INDEPENDENT STUDY - I

ARUP DAS
6010091100021

Qualities need to be imbibed to become an entrepreneur

Everyone cannot be a successful entrepreneur. To become one, a certain amount of dedication
towards business, motivation to work better and faster and risk taking mentality is needed.
Again, a person cannot be an entrepreneur in just one day. Someone will need to spend a
good amount of time honing skills and acquire knowledge about the corporate world. Among
many qualities, to become an entrepreneur, business managers need to have the following
qualities.
(i)
Interpersonal Skills: An entrepreneur should have excellent interpersonal skill. It
means entrepreneurs should have the ability to communicate properly with their seniors or
juniors. Business is all about dealing with different people and getting the work done right on
time. Hence, a successful manager must have good interpersonal skills to taste success.
(ii)
Determination: Determination is another key quality to become an entrepreneur.
There will be times when someone might face problems. An entrepreneur come up with
effective solution to problems and never breaks down in times of crisis. It is the managers
determination that will drive them towards success and also bring about profitable business.
(iii)
Motivation: Entrepreneurs must have motivation to take up different kinds of
business challenges and play with risks. They should have the courage to undertake difficult
tasks and successfully complete the task. A managers motivation will definitely imbibe the
fighting spirit in colleagues and juniors to work towards success and ultimately succeed in
work.
(iv)
Risk Taking Mentality: Entrepreneurs always have risk taking mentality. They take
up calculated risks as and when required. A good manager should always go for a calculated
risk so as to chalk out a contingency plan and prevent the risk from growing out of
proportion. Thus, calculated risk saves people from wasting their money. In business, sound
calculated risk helps to mitigate the damages incurred during circumstances where
entrepreneurs tend to lose their investment.
(v)
Time Management: Another good entrepreneurship quality is time management.
Managing time effectively leads to higher productivity and effective work culture. Time
management allows organizing work properly without wasting money and manpower. Also,
its up to the managers to see no worker gets bore or gets more pressurized because of too
much work. A successful manager ensures a person does not work alone and also divide work
among team members.
(vi)
Learning mentality: A good manager also needs to have a learning mentality. As
everybody knows, there is no end to learning. A skilled entrepreneur does research on various
business affairs and likewise gain expertise in their domain.
(vii) Contacts: A good manager must try to build strong and long-lasting relationships with
his contacts in order to expand his business network. Contacts often help entrepreneur bag
lucrative corporate deals.
(viii) Creating Opportunities: Entrepreneurs are intuitive, relentless and recognising
niche markets and business opportunities. Managers must have the ability to identify an

INDEPENDENT STUDY - I
ARUP DAS
6010091100021

opportunity for new products or services that may or may not exist or may have become more
valuable to customers and unknown to competitors. Good managers should tenacity needed
to overcome barrier when achieving goals.
(ix)
Innovative: Innovation sets the entrepreneur apart from all of their other
commercially engaged contemporaries. Entrepreneurs know how to add value by making a
product better and getting a target market to demonstrate their appreciation of it by parting
with their money. This encompasses creativity, critical thinking, analytical abilities and
originality. A good managers core competency should be to find new ideas to solve problems
and to come up with clever, workable solutions.
Conclusion
It is generally assumed that all managers are equal in their ability to perform
entrepreneurially or in normal managerial functions. Managers differ only in willingness to
accept risks and develop opportunities. Good managers are working for becoming
entrepreneurial, often in a risky firm for risky profits.
Most new entrepreneurial activity comes from an exceptional execution of an often ordinary
idea. For example, modifying or imitating an existing idea or through resource scarcity the
entrepreneur is focused on selective and focused strategic targets which in some way creates
competitive advantage. However, managers working in the business have been found to have
a lower risk taking propensity than individuals who take most risks and have entrepreneurial
ability. Clearly, setting the organizational parameters for entrepreneurially activity and
providing research and development information for prospective entrepreneurially talent
improves organizational commitment towards entrepreneurial empowerment and a delegated
level of risk perceived at organizational level.