Entrepreneurs possess some unique qualities or traits.

The 10 Qualities of an entrepreneur are listed below;

1. Willingness to assume risk.

2. Leadership

3. Decisiveness.

4. Creative thinking

5. Flexibility

6. Confidence in Project

7. Technical Knowledge

8. Market Orientation

9. Determination

10. Honesty

These are explained below;

1. Willingness to assume risk

Any business is risky as there are a lot of uncertainties. An entrepreneur can be never sure of 100% success. He needs to analyse and predict the situation by taking calculated risks. It is the risk which brings him returns.

An entrepreneur takes the risk of exploiting opportunities. An entrepreneur also bears the responsibility of the risk taken. He does not play the blame game and accepts failures as a challenge and an opportunity.

2. Leadership

It is one of the basic qualities of an entrepreneur as he is the owner of the enterprise and involved in running and managing the enterprise.

As a leader he initiates, takes decisions and communicates. He motivates and encourages the workers, listens patiently, handles problems diligently and takes responsibility. He maintains a good rapport with his suppliers, customers and employees. He creates a very positive and trust worthy environment.

3. Decisiveness

A successful entrepreneur is one who takes decisions very tactfully keeping in mind the external and internal factors in the environment.

He not only takes strategic decisions but also routine day to day decisions. He needs to analyse the situation and take decisions. These include decisions regarding production, marketing, finance, technology and human resource.

4. Creative thinking

An entrepreneur has a very creative mind. Ideas keep flowing in his mind and he develops new thoughts, concepts and approaches. As a leader and decision maker he needs to be very creative so that he can manage any situation very efficiently. He needs to be very creative while motivating his employees.

5. Flexibility

An entrepreneur needs to have a keen desire to initiate and change. He weighs the pros and cons of a decision and does not hesitate to change or revise the decision. He changes his business strategies according to the changes in the environment. He is a person with open mind and not with rigid thoughts.

6. Confidence in Project

An entrepreneur is usually a highly self-motivated individual who thinks very positively. He has full faith in his capabilities and ability to do things. He is very confident of the venture he undertakes and it is this positive self concept and self confidence that makes him achieve his objectives.


7. Technical Knowledge

An entrepreneur needs to have knowledge about the production process and technology used in his enterprise. He should have the ability to identify the right devise and use new and better ways of producing and marketing goods and services.

A good entrepreneur will study and update himself with the latest changes taking place in the production process, the resources used, market conditions and apply the new processes and technology in his enterprise.

8. Market Orientation

Today the world has become a small village because of technological development.

Therefore the need arises for every entrepreneur to know about the market, the substitutes available, its price, its quality, its special features and about the taste of the consumers. He should have flexible policy to change anything according to the need of the customers and to bring satisfaction to them. He is to create a market oriented policy.

9. Determination

Once the entrepreneur has made up his mind to achieve something then there is no looking back. He is very determined to go ahead with the decision he has made and willing to face any challenges that come in between him and his objectives.

Once committed to a goal, he gets absorbed in it. He works with zeal and enthusiasm till hr successfully accomplishes his goal.

10. Honesty

This is one of the most important qualities of an entrepreneur. He needs to be honest and truthful while conducting his business. This will help him gin the trust and goodwill of his employees, suppliers, customers, government, shareholders and competitors. By being honest he will be able to maintain a good reputation in the market and succeed in his business.

11. Desire to achieve and grow.

An entrepreneur is highly achievement oriented and has a strong desire to do something independently. He is always motivated to achieve and grow and succeed.

He can face any obstacles, overcome failures and accept challenges because of this trait of his.

12. Low need for status and Power

An entrepreneur should always work with balance and awakening. He should give some of his assignments and make them work for him accordingly. If an entrepreneur works only for power and self interest he may jeopardize the entire organization