Someone who exercises initiative by organizing a venture to take benefit of an opportunity and as the decision maker, decides what, how and how much of a product or service will be produced.
An entrepreneur supplies risk capital as a risk taker and monitors and controls the business activities. The entrepreneur is usually a sole proprietor, a partner or the one who owns majority of shares in an incorporated venture.
According to economist Joseph Alois Schumpeter, “Entrepreneurs are not necessarily motivated by profit but regard it as a standard for measuring achievement or success.”
There are some ups and downs in the field of entrepreneurship. And there are some skills which are necessary for an entrepreneur.
While the debate was going on, do the entrepreneurs are born or made, one thing can’t be disputed, polishing certain skills can help you to become a better entrepreneur. But what are those skills?
Being able to sell is something that is the key to every entrepreneur. Even those that tell you they’re not natural sales-people have the capability to sell or they wouldn’t get to where they are. It’s necessary to sell your idea and also yourself.
It’s easy to think about the right-now aspect of your business, because the results are easy to watch. But what you will say about bigger picture? At the time of facing long term goals and challenges it becomes a must to have some skills, because at that stage skill talks. Without skill you are going to face lots of problems.
Without having a constant eye on your strategy and assessment of that strategy in terms of the industry and your competition, you can’t hope to grow it over time and remain competitive in the marketplace.
If you are asking people what about decision making, then they will obviously tell you that it’s the most important criteria for an entrepreneur. The right decision at the right time is the key to success for an entrepreneur. When a problem arrives the most important thing at that time is to manage that situation with a cool brain. That’s what will lead you to your goal.
For being an entrepreneur at first you have to become a good motivator. There will be lots of crisis moments when nothing can help other than motivation. An entrepreneur needs to motivate and inspire his colleagues and sub-ordinates always specially at the hard times. Often you have to motivate yourself! But never lose your hope.
You need to know how to plan for a well-established business, and need a business plan for the long run. You may not have the ability to roll in the long run at this moment but never stop planning.
We are now living at a fast paced world where surviving is very hard. And at the marketplace it is much harder for an entrepreneur to survive. Have preparation for surviving in the changing condition. If you can’t adapt, you will never survive. And you will never be able to work effectively with a diverse group of peers and executives, either.
Skills are your trusted friends. Without skills you can run for sometimes, but not for long. Prepare yourself before taking part in the race.