An individual who has an innate drive of enterprising for building up capital through risk ventures is known as an entrepreneur. Risks are taken by the individual for launching ventures and he also has to accept the entire responsibility for the results. There certain skills of management, leadership and commerce that is required in order to be an entrepreneur.
There are certain qualities that make a good entrepreneur. They are follows:
Management Skills: This is one of the most important qualities that define a good entrepreneur. Management is the key to business dynamism and stability of the business cannot be ensured if the management skills of the entrepreneur are not up to the mark. There are a lot of aspects of management. The entire process beginning from the production to the marketing of the launched products have to be supervised by the entrepreneur.
Risk Assessment: This is another important aspect of a business organization and the main man who is responsible for it is the entrepreneur. Therefore it is only obvious that the entrepreneur should have a sound knowledge of the economy. In order to do the assessment of risk, the entrepreneur will have to make a proper market research.
Man Management: It is very important that the entrepreneur has proper communication skills. It is the job of the entrepreneur to make sure that his team works smoothly and therefore, it is important that the entrepreneur has the ability to maintain a harmony among his workers. A good entrepreneur will have the ability to resolve disputes regarding the labor unions.
The entrepreneur should be able to strategize the steps, and he should be able to give it a direction. Decision making is a very important role that has to be made perfectly by the entrepreneur. The entrepreneur, with the help of his or her advisors, should be able to come to a decision that can drive the business away from the sticky situations. According to basic economics, the four pillars of business are land, labor, capital and entrepreneurship. Therefore, it is established that the entrepreneur is one of the most important parts of the business.