Solution:

An integrated view of the qualities of a successful entrepreneur can be listed as follows:

(1). Initiative :

• When can we say that a person has initiative? When he/she takes action that goes beyond job requirement or the demands of the situation.

  When he/she does things before being asked or forced to by circumstance, and acts to extend the business into new areas, products or services.

  Most of the successful entrepreneurs show this competency in some from or the other. They, on their own take decisions to launch their enterprise or expand and grow.

(2). Seeing and acting on opportunities :

• Look for and takes action on opportunities.

  When a person sees and acts, on opportunities, either business or personal growth or seizes unusual opportunities to obtain finance, equipment, land, work space or assistance.

(3). Persistence :

• Takes repeated action to overcome obstacles that get in the way of reaching goals. This is a very important competency.

  As an entrepreneur your path may not be smooth, you might face difficulties, but you have to develop the qualities of a spider and carry on without getting disheartened. And finally success will be yours.

(4). Information seeking :

• Takes action on getting information to help reach objectives or clarify problems.

  A person does research on how to provide a product or services, consults experts for business or technical advice, seeks information for what is needed and uses contacts or information networks to obtain information.

  When you set out to put up your own enterprise, you will not know everything. You will have to gather information from elsewhere and acquire the knowledge. You will have to take help from experts, refer to books and journals.

(5). Concern for high quality of work :

• Acts to do things that meet or beat existing standards for excellence.

  Such persons always have a desire to produce work of high quality and to favourably compare one’s own work to that of others.

  This would help you-not only to stand the competition, create or expand your market, but also give you a sense of sat is faction and achievement.

(6). Commitment to work contract :

• Places the highest priority on getting a job completed. Makes a personal sacrifice or extends extraordinary effort to complete a job.

  Or accepts full responsibility for problems in completing a job for others and pitches in with workers or works in their places to get the job done and expresses a concern for satisfying the customer.

  A successful entrepreneur not only provides quality goods and keeps up-to-date information about his product but he/she is also particular about keeping to the delivery-time schedule and satisfying a customer.

  He/she would go to any lengths to make any required efforts to complete work in time.

(7). Efficiency orientation :

• Finds ways to do things faster or with fewer resources or at a lower cost. Such a person looks for ways to reduce costs and time, uses information on business tools to improve efficiency and expresses concern about costs against benefits of any improvement or change.

  It is not enough merely to manufacture produce and sell.

  A successful entrepreneur always thinks of ways in which he/she can improve the product or service, innovate and reduce costs wherever he/she can. That is efficiency orientation.

(8). Systematic planning :

• Develops and uses logical step by step plans to reach goals. He/she plans by breaking a large task into sub-tasks, develops plans that anticipate obstacles, evaluates alternatives and most importantly takes a logical and systematic approach to activities.

  As you know when you setup, or when you are in the process of setting up your venture, if you plan everything systematically and go step by step, half the battle will be won.

  Not that there would not be any difficulties, but your planning will enable you to deal with them.

  You can see from the following example that how Mr. Chandy Sam planned step-by-step to reach his goal and achieved it.

(9). Problem solving :

• Identifies new and potentially unique ideas to reach goals. Switches to an alternative strategy to reach a goal, generates new ideas or innovative solutions.

  Everyone faces problems in life, and more so if you happen to be an entrepreneur. It is important that as an entrepreneur you have to have a problem solving attitude and not a problem avoiding one.

  Problems are bound to occur during the life of your enterprise, so if you have or develop this competency, life of your enterprise will run smoothly.

(10). Self-confidence :

• Has a strong belief in self and own abilities. Expresses confidence in own ability to complete a task or meet a challenge.

  He/she sticks with own judgement in the face of opposition or early lack of success, or does something which he/she finds risky.

  If you have self-confidence in yourself and your abilities, you can succeed in whatever you do.

  When you take up any task and if you have confidence in your self that you are capable of doing it well, you can accomplish it in a much better fashion.