Define entrepreneur. Explain the characteristics of entrepreneur.

Long Answers:

Define entrepreneur. Explain the characteristics of entrepreneur.

According to Cantillon, “An entrepreneur is a person who buys factor services at certain prices with a view to sell the product at uncertain prices”.

Characteristics of an entrepreneur are as follows:

i. Foresees future-An entrepreneur can look into the future and identify upcoming opportunities and threats. Thus, this quality helps an entrepreneur to take proper and timely decisions.

ii. High goals-An entrepreneur always sets high goals and tries to achieve them in the best possible manner. He/she also removes the hindrances that come in his/her way, thereby achieving the objectives so framed.

iii. Positive attitude-An entrepreneur works with a positive attitude towards all activities. He/she takes all decisions confidently and never loses hopes during failures.

iv. Hardworking-An entrepreneur works hard to achieve organisational goals on time. He not only works for long hours but also handles the problems independently.

v. Creative- An entrepreneur is creative in nature. He/she either produces new things or upgrades the existing things in a new way.  Thus, innovation is an essential characteristic of a successful entrepreneur.

vi. Good communicator-A successful entrepreneur needs to be a good communicator as he is required to communicate effectively with various parties such as buyers, sellers and employees.

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