1. UNIT - 1 Characteristics of a Successful Entrepreneur
DEPARTMENT OF MANAGEMENT STUDIES
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Dr. P.Saradhamani , Professor

2. Entrepreneur possess several positive characteristics:
7/25/2017
Dr. P.Saradhamani , Professor

3. These are several definitions or meaning of entrepreneur:
Through their innovations, they contribute to the improvement of the standard of living. So, they do not only help the economy, they also help society
Entrepreneur Defined
These are several definitions or meaning of entrepreneur:
7/25/2017
Dr. P.Saradhamani , Professor

4. Dr. P.Saradhamani , Professor
He is one who takes risks and makes innovations on the factors of production.
In French concept, an entrepreneur is an adventurer, undertaker, and projector. His function is to supply and accumulate capital.
To Schumpeter, an entrepreneur is an innovator.
Peter Drucker says that an entrepreneur always searches for change, responds to it and exploits it as an opportunity.
7/25/2017
Dr. P.Saradhamani , Professor

5. Dr. P.Saradhamani , Professor
An economist explains that an entrepreneur is one who shifts economic resources from an area of lower productivity to an area of higher productivity and greater yield.
The American Heritage Dictionary defines an entrepreneur as a person who organizes, operates, and assumes the risk for business ventures.
The pure entrepreneurs are those who launch their own ventures from scratch.
According to Geoffrey Meredeth entrepreneurs are people who have the ability to see and evaluate business opportunities.
7/25/2017
Dr. P.Saradhamani , Professor

6. Here are the most important characteristics of entrepreneurs:
7/25/2017
Dr. P.Saradhamani , Professor

7. Characteristics of Entrepreneurs
Characteristics are distinguishing traits or qualities, like:
7/25/2017
Dr. P.Saradhamani , Professor

8. Dr. P.Saradhamani , Professor
Reasonable
takers
Entrepreneurs enjoy challenges
But they are careful and calculating
7/25/2017
Dr. P.Saradhamani , Professor

9. Successful people always attribute their success to hardwork
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Dr. P.Saradhamani , Professor

10. Entrepreneurs are creative They do things in new and different ways
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Dr. P.Saradhamani , Professor

11. Selfless dedication Purpose and vision Courage Conviction Enthusiasm
Entrepreneurs are leaders by the very nature of their functions
Here are the essential leadership qualities:
Selfless dedication
Purpose and vision
Courage
Conviction
Enthusiasm
Integrity
Tact
Hardwork
7/25/2017
Dr. P.Saradhamani , Professor

12. Entrepreneurs are positive thinkers
They think of success and bright sides
7/25/2017
Dr. P.Saradhamani , Professor

13. Entrepreneurs make decision
The success of their business depends on their ability to make right decisions
7/25/2017
Dr. P.Saradhamani , Professor

14. Entrepreneurs have strong faith in their abilities
7/25/2017
Dr. P.Saradhamani , Professor

15. Decision-making has six distinct phases:
Identifying the problem
2. Gathering the data about the problem
3. Analyzing the data
4. Formulating alternative solutions
5. Selecting the best solution; and
6. Implementing the solution/decision.
7/25/2017
Dr. P.Saradhamani , Professor