Entrepreneur & its Characteristics.

ENTREPRENEUR AND ITS CHARACTERISTICS

Entrepreneur:


An Entrepreneur is a person,who first comes up with the idea of doing business,arrange capital,land, labor and machines to carry out the business.
          Entrepreneurship is a process of discovering,evaluating and exploring opportunities to come up with a new business venture. An Entrepreneur needs to put a tremendous effort to set up a business and make it successful. This can sometimes be stress-full as well as time consuming, but then as its said "No gain without Pain", so if there's no hard work & no effort,there are no results other than failure.
          So, perhaps if someone wants to start his/her own business have to under go all this to achieve a successful and competitive business. One has to have knowledge about certain things or be able to do before he/she gets into this life long dream.
           There are a certain characteristics to be followed to have a successful business & be a successful entrepreneur. A few things which can help in building a business, running it and making it successful.
          Most of it can be learned by practice and by developing a winning attitude, planning what is to be done and how it is to be achieved by setting goals and applying it properly through a strategic planning. To reach these goals, here are some of the characteristics of an entrepreneur :-

1. An Entrepreneur must have an ambition:


   An Entrepreneur must have an ambition as to what is to be achieved? what he/she wants from his/her business? An enthusiasm to do it. He/she must enjoy the work, get personal satisfaction, financial gain, stability and enjoyment. Looking at one's ambition, their team mates & co-workers should also work with the same spirit and motivation to achieve the target, bring in new light & ideas to the work atmosphere.

2. Work seriously and be original:

   Having something different, something new is basically the whole idea of working in today's market. What ever product or service, it should be presented in such a way that it looks new and fresh in the market. An Entrepreneur must have a belief in his/herself and in the goods and services being sold by him/her.

3. Leadership qualities:

   It is very necessary that an Entrepreneur must have leadership qualities in him/her. A good leader is the one who has motivation, determination, a sense of ethics and a desire to build integrity within the organization. He should be team oriented and a great teacher. He should have the skills of getting things organised and extract work from his employees/workers. If a leader guides his team properly then only the goals can be achieved without any backdrops.

4. Planning every step of action:

   A business cannot run without planning. If there is no planning every work will be pending and everything will turn out to be failure and disappointment. Every business man should have a habit of planning. It is very important to plan every aspect of business because some situations in business has to be analysed, researches have to be done, data has to be collected, conclusions have to made on facts which are revealed through the research.

5. Some risks should be taken:

   Some risks should be taken in business but wisely which will help in expanding the business and make more profits.

6. Money Management:

   The main soul of any business is the continuous flow of cash. There are many areas where cash has to be spent like to buy inventory, pay salaries and wages, transportation fares, advertising, repair or replacement of tools and equipments, retail showrooms, etc. There are two aspects of wise money management :-

• The money received from customers and clients in exchange of products or services is an Income.
• The money spent to buy raw materials, supplies, transport, salaries and other items required to keep business operating is an Expense.

7. Adaptability:

   Being adaptable to any changing situations in business is one of the greatest strength of an entrepreneur, Every successful business owner must accept the change of tastes of customers, their likings and always try to improve, refine and customize their services to give customers what they want. 

8. Target customers:

   It is very important to know who are your target customers. If an entrepreneur knows who are his/her target customers he can design his product or service as per their wants or likes.

9. Satisfaction of customers:

   Customer is the main focus in every business. So their satisfaction is also equally important. Customers must be satisfied with the products or services what are being provided. Even the policies, warranties, payment options, operating hours, presentations, advertising, promotional campaigns and website must be designed in a way that customers understand the products or services provided. Feedbacks from customers must be taken into consideration to improve the product or service.

10.Benefits of selling:

It is necessary to create an urge in customers to buy our product or service which is being provided. Customers should get convinced to our products or services so that they buy. This can be achieved by advertising, sales presentations, print media, product packing, websites, newsletters, trade show exhibits and sign age. Evey time and every medium used to communicate to target customers must carry the benefits of selling associated with owning the product or using the service.

11.Keeping up with technology:

Latest technology is always helpful for business.It makes work easier and saves time.Keeping up with the high-tech world as it best suits the business is important.

12.Team building:

One person cannot build a successful business alone.It is a team work which makes a business successful and achieve the goals and target.A committed team and loyal workers/employees is the main ingredient of the business.A team consists of employees,co-workers,contractors and business associates.

13.Having knowledge:

When problems arise,an entrepreneur has to find a solution and take proper decisions which can be beneficial for the business.For all this he/she must have knowledge of what is going on in and out of his business area.This may help the entrepreneur in taking better decisions and finding proper ways of solving the problems 

14.Be competitive in the market:

There are many times these questions arise as to "Why customers should buy the product/service?What is different in this product/service?Is the price worth giving by the customers for the product/service?".For answering all these questions,a business must have a clearly defined unique selling proposition.

15.Accessibility:

The products or services which are being sold must be within the reach of customers.It must not be far from the target customers.Therefore,the shops or showrooms must be located in such places where customers can easily buy and is convenient for them.

16. Build a Goodwill for the business:

The Goodwill of the business will always attract the customers and create belief in business associates and people with whom business is done.A good reputation of the business is unquestionably one of the business owner's most tangible and marketable assets.This is done by keeping up promises,by providing 24/7 customer service,giving customers a quality and quantity product,answering customers griefs and complaints.

17.Seek attention:

Small-business owners cannot waste time,money and energy on promotional activities aimed at building awareness solely through long-term, repeated exposure.Instead,every promotional activity being engaged in.must generate money back,in this way more attention can be grabbed and grow business.

18.Get organized and tackling tasks:

Managing business is having systems in place to do things.Every work what is being done must be organised which make work easier and saves time.Routine must be developed for every single business activity.Small things such as creating a to-do list at the end of each business day,or for a week,will help to locate the main priorities to be completed.There are many tasks in day-to-day life which are to be tackled.This might get straineous sometimes,for this doing this in an organised way will be helpful.

19.Follow-up constantly:

Keeping contacts,follow up and follow through with customers,prospects and business alliances is always the mantra for every business owner.This will help in building strong business relations with the suppliers and core business team as well as increase the value of each sale.

                     With all these characteristics it is equally important for an entrepreneur to maintain Good health,have a good and healthy diet,a sense of urgency,comprehensive awareness,realistic outlook,conceptual ability,low need for status,objective approach,emotional stability,attraction to challenges and describe situations with numbers.