An entrepreneur is regarded as an agent who buys factors of production at certain price in order to combine them into a product with a view to sell at an uncertain price in future.
He is the person who takes decision in a state of uncertainty and he does things in a new and better way. He always dreams of innovation through various opportunities in the environment.
A close analysis of various definitions on entrepreneur reveals the following essential characteristics:
1. Calculated risk taker
2. Emphasis on innovation where new products, new methods of production is decided.
3. Organizing skill
4. Creative thinking and decision making
5. A man of self-confidence
6. He must have human relation ability
7. Desire for high achievement
8. Enough courage to face adversities in future.
Entrepreneur discharges a number of functions which are primarily discussed on the basis of the following headings.
i. Entrepreneurial functions consisting of organization building, risk taking and innovation.
ii. Promotional functions consisting of discovery of idea, detailed investigation; assembling of requirements and financing the proposition.
iii. Managerial functions consisting of planning, organizing staffing, directing, coordinating and controlling.
iv. Commercial functions representing production, finance marketing, accounting and personnel.
Qualities of Successful Entrepreneur:
All entrepreneurs are not successful in undertaking an assignment. Only a few of them becomes successful entrepreneur. A successful entrepreneur is one who possesses the following characteristics
i. He must have sound knowledge on the organization.
ii. He should be a man with administrative ability.
iii. He should be a man with administrative ability.
iv. Ability to secure operation and judge people
v. Ability to listen and social sensibility