9 Characteristics of an Successful Entrepreneur

Entrepreneur is a person who is action oriented and highly motivated lo take risk and to achieve such a goal dot brings about a change in the process of generating goods or services or re-initiates a progress in the advent of creating new organizations.

Therefore, experts have nine characteristics for entrepreneur from different conceptual viewpoints.

The characteristics that encompass the concept of entrepreneur are discussed below:

1. Entrepreneur is an agent

Entrepreneur is perceived as an economic agent who assembles materials for producing goods at a cost that ensures profits and re-accumulation of capital.

He is also understood as a change agent who brings about changes in the structure and formation of organization, market and the arena of goods and services. Canlilon, Say, Hisrich and Peters, Burch and others have pointed out these characteristics of an entrepreneur.

2. Entrepreneur is a risk taker

Many experts – old and new, have emphasized this characteristic. Back I955, Redlich pointed out that entrepreneur is a person who identifies the nature of risk and takes decision.

Later on, Burch, Meredith and other experts have agreed that entrepreneur is a risk taker while undertaking a venture.

3. Entrepreneur is a profit maker

Entrepreneur is the individual who establishes and manages a business for the principal purpose of profit and growth.

This concept of entrepreneur that the entrepreneur aggrandizes a profit-oriented business is promoted by Colt, Carland and others. Their views are centered on making profit by initialing a business.

4. Entrepreneur is an achievement motivator

David C. McClelland has initiated this concept of entrepreneur by calling him “as per sun with strong desire for achievement”.

Later on Meredith and others have expressed the same concept while they termed “entrepreneurs are action oriented, highly’ motivated individuals”. Therefore, entrepreneurs have to have a deep-rooted need for achieving their goals.

5. Entrepreneur is a capital provider

Entrepreneur a person who operates a business by investing his or her capital. Abbett first points out this characteristic in 1967.

It a supported by Nadkami (l97S) and Sharma (1981). They perceived entrepreneur as the founder of an enterprise who assembles necessary resources for the operation of the enterprise.

6. Entrepreneur is the determinant of the nature of the business

This characteristic /concept of entrepreneur has been promoted by Evans in 1957 It says that entrepreneur is the person or group of persons who performs the task of determining the kind of business to the operated.

Therefore, entrepreneurs promote diversified and distinct types of business in a society.

7. Entrepreneur is an innovator

Joseph A. Schumpeter {1934) characterized entrepreneur as an innovator of new combination in the field of production Later on Robinson (1962) and Hagen (1962) have described entrepreneur as i person who lakes a small venture to the edge of success by his own efforts, innovation and motivation.

Innovation is perceived by the Schumpeter as an action that introduces a product, a new quality, a new method of production, new market and new organization. Therefore, entrepreneur innovates something that brings about disequilibria in the industry.

8. Entrepreneur is a reward receiver

Entrepreneur is a person who creates something new of value by devoting time and efforts and in tum receives monetary and personal rewards. Max Weber, Hartman, Hisrich and Peters have recognized this distinct phenomenon of entrepreneurs.

9. Entrepreneur is a challenge taker

It perceives entrepreneur as a person who accepts challenges for developing and exercising vigilance about success and failure to take risk and to generate products.

The above-mentioned characterizes of an entrepreneur show’ that the entrepreneur is a dynamic person who promotes society and civilization by taking ventures that give enormous variety of goods and organizations to bring about changes in the arena of industrial activity.