2.3 The qualities of a successful entrepreneur

Economic and management sciences

Grade 7

The successful entrepreneur

Module 7

The qualities of an entrepreneur

In module one we looked at a brief definition of an entrepreneur and listed some characteristics of entrepreneurs.In this module, you are going to discover your own

entrepreneurial skills, judge and develop them, and also master some important concepts from the world of business.

Activity 1:

To determine if you have the qualities to be an entrepreneur

[lo 4.1]

Am i an entrepreneur?

1. Respond to the statements that follow, being as honest as possible:

This is a set of qualities that an entrepreneur should have. In areas where you have indicated YES, you have already acquired necessary characteristics of an entrepreneur. Where you have indicated NO, you need to apply yourself to ensure the success of the business.

2. Thorough research that was launched in selected countries right across the world by management teams identified ten core characteristics that distinguish successful entrepreneurs from less successful entrepreneurs. They are the following:

a) Searching for opportunities:

• A successful entrepreneur is continually on the lookout for new business opportunities and he/she utilises them. He or she also embraces opportunities to obtain financial support, equipment, premises, workspace, etc.

b) Perseverance:

• Tries out different strategies to overcome problems.
• Will make personal sacrifices to complete a task.

c) Commitment:

• Accepts full responsibility for any problem that may occur.
• Is prepared to work alongside workers to complete a task on time.

d) Demanding quality and effectiveness:

• Strives to do things in such a way that all previous standards are surpassed.

1. Taking risks:

• Is prepared to take calculated risks.
• Shows a preference for situations that require a measure of daring.
• Setting objectives:

• Has clear and specific short-term objectives.
• Sets clear long-term objectives.
• Systematic planning and control:

• Develops and utilises logical step-by-step plans to reach objectives.
• Continuously examines and evaluates alternatives.
• Controls progress and switches to alternative strategies to achieve the objective.
• Searching for information:

• Searches out new information about clients, suppliers and/or competitors.
• Uses contacts or information networks to acquire important information.
• Conviction: