An entrepreneur has to perform various functions. His responsibilities are manifold and he is the key man. His performance directly affects the success of an enterprise.
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Therefore, the person occupying the position of an entrepreneur must possess certain qualities, important of which are as follows:
1. Knowledge of the Organization
An entrepreneur should have sound knowledge of his enterprise. He should know well about the objectives, policies, procedure and plans of the enterprise.
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He should also have complete information about his subordinates i.e., he must know about their strong and weak points, their likings and disliking and their capacity to perform the job, he should also be able to determine the number of workers that he can effectively supervise, i.e. span of supervision.
2. Technical Knowledge
An entrepreneur must know his job well. He should have sufficient technical competence and skills to supervise, guide and control his subordinates.
He should be thoroughly familiar with the machines, tools and work methods employed by workers under this control. He should be able to device work methods, procedure, schedules and techniques and make necessary improvements in them.
3. Administrative Ability
An entrepreneur should be an able and efficient administrator. He is to get the work done from others and therefore he must be a man of imaginative and creative thinking.
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He should possess sharp memory and self-confidence. To successful entrepreneur one must be quick at making decisions. He should be a man of orderly thinking.
4. Ability to Instruct and Inspire
The main function of an entrepreneur is to direct and guide the workers, therefore, to be a successful entrepreneur he should have the ability to instruct and inspire his people.
A good entrepreneur should know; (i) how to instruct his workers; (ii) how to assign them work; (iii) how to maintain discipline; (iv) how to evaluate their performance; (v) how to settle their complaints and grievance and (vi) how to reward them suitably6 so as to provide job satisfaction.
5. Ability to Communicate
An entrepreneur is a front-line person. He is to work as a link between the management and the workers. Therefore3 to be a successful entrepreneur he must have the ability to communicate effectively.
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It can be rightly said that a good entrepreneur is a good communicator and a bad manager is a bad communicator.
6. Ability to Listen
To be a good communicator one has to be a good listener. Entrepreneur has to listen to the complains, grievances, difficulties, problems and suggestions of the workers, he should have patience and ability to listen. Even the un-genuine grievances have patience and ability to listen.
Even the un-genuine grievances have to be listened and tackled intelligently. Unless, entrepreneur listens to the problems of his workers, he cannot communicate these further to the higher levels of management.
7. Ability to Secure Co-operation
An entrepreneur should be able to develop a team spirit in his workers. He cannot succeed in his job unless he is able to secure cooperation from the workers.
To ensure this he must be just and fair in dealing with his subordinates and should apply rules and regulations with equality and justice.
8. Ability to Judge People
Entrepreneur should be able to judge his subordinates in regard to their capabilities, strong and weak points, likings and disliking and their efficiency.
Unless he is also to judge his people, he cannot delegate or assign duties properly and can never secure the desired results. Ability to judge people also helps an entrepreneur in evaluating their performance.
9. Leadership Qualities
An entrepreneur has to act as a friend, philosopher and guide to the workers. He should have the qualities of leadership, be able to boost up morale of his subordinates and lead his team of workers.
He should himself be able to set an example before the workers so that they can fellow him. He should have the necessary abilities to solve the problems of the workers. Good leadership ensures effective management.
10. Social Sensibility
An entrepreneur should be full of social sensibility. He should be honest and a man of integrity. He should have patience and tactfulness to handle various workers.
He should also possess emotional stability and always give the impression that he is fully satisfied with his job and working conditions.
11. Physical Qualities
Entrepreneur must always be physically energetic and mentally alert so as to enable him to accomplish his heavy responsibilities towards the achievement of enterprise objectives.
12. Other Qualities
An entrepreneur must have certain other qualities such as he should be able to avoid disputes between management and workers, able to develop human relations, be respectful to others, intelligent enough to take right decisions at right times etc.