Characteristics/qualities of a successful entrepreneur

Qualities or Personal Entrepreneurial Characteristics (PEC) of successful entrepreneurs refer to the desired traits, which enable an entrepreneur to do what is expected of him/her and succeed in business. It is the combination of these characteristics that is required to enable an one to perform effecti!el as an entrepreneur. It is possible for people to de!elop these characteristics and succeed in their careers as entrepreneurs. "uccessful entrepreneurs ha!e common characteristics, which are di!ided into three clusters namel achievement, planning and power. 1. Achievement Cluster Opportunity seeking #his refers to the qualit that enables the entrepreneur to see and act upon new business opportunities e!en in situations where other people see nothin$ but problems/hopelessness onl . It also encoura$es him/her to sei%e unusual opportunities for obtainin$ the necessar resources such as financin$, equipment, land, wor&space, technical assistance, etc, which will enable him/her to implement his/her business ideas. Commitment to the work contract #his is the abilit to accept final responsibilit for completin$ a 'ob for the customers. Customers expect entrepreneurs to perform and honour their commitments. It follows therefore that the entrepreneur should do e!er thin$ possible to ensure that he/she fulfils the commitment with his/her customers. It means 'oinin$ the wor&ers to wor& with them to ensure that contractual commitments are fulfilled, the entrepreneur will do it. Persistence #his is the qualit , which enables the entrepreneurs to de!elop determination to ha!e a thorou$h 'ob done at an cost in terms of personal sacrifice. ( doin$ this, the entrepreneur remains wor&in$ towards the achie!ement of his/her set $oals. Risk taking Entrepreneurs are people who prefer ta&in$ moderate ris&s. (efore the commit themsel!es and their resources, the assess the ris&s that are associated with a business opportunit that the ha!e selected, and their

abilit to mana$e them, the benefits that the will realise and the challen$es that the will face from the !enture to be underta&en. Entrepreneurs can earn profits as a result of ta&in$ ris&s and the hi$her the ris&s, the hi$her the profits. )owe!er, entrepreneurs will alwa s prefer to ta&e on those ris&s that the can mana$e. Deman for efficiency an quality

#his is the qualit that enables an entrepreneur to do thin$s that meet or surpass existin$ standards of excellence or impro!e on performance b stri!in$ to do thin$s faster, better and cheapl . ( doin$ this, the entrepreneur remains ahead of others, ma&es more profits and retains a $rowin$ mar&et share. !. Planning Cluster #he plannin$ cluster is made up of the followin$ characteristics* "oal setting #his refers to the abilit of an entrepreneur to set clear and specific $oals and ob'ecti!es. #hese $oals and ob'ecti!es are normall hi$h and challen$in$ but at the same time, realistic and can be attained, $i!en the resources that one has $ot at his/her disposal. #nformation seeking #his is ha!in$ the ur$e to loo& for the required information in order to ma&e an informed decision, for example, selectin$, startin$ and successfull mana$in$ the desired business. #his calls for the concerned person to personall see& and obtain information re$ardin$ customers, suppliers, competitors as well as an other rele!ant information that is required to enable the entrepreneur ma&e decisions and impro!e &nowled$e on his/her business. $ystematic planning an monitoring

#his is the abilit to de!elop plans that will be used in monitorin$ and e!aluatin$ the pro$ress of the business. #his helps the entrepreneur to carefull monitor his/her business+ actual performance a$ainst desired performance and turn to other alternati!es whene!er the need arises, so as to achie!e his/her set $oals.

%. Power Cluster Persuasion an networking

#his is the abilit to lin&, con!ince and influence other indi!iduals, a$encies and other $roups in order to maintain business contacts at a hi$h le!el. #his will help or wor& for the cause of the business in a positi!e manner to accomplish own ob'ecti!es. $elf&confi ence #his refers to ha!in$ a stron$ belief or confidence in oneself and the abilit to complete a difficult tas& or meet a challen$e. $tu ent Activity ' -. .ame the !arious characteristics of an entrepreneur and list these characteristics on a board or flip chart. /. 0raw a picture showin$ an entrepreneur. 1I.e. the picture could be of an thin$ (a person, a tree, etc.), but should show as man characteristics of an entrepreneur as possible.2 3. Interpret our completed picture to other people explainin$ the characteristics bein$ potra ed. 4. #hin& about how ou mi$ht demonstrate some of the entrepreneurial characteristics in school wor&, extra5curricular acti!ities, or part5time 'ob. 6. 7ecord our personal entrepreneurial characteristics in our exercise boo&s. Reflection #r to disco!er that ou ma ha!e man of the characteristics of the entrepreneur the ou potra ed in our picture(s). Checklist( Characteristics of an entrepreneur "elf5confident Independent

0etermined 8ble to ma&e decisions 9ersatile 8ble to ta&e calculated ris&s 8chie!ement5oriented 7esourceful

Ener$etic Efficient Impatient Competiti!e Ea$er to learn <lexible Initiati!e5ta&er

8ble to lead :oal5oriented ;ptimistic 7esponsible 7esponsi!e to chan$e Percepti!e 7esponsi!e to criticism