Explain any six essential attitudes of an entrepreneur.
Answers
Six essential attitudes of an entrepreneur are as follows :
(i) Have passion for business :
An entrepreneur should have a passion for his/ her business which will help them to defeat tough moments, generate trust among people, and influence others to do business with them. However, passion cannot be taught, it is an in-born feeling.
(ii) Be flexible accept with core values :
Flexibility is important for success in today's dynamic environment. So, plans and strategies are bound to change with changing times. However, an entrepreneur should not agree on core values no matter what the situation is.
(iii) Make timely decisions :
An entrepreneur should always take timely decisions based on his/ her instinct. Planning and idea are good, but delaying to a feature date leads one to fail to get a golden chance.
(iv) Keep one's ego under control :
An entrepreneur should not believe in show off. He/ she should not spend his/her profits on expensive gadgets to impress others. Instead, he/ she should build a war chest for unexpected needs or opportunities. He /she should also hear out new ideas and suggestions from subordinates and peers, no matter how crazy they sound.
(v) Believe in oneself :
One needs to believe in one's own self, in one's company, and that one will be successful. One's confidence is contagious to one's employees, suppliers, customers, stakeholders, and every one, one deals with.
(vi) Encourage and accept criticism graciously admitting one's mistake :
Entrepreneurs are humans and are bound to make mistakes. However, they should learn to admit their mistake. Also, they should encourage their employees to give them their sincere opinion, even it differs from their own opinion. This will help an entrepreneur to view his/her decision from a different perspective.
Hope this answer will help you.
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Explain any four entrepreneurial competencies.
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