Entrepreneur is a person who carrier entrepreneurship or business is called an entrepreneur. He is one of the important segments of economic growth. In fact, he is one who has the initiative, skill for innovation and who looks for high achievement. He is a catalytic agent of change and works for the good of people. He is the key man who envisages new opportunities, new techniques, new lines of production, new products and coordinates all other activities.
Meaning and Definition of Entrepreneur
According to Peter F.Drucker___ “An Entrepreneur as who always searches for changes, responds to it and exploits it as an opportunity. Innovation is the basic tool of entrepreneurs, the means by which they exploit change as an opportunity for a different business or service”.
According to International Labour Organization (ILO)___” Entrepreneurs are those people who have the ability to see and evaluate business opportunities together with the necessary resources to take advantage of them and to initiate appropriate action to ensure success“.
According to McClelland___” An entrepreneur is someone who exercise some control over the means of production and produces more than what he can consume in order to sell it for individual income”.
Characteristics / Qualities of Entrepreneur
- Mental ability: Mental ability consists of intelligence and creative thinking. An entrepreneur must be reasonably intelligent, and should have create thinking and must be able to engage in the analysis of various problem and situation in order to deal with them. He should anticipate changes and must be able to study the various situation under which decisions have to be taken.
- Clear objectives: He should have a clear objectives as to the business, the nature of the goods to be produced and subsidiary activities to be undertaken. A successful entrepreneur may have the objective to establish the product to make profit or to render social service.
- Business secrecy: He must be able to guard business secrets. Leakage of business secrets to trade competitions is a serious matter which should be carefully guarded against by an entrepreneur. He should be able to make proper selection of his assistants.
- Human relation ability: The most important personality factors contributing to the success of an entrepreneur are emotional stability, personal relation, consideration and tactfulness. He must maintain good relations with employee, customers, supplies etc. An entrepreneur who maintains good human relations with these groups is much more likely to succeed in his business.
- Communication ability: Communication ability is the ability to communicate effectively. Good communication also means that both sender and the receiver understand each other and are being understood. He can effectively communicate with customers, employees, suppliers and creation etc., will be more likely to succeed than the entrepreneur who does not.
- Technical knowledge: He must have a reasonable level of technical knowledge. Technical knowledge is the one ability that most people are able to acquire if they try hard enough.
- Motivator: He should build a team, keep it motivated and provide an environment for individual growth and career development.
- Other skills: As follows:
- Self confidence.
- Long term involvement.
- High energy level.
- Continuous problem solver.
- Good setter.