Explain the characteristics of successful entrepreneur for class 12
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I think venturing into entrepreneurship is usually a very difficulty decision for some people more so becoming successful along the road.
Determination to Succeed: Determination to be successfully grow the venture, by setting clear targets and staying focused, irrespective of the hurdles which may come in the way to success is must for the entrepreneur. They look at the bigger picture and outcomes.
Independence: They like to make decisions and take command rather than being commanded, prefer to give directions rather than being directed and are good with the outcomes of their actions whether its profitable or not. They like to take initiatives.
Risk Taking: The loci of control is within- i.e. they’re the masters of their own fate and don’t shy away from taking risks. They make all efforts to be profitable without leaving things on luck or fate.
Ability to control: They put greater control on socio-economic behavior of their enterprise. They change actions as and when needed by the enterprise.
Perseverance: It means commitment and putting in untiring relentless efforts in achieving the goals of enterprise.
Flexibility: They are flexible in decision making and changing the course of action, adjusting themselves to the change and keep their options open. Usually their decisions are constantly being evaluated and required changes are implemented according to conditions.
Analytical ability of mind: No prejudice or bias is entertained. No emotional approach is considered for business decision making and rational decision making is encouraged.
Confronting uncertainty: They have optimistic approach to deal with uncertainties, and every uncertain condition may be an opportunity for them. Even under unfavorable conditions the results must be achieved which requires unusual insight and talent.
Stress Takers: They have ability to work in tough situations. They have to work for extended hours and may have to accomplish tasks within short notice without compromising on the quality. They have ability to deal with physical and psychological pressure.
Innovative and creative: They have unique and out-of the box thinking ability which help them stand out from the crowd. They propound new thoughts and ideas to develop new products and services or new suppliers in order to establish a new market and redesign the organization.
Ability to mobilize resources: They have ability to fully make use of all resources available to them. Generally the 6M approach- Man, machinery, material, money, market and method to convert a raw input to final product.
Leadership: Achieve a common goal by organizing and aligning a group of people through proper communication is called leadership which includes team work, accurate guidance and responsibility towards co workers.
Determination to Succeed: Determination to be successfully grow the venture, by setting clear targets and staying focused, irrespective of the hurdles which may come in the way to success is must for the entrepreneur. They look at the bigger picture and outcomes.
Independence: They like to make decisions and take command rather than being commanded, prefer to give directions rather than being directed and are good with the outcomes of their actions whether its profitable or not. They like to take initiatives.
Risk Taking: The loci of control is within- i.e. they’re the masters of their own fate and don’t shy away from taking risks. They make all efforts to be profitable without leaving things on luck or fate.
Ability to control: They put greater control on socio-economic behavior of their enterprise. They change actions as and when needed by the enterprise.
Perseverance: It means commitment and putting in untiring relentless efforts in achieving the goals of enterprise.
Flexibility: They are flexible in decision making and changing the course of action, adjusting themselves to the change and keep their options open. Usually their decisions are constantly being evaluated and required changes are implemented according to conditions.
Analytical ability of mind: No prejudice or bias is entertained. No emotional approach is considered for business decision making and rational decision making is encouraged.
Confronting uncertainty: They have optimistic approach to deal with uncertainties, and every uncertain condition may be an opportunity for them. Even under unfavorable conditions the results must be achieved which requires unusual insight and talent.
Stress Takers: They have ability to work in tough situations. They have to work for extended hours and may have to accomplish tasks within short notice without compromising on the quality. They have ability to deal with physical and psychological pressure.
Innovative and creative: They have unique and out-of the box thinking ability which help them stand out from the crowd. They propound new thoughts and ideas to develop new products and services or new suppliers in order to establish a new market and redesign the organization.
Ability to mobilize resources: They have ability to fully make use of all resources available to them. Generally the 6M approach- Man, machinery, material, money, market and method to convert a raw input to final product.
Leadership: Achieve a common goal by organizing and aligning a group of people through proper communication is called leadership which includes team work, accurate guidance and responsibility towards co workers.
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