The ability to spot business opportunities in the most unusual places is the hallmark of an entrepreneur. He/she should have the ability to create a competitive business advantage by offering something which is refreshingly different in the market. Needless to say, an entrepreneur should have a lifelong passion for innovation. Sharp customer focus and acute comprehension of the customer psyche are other essential attributes.
An entrepreneur should be self-motivated and self-assured. In other words, he/she should demonstrate unflinching conviction in ideas even in the face of criticism and speculation. An entrepreneur should also have the willingness to accept defeat. Vision, drive and perseverance coupled with an innate capacity for risk-taking are other indispensable traits that augur success in this domain. Also, judicious money management coupled with the acumen for detailed planning never fail to translate to an edge.
An entrepreneur should have good people skills and the ability to network and build upon existing professional relationships. Effective negotiation skills are also very important. Managing one’s enterprise requires a lot of self discipline and hard work. Hence, entrepreneurs should be willing to put in long hours of work.
Many a time entrepreneurs are responsible for building organisations in which several people seek employment and pursue careers. Hence they need to be natural leaders who can set examples.
People who are naturally inquisitive about the latest happenings in the world of business and keep themselves updated through marketing books, magazines, reports, journals, newsletters, websites and industry publications generally do well as entrepreneurs. An entrepreneur should also be conversant of the latest developments in technology so that he/she can effectively leverage technology to build scale for the enterprise. Last but not the least, an entrepreneur should have a strong sense of basic ethics and integrity.