Traits of a successful entrepreneur

Document Type:Essay

Subject Area:Business

Document 1

This may include little knowledge in management, accounts or recruitment. The entrepreneur can overcome this weakness by using every opportunity to learn and achieve mastery in these areas. Traits of a Successful Entrepreneur In 2010, approximately five hundred million people globally were owners of new businesses or actively trying to start a new business venture (Bygrave & Zacharakis, 2010). These figures show that entrepreneurship is a globally accepted skill as people continuously strive to seek solutions to various societal problems. An entrepreneur is as an individual who comes up with a business idea and combines the required skills and resources to start the business. For instance, an aspiring entrepreneur in the retail industry can read Made in America by Sam Walton to understand the challenges and tips required to succeed in that field.

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Good problem-solving skills may be an inborn trait in some of the entrepreneurs. However, it needs to be harnessed through continuous decision-making. Alternatively, the entrepreneur can employ an individual who can assist them in solving some of the daily challenges faced in starting a business. Regardless, a basic ability to make proper decisions and solve problems mandatory for every entrepreneur. Action-oriented ensures that the entrepreneur is hands-on and does not delegate without playing an oversight or supervisory role. An ability to tolerate risk is also important as any startup often involves venturing into an unknown market or encountering a level of risk in testing a new product or pursuing new clients. Risk tolerance should also be matched with flexibility, as the entrepreneur has to be able to adapt to market changes as they occur.

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