Entrepreneur skills and qualities of entrepreneur – Importance of Entrepreneurial Skills, Qualities of an Entrepreneur, Skills required for a successful entrepreneur

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Entrepreneur skills and qualities of entrepreneur

Entrepreneurship is the process of designing, launching and running a new business, which is often initially a small business. The people who create these businesses are called entrepreneurs.

Definition

Entrepreneurial skills are the basic skills necessary to enable the people to start, develop, finance and succeed towards their goal. It is an individual’s ability to turn ideas into action and make a living.

Importance of Entrepreneurial Skills

Entrepreneurial skills are important for the following reasons:

☆To promote employment and economic growth of the nation.

☆To build leadership quality.

☆To perceive profitable business opportunities.

☆To ensure rapid development.

☆To promote self-reliance and economic sustainability.

☆To satisfy status and social needs.

☆To develop self-satisfaction.

☆To develop creative and innovative thinking and exposure to technological innovation.

☆To create new knowledge based social enterprises.

☆To create job as well as wealth.

Qualities of an Entrepreneur

Skills required for a successful entrepreneur

A successful entrepreneur should have the following:

(i) manage and raise money

(ii) identify strengths and weakness and be productive

(iii) hire effective people

(iv) train new staff

(v) manage staff

(vi) make entrepreneur friends

(vii) connect via social networking

(viii) focus on customers and spot new trends

(ix) close a sale

(x) deal with failure

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