for medium level managers.Trait No.3 High Need Achiever
If you are used to setting high
goals for you then definitely entrepreneurship is your cup of tea, For taking your
business at highest peak you have to set your goals high but here high doesn't mean
of setting unrealistic goals. If you want to be a successful business person then set your goals at a level that is neither too high nor too low.
Traits No.4 Confidence
Who can dare to spend all of his resources on an experiment, other than a confident
person? You must be confident that your idea of business is worth daring in spite
of other's negative thoughts and discouraging attitudes.
Traits No.5 Tolerance For Ambiguity
Normally people want clear cut
knowledge, complete data structure and clearly seen situation for making any decision
but sometimes entrepreneurs have to take decision without any first hand knowledge
and complete picture of situation. So, entrepreneur must have tolerance of ambiguity
and he must be able to move with this ambiguity.
Traits No.6 Time Management.
Entrepreneurs always perceive time as a jewel. They work like there is no tomorrow and manage it efficiently.
