TLE – Travel Services lecture (September 04, 2023)

Entrepreneurial competencies refer to the important characteristics that should be possessed

by an individual in order to perform entrepreneurial functions effectively. In this module, you
will learn some of the most important characteristics, attributes, lifestyle, skills and traits of a
successful entrepreneur in order to be successful in a chosen career.
Below are a few important characteristics/traits/attributes of a good entrepreneur:
1. Hardworking: One of the important characteristics of a good entrepreneur is
hardworking. This means habitually working diligently for long period of hours. A
hardworking person keeps on improving his/her performance to produce good products
and/or provide good services.

2. Self-confident: An entrepreneur has confidence in one’s ability and own judgment.

He/She exhibits self-confidence in order to cope with all the risks of operating his/her
own business.

3. Discipline: Successful entrepreneurs always stick to the plan and fight the temptation to
do what is unimportant.

4. Committed: A good entrepreneur accepts full responsibility for everything in his/her

business. He/she gives full commitment and solid dedication to make the business
successful.

5. Ability to accept change: Nothing is permanent but change. Change occurs frequently.
When owning a business, a person should cope-up and thrive on changes. Capitalize on
positive changes to make your business grow.

6. Creative: An entrepreneur should be creative and innovative to stay in the business and
in order to have an edge over the other competitors.

7. Has the Initiative: An entrepreneur takes initiative. He/She must put yourself in a
position where you personally are responsible for the failure or success of your business.

8. Profit-Oriented: He/She enter into the world of business to generate profit or additional
income. This shall become your bread and butter, and for your family as well. Therefore,
you must see to it the business can generate income.