It is seen that an entrepreneur should possess certain competencies or abilities which helps him to attain superior performance. So it is highly desirable that an entrepreneur should possess some of competencies which are developed through training, guidance and experience. It is therefore; wrong to say that entrepreneurs are born not made. Entrepreneurs are made because there are some traits or competencies which are developed because of education, training and experience of entrepreneurs.
The followings some of traits whose presence facilitate an entrepreneur to become successful. He should be regarded as a man with self competency. He gives a better monitoring for action of direct competitors when he is self confident.
The quality of self confidence can be developed when he has updated knowledge about competitors. This can be developed when he finds a suitable answer to the following questions:
- Who are direct competitors and where is there location?
- What are distinctive qualities they possess?
- What are their financial resources and how their cost structure can be compared with us?
- What are their primary weaknesses and how we can accommodate those deficiencies?
- What are various strengths of competitors and how our company is capitalizing them?
In addition to development of self-competency, an entrepreneur should possess the followings major traits, to become a successful entrepreneur.
- He ensures doing things before being asked for.
- He makes confrontation of his problems before others.
- He seizes unusual opportunities to start a new business.
- He acts to build friendly relationship with customers.
- He makes personal sacrifices to complete the job.
- He should be action oriented.
- He should be a man with opportunity recognition.
- He should have a strong desire to achieve success.
- He should be a man with self starting ability.
- He should have independent thinking and operation.
- He should have risk propensity ability.
- Man of creativity and innovation.
- Focus on niche areas to succeed.
- He should be a man of realism and sense of humour.