Assignment #3

Personal Competencies of an Entrepreneur

• Leadership qualities – A businessman or woman must be able to lead his or her staff members as well as other associates. He or she must be able to guide others in carrying out business and make a success of it.
• Decisive – A successful businessman or woman has to be very decisive. He or she has to take many decisions sometimes on the spur of the moment. Any vacillation in decisions could affect their business. They have to be very firm in their decisions. Also, while taking decisions they must not get influenced by others. They should be able to take decisions independently.
• Risk-taking – Business involves many risks, which a business person must not hesitate to take. Lot of financial involvement is there and obviously one has to be careful with investments. Yet risks have to be taken in money matters as well. Sometimes a businessman may lose out on his or her venture, but when he or she make a success of it then he or she has much to gain, both financially and from a personal satisfaction point of view.
• Confident – Achieving success in business requires confidence. A businessman or businesswoman has to be sure of him or herself about reaching the set targets of success. Diffidence does not help. Self-image is enhanced, when one is confident.
• Willingness – A businessman or woman must be willing to undertake any matters concerning their business venture. He or she must not hesitate for personal or other reasons. Willingness to extend a helping hand is very essential.
• Enterprising – One has to be enterprising in order to achieve significant results in business. He or she has to have the zeal to do things. A laid- back approach will not help.
• Innovative – New ideas help make a business venture successful. A successful businessman or woman must be innovative and always strive for something better. New concepts must be formulated and new ways of doing business must be thought of.

A businessman or woman has to very competent to achieve scale the ladder of success. Certain attributes are essential for him or her to establish their business on sound footing.