Question

Choose any small business of your choice. Using relevant management theory, engage with the management and staff of the business and find out the following information:

2. What are the important qualities and characteristics of a successful entrepreneur? (12)

Answer 1

answer-

i would discuss about a local business which is bakery shop in my local area where i go to its manager and engaged with its staff to know the important qualities and characteristics of a successful entrepreneur -

entrepreneur is the person who has business idea and make business out of that idea by taking risks and motive to earn profit from business. all people have different different views about the characteristics of entrepreneur in that bakery shop but the manager and owner of the shop describe the following qualities and characteristics of a successful entrepreneur should possess-

1-a successful entrepreneur should be visionary- vision or dream is the important quality of a successful entrepreneur because it helps him to know what he wants to achieve and how he can achieve that. like the owner of the shop have the vision to use his bakery skills and open a business of bakery. so he had a vision for that.

2-Persistence means all successful entrepreneurs must possess is persistence. Persistence is the iron quality of character. Persistence is to the character of man as carbon is to steel. It is an indispensable quality that goes hand in hand with all great success in life. doing a business is not easy task. you face many issues and problems so you have to be persistent to face and deal with all those issues.

3-Decision maker means He should be able to make important decisions which should be logical and quick not time consuming because if decisions are not taken on right time then decisions would have no value.

4-Confidence The entrepreneur does not ask questions about whether they can succeed or whether they are worthy of success. They are confident with the knowledge that they will make their businesses succeed. They exude that confidence in everything they do.

5-Creativity One facet of creativity is being able to make connections between seemingly unrelated events or situations. Entrepreneurs often come up with solutions which are the synthesis of other items.creativity helps to think out of the box and solve the problem effectively.

6- Risk taker- as we all know business involved with many risks so entrepreneur would be successful he is able to take risks. when person do not take risk then they do not able to get rewards as well.

7-Determination-Entrepreneurs are not thwarted by their defeats. They look at defeat as an opportunity for success. They are determined to make all of their endeavors succeed, so will try and try again until it does. Successful entrepreneurs do not believe that something cannot be done.