Reasons Why Some People Are More Successful Than Others

According to Adam Smith, the father of political economy. He has defined an entrepreneur, as an individual who undertakes the formation of an organization for commercial purposes by recognizing potential demand of goods and services and thereby acts as an economic agent and transforms demands into supply.

Qualities that prove are you a good entrepreneur:-

1. Innovation and discovering business opportunities:- The most important quality of an entrepreneur is to innovate or discover business opportunities. It may be a discovery of a new product or a new market or a new method of production or marketing of goods.

2. Risk-Taking ability:- The entrepreneur has to bear all the risks. It is considered that the greater the risk, the greater is the chance of earning a profit. However, the reverse is also true. According to Harbinson undertaking or managing risk is an important function, of an entrepreneur. In fact, it is the quality of risk-taking that distinguishes an entrepreneur from a manager, an entrepreneur is a manager but he has the distinction of performing risk-taking functions. A manager also does more or less than the same thing but he does not take risks. A person cannot be called an entrepreneur if he does not perform a risk-taking function. An entrepreneur innovates an idea. He takes the risk of commercially exploiting the idea by investing his funds and valuable time.

3. Decision-Making ability:- According to A. H. Cole entrepreneur is a decision-maker, as he takes many decisions to put his business ideas into reality He recognizes an idea i.e. a product service or market He has many alternatives before he has to make a choice. this involves taking a decision to choose the best alternative. For example, he has to decide what is to be produced where to be produced when to be produced, and so on. He has to select the best product which will give him the maximum profit. A good entrepreneur has to decide the best location for his work, its size, its technology, and any other factors. Thus, it would be seen that an entrepreneur is a decision-maker.

4. Motivator:- An entrepreneur has to get the work done through others. He has to create a spirit of teamwork and motivate people so that he gets their wholehearted cooperation.

5. Self Confidence:- An entrepreneur should have self-confidence for achieving his goals, otherwise, how will he convince his colleagues to achieve the goals.

6. Goal-oriented:- An entrepreneur has to be goal-oriented, He sets a goal to achieve to earn a certain amount of profit by producing goods and services. He has always thought to achieve their goals.

7. Leadership ability:- As a name indicates, He does what his name indicates that is, he leads, he inspires and influences the group, and infuses confidence. You can simply understand by this line - A battle cannot be won with the help of good weapons alone. It requires a good leader to inspire the forces to win the war. The same, organization also needs a leader who can motivate the employees to work with intelligence and achieve the desired goals of the organization at a time.