UNIT - 1 Characteristics of a Successful Entrepreneur DEPARTMENT OF MANAGEMENT STUDIES 7/25/2017 Dr. P.Saradhamani , Professor

Entrepreneur possess several positive characteristics: 7/25/2017 Dr. P.Saradhamani , Professor

These are several definitions or meaning of entrepreneur: Through their innovations, they contribute to the improvement of the standard of living. So, they do not only help the economy, they also help society Entrepreneur Defined These are several definitions or meaning of entrepreneur: 7/25/2017 Dr. P.Saradhamani , Professor

Dr. P.Saradhamani , Professor He is one who takes risks and makes innovations on the factors of production. In French concept, an entrepreneur is an adventurer, undertaker, and projector. His function is to supply and accumulate capital. To Schumpeter, an entrepreneur is an innovator. Peter Drucker says that an entrepreneur always searches for change, responds to it and exploits it as an opportunity. 7/25/2017 Dr. P.Saradhamani , Professor

Dr. P.Saradhamani , Professor An economist explains that an entrepreneur is one who shifts economic resources from an area of lower productivity to an area of higher productivity and greater yield. The American Heritage Dictionary defines an entrepreneur as a person who organizes, operates, and assumes the risk for business ventures. The pure entrepreneurs are those who launch their own ventures from scratch. According to Geoffrey Meredeth entrepreneurs are people who have the ability to see and evaluate business opportunities. 7/25/2017 Dr. P.Saradhamani , Professor

Here are the most important characteristics of entrepreneurs: 7/25/2017 Dr. P.Saradhamani , Professor

Characteristics of Entrepreneurs Characteristics are distinguishing traits or qualities, like: 7/25/2017 Dr. P.Saradhamani , Professor

Dr. P.Saradhamani , Professor Reasonable takers Entrepreneurs enjoy challenges But they are careful and calculating 7/25/2017 Dr. P.Saradhamani , Professor

Successful people always attribute their success to hardwork 7/25/2017 Dr. P.Saradhamani , Professor

Entrepreneurs are creative They do things in new and different ways 7/25/2017 Dr. P.Saradhamani , Professor

Selfless dedication Purpose and vision Courage Conviction Enthusiasm Entrepreneurs are leaders by the very nature of their functions Here are the essential leadership qualities: Selfless dedication Purpose and vision Courage Conviction Enthusiasm Integrity Tact Hardwork 7/25/2017 Dr. P.Saradhamani , Professor

Entrepreneurs are positive thinkers They think of success and bright sides 7/25/2017 Dr. P.Saradhamani , Professor

Entrepreneurs make decision The success of their business depends on their ability to make right decisions 7/25/2017 Dr. P.Saradhamani , Professor

Entrepreneurs have strong faith in their abilities 7/25/2017 Dr. P.Saradhamani , Professor

Decision-making has six distinct phases: Identifying the problem 2. Gathering the data about the problem 3. Analyzing the data 4. Formulating alternative solutions 5. Selecting the best solution; and 6. Implementing the solution/decision. 7/25/2017 Dr. P.Saradhamani , Professor