Essential Qualities of an Entrepreneur

Not everyone who starts a business succeeds. Successful entrepreneurs tend to share a set of personal qualities and competencies. These can be developed through effort and training — they are not purely inborn.

• Risk-taking ability. The willingness to take calculated risks — neither reckless gambles nor timid avoidance, but reasoned bets after weighing the odds.
• Innovativeness and creativity. The capacity to think of new ideas, products and better ways of doing things, and to keep improving.
• Initiative and self-confidence. Acting on opportunities without waiting to be told, backed by belief in one's own ability to succeed.
• Hard work and perseverance. Sustained effort and the determination to continue through difficulties and early failures.
• Decision-making ability. Taking sound, timely decisions even under uncertainty and incomplete information.
• Leadership and team-building. Motivating, guiding and coordinating employees so they work towards common goals.
• Foresight and vision. Anticipating future changes in markets, technology and customer needs and planning ahead for them.
• Organising and managerial ability. Arranging men, materials, money and machines efficiently and managing the enterprise's day-to-day working.
• Communication and human-relations skills. Dealing effectively with customers, employees, suppliers, bankers and government officials.
• Achievement orientation. A strong inner drive to accomplish goals and to do things better than before — often called the 'need for achievement'. …