Entrepreneur Characteristics PDF

Characteristics of Entrepreneurs 1. Innovative (entrepreneurs are innovative and show initiative and creativity in their approach to business situations, are constantly looking for new ideas and ways of improving what they do, think outside the box to develop new products or new versions of existing...

Characteristics of Entrepreneurs 1. Innovative (entrepreneurs are innovative and show initiative and creativity in their approach to business situations, are constantly looking for new ideas and ways of improving what they do, think outside the box to develop new products or new versions of existing products) 2. Risk Taking (being an entrepreneur involves taking both personal and financial risk in pursuit of a business idea, successful entrepreneurs are prepared to take risks and live with the chance of failing, they are realistic risk takers, they are not risk averse) 3. Resilient (entrepreneurs are not put off by failure, they have a strong sense of self- belief and conviction about their own business ideas, they believe in what they are doing and that the venture will be successful, they believe in their idea, without this confidence they would not be able to take the necessary risks) 4. Reality Perception (entrepreneurs are realistic in their expectations, they recognize their own limitations and seek advice and help when needed, they are able to judge what they can achieve and not to get carried away with over optimistic plans which will fail, they have good judgement and will only attempt what is achievable, they see things for what they are and not what they would like them to be) 5. Proactive (entrepreneurs are proactive, they are constantly anticipating what is needed and doing something about it rather than being reactive and waiting for things to happen before responding) 6. Customer Focused (entrepreneurs are very aware of customers’ needs and are willing to change their business model to meet those needs) 7. Flexibility (entrepreneurs are adaptable and able to cope with change, they are willing to change their plans when needed, or to choose an alternative route when things do not work out as expected)