Question

Write short note of Qualities of an Entrepreneur?

Answer 1

QUALITIES OF AN ENTREPRENEUR?

Meaning: -Entrepreneurs is regarded as the ‘captain of an industry’ it is the Entrepreneurs who co-ordinates or combines, organise different factors of production. He not only organises, but also control directs supervises and administers the productive activities. Thus, the work of Entrepreneurs is rather tough complex and complicated. So, it requires special ability and experience.

An efficient and successful Entrepreneur must possess the following qualities.

1. Efficiency: -He should be highly intelligent, able and efficient so as to tackle day to day problems arising in business.
2. Organisation: - He should be a good organiser. He should have the ability to combine al factors of production optimally i.e. in such a way that the cost of production is minimum. Thus he should be a well co-ordinator.
3. Supervision: -He should be an efficient supervisor. He should be well equipped with supervising the working of factors inputs. He should be a good initiator of business. He should put right person in a right job.
4. Policy Maker: - He should be a good policy maker. He should be able to make entire business policies such as policy regarding input, size of the firm, sales, advertisement payments of remuneration to the factors etc.
5. Decision Maker: -He should be a quick decision maker. He should have the capacity to take quick decisions regarding location of industry, investment, product to be produced, price of it, cost of production, nature of production sales, etc. because delay in taking decision may result in financial losses to the firm.
6. Self Confident: -He should be confident and should be able to develop confidence in others regarding his integrity and honesty of purpose. It will help in building up and marinating good will and reputation to his firm in the market.
7. Innovator: -He should be a good innovator. He should introduce new techniques of production which minimise cost of production and should explore new raw material and market for his product.