Question

Entrepreneurs have the ability to find and act upon opportunities, take risks, translate inventions or technologies into products and services, organize capital, talent, and other resources and be persistent.
Q1. Do you think entrepreneurial characteristics make entrepreneurs successful, if yes, why and what are those characteristics? Analyze.
Q2. Apply any five entrepreneurial characteristics to an entrepreneur of your choice

Answer 1

yes, I think entrepreneurial characteristics make entrepreneurs successful.

An entrepreneur is a person who has a passion to do something extra-ordinary with their ideas and hard-work. He is a highly motivated person who take risks to reach targets. Everyone can't be a successful entrepreneur, only those who have entrepreneurial characteristics can succeed in business. A successful entrepreneur must have the following characteristics:

1) Creativity: In order to sustain in the market place, an entrepreneur needs to be creative. Creativity brings innovation and innovation of new products attracts new customers and retains the old one. Creativity helps in finding out new solutions and makes the entrepreneur the most successful one.

2) Risk taking: Risk -taking is the ability to explore the unknown, an entrepreneur must have the will to discover something new and unique that will differentiate him from others. A smart entrepreneur is one who always ready to take risks with proper back up.

3) Passion: Passion makes an entrepreneur successful. A real entrepreneur always enjoys his work and stay motivated. Passion helps an entrepreneur to devote extra hours in order to make the business successful one. Passion motivates entrepreneur to cross all the barriers and successfully headed towards the company goal.

4) Planning: Planning is the most important of all the characteristics, without planning an entrepreneur can't be a successful entrepreneur. Planning means putting the right things in right place and right time. To make a business successful it is necessary to use the available resources to its optimum level and it is possible only through planning. Planning guides an entrepreneur in achieving goals.

5) Social contacts: An entrepreneur must have good social contacts, he must have the ability to drag people towards his business. He must be able to meet people and establish good relationship with them which will be beneficial for making the very root of his business strong and ever lasting.

6) Giving Importance to customer: A successful entrepreneur is one who thinks that customer is everything. He needs to give priority to customers, he should study the needs of his customers and invent products accordingly.
All these characteristics of an entrepreneur lead him towards the path of success.

2. Bill Gates is one of the most famous and successful entrepreneur. Let's apply five entrepreneurial characteristics on him:

Creativity:Bill Gates has unleashing power of creativity. He loves learning things and solving problems. Because of his unbeatable power of creativity, he has given the personal computer a new look.

Risk Taking: Bill Gates took risk in 1975, when he dropped out of Harvard to build Microsoft. He takes risks that very few people in this world can think like him. Through his foundation he take risks to invest a big amount for the eradication of many social evils, like polio.

Passion: His passion for learning computer has made him one of the successful entrepreneur. At his young age, he spends his free time creating programs on the teletype terminal computer donated by his school. His passion of writing programs help him to build Microsoft and develop Windows operating system.

Planning: Bill Gates has a strong power of planning things, he plans a lot to establish Microsoft as one of the most popular one among the computer users. His planning for resources,financial investment and hiring talents helps him to be the most richest man in this world.

Hardworking: There is no doubt to say that where is Bill Gates today is because of his hard work. He started his journey from his school and end as a successful business man.