Tuesday, July 25

What Makes Entrepreneur Successful?

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The success of a business depends much upon the entrepreneur. Certain qualities are required for an entrepreneur to make a go of his or her venture. Just the thought of doing business does not help. One must be cut out for it. What makes entrepreneur successful? – What qualities are essential to make a businessman successful?

  • The inner drive to be a success – The businessman or woman should have the desire to churn out profits and to ensure that his or her business does well. The need to be ambitious and set up goals, which they should strive hard to reach.
  • Confidence in their abilities – They must believe in themselves and have confidence in their abilities. They must be assertive and be able to achieve their set targets with complete optimism. The air of self-confidence may appear as arrogance at times, but that is the way with businessman.
  • Open to new ideas and concepts – A successful businessman has to be innovative and open to new avenues of business. He or she has to also be willing to change outmoded ways of doing business and adopt new techniques.
  • Motivated and very energetic – The zeal to do business must be strong. The businessman should be well motivated to carry out the task on hand. His or her energy levels must be high. The urge to succeed must be strong.
  • Competitive spirit – Successful businessmen need to be willing to face competition. In fact, they cannot do without competition. Outwitting another businessman is what the game is all about. They are able to deliver better when they are in competition.
  • Acceptance of healthy and constructive criticism as well as rejection. A businessman should be able to take criticism and change plans accordingly. Constructive criticism helps to build up business. It needs to be taken in the right spirit. Plans may get rejected at times. This may be good sometimes in case the criticism is correct regarding the feasibility of the plan. A new plan may have to be chalked out, which the entrepreneur has to come up with for his or her own good.
  • Be innovative – A successful entrepreneur has to be innovative. He or she should be able to come up with new plans. He or she must be full of new ideas and concepts.
  • Willing to take risks – In order to be successful, a businessman or woman has to be willing to take certain risks. His or her investments may be high, but unless and until a person takes some risks, he or she cannot make profits. One might be sure of things at the initial stage, but in due course one will find the results will turn out to be good.
  • Business acumen – One needs to have the acumen to undertake business. One must be intelligent enough to make the right kind of investments in order to make the maximum profits.
  • Adept at taking decisions – A successful businessman or woman must be able to take the right decisions, be firm about them and not vacillate. At every stage of the business many decisions have to be taken.

A businessman or woman in order to be successful in their respective venture need to possess certain qualities. Doing business and being successful at it, is not an easy proposition.

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