What Are the Qualities of a Good Entrepreneur?

It is known that, in the context of the creation for profit-enterprises, entrepreneur is often synonymous with founders. An entrepreneur will face many obstacles, challenges and difficulties in business operation. To be successful, a good entrepreneur will need have some extraordinary abilities. So what is an entrepreneur? The entrepreneur, with his dream and will to found a private kingdom, to conquer adversity, to achieve success for its own sake, and to experience the job of creation, is a heroic figure in economic development. ( Nafziger, Wayne, 1986)

A broader definition by say "The entrepreneur shifts economic resources out of lower and into higher productivity and greater yield." ( J. Dees,1998) The most important influence on an individual’s decision to become a good entrepreneur is their qualities and good entrepreneurs have many traits in common: clear vision, self-confidence, creativity, high-energy, self-motivated and good relationship building.

Entrepreneurs are very important to the society because they always promote the growth of national economy. In this essay, the readers will go to discover exactly what makes a good entrepreneur. This essay will explain in five areas to describe qualities and how you can emulate them to become the next great entrepreneur.

Firstly, the entrepreneur must have a clear vision for his company or business. Clear vision can help him to promptly resolve problems that occur suddenly. Also vision can make entrepreneurs know what his business or company future looks like, feels like, and acts like. (Klazina Andersen, 2008) Bill Gates is widely considered to be one of the famous entrepreneurs of our time. In 1980, in order to contribute to the company's long-term development, Bill Gates co-developed personal computers with IBM. Although, at that time, IBM was the boss of the computer industry.

However, the development of the new chip was not easy to sell. But at that time, Bill Gates made a surprising decision, he chose IBM’s chip and put all his bets on it. Most people think this was crazy gambling, but Bill Gates believed he could adventure successfully to obtain a return. In Microsoft and IBM’s common efforts, they succeeded, with the introduction of DOS system, the chip immediately loved by customers.

This cooperation had a crucial impact on Microsoft. Compared to other competitors, Microsoft's operating system software was the first to enter the market. (Christian Zibreg,2008)Thus it was easy to win more users. It is very meaningful for society to change the computer world and have a major effect on people’s lives. Bill Gates grasped the opportunity and it was Microsoft the key to success.(Christian Zibreg,2008)

Secondly, an American writer Ralph Waldo Emerson said: "Confidence is the first secret of success". So entrepreneurs must have enough self-confidence to believe they can manage the company. Self-confidence is not blind optimism, but as a psychological implication to motivate himself and his employees to forge ahead.(Zong Xujian,2007) Self-confidence is more concerned with how a person feels about his abilities.

A successful entrepreneur believes in his abilities, and it can make his employees become more self-confident in their working. Also self-confidence can get more investment for his company or his business. Warren Buffett is an extraordinarily successful investor in the world. From 2008, the world financial crisis has made many companies face close down, but at that time, he made large-scale investments and acqired several companies. He firmly believes that when the market economy recovers, his investment company will be stronger again(Morgan Housel ,2010)

His company successfully through the economic crisis and accumulated much financial firepower for his company, because entrepreneurs bear the responsibility and the consequences of making decisions under conditions of risk or uncertainty. So entrepreneurs should have enough self-confidence to believe their abilities and make right decision. As Buffett’s investment company of Berkshire Hathaway stock price continued to rise. Buffett's wealth increased sharply. In 2008, after 14 years, he beat Bill Gates and once again become the world's richest man. (Morgan Housel ,2010)

Thirdly, a successful entrepreneur must have spirit of creativity. (Sun Birley and Ian C. MacMillan, 1995) Creativity means to break with traditional habits and break the mindset to create an unprecedented new product. Creativity is the life of a company. Only creativity can enable companies to compete in an active position. An example is Apple’s CEO Steve Jobs who claimed that he wants to make a difference to the world. Apple's core is to encourage innovation and risk-taking values. Apple wants to use their own innovation to change the world, and he did. Macbook’s generate subverts the traditional concept of computer design.

Apple’s selling points are novel-designed, stylish, fully functional and easy to carry. Just a few years, Mac book like a cyclone, it swept half of the United States, and has almost become synonymous with personal computers. Anther example, in 1979, the Walkman of Sony’s company was produced with an idea of changing the lifestyle of a generation .Unlike other cassettes, walkman allowed people to listen to music anywhere through personal headphones. It brings lots of benefit to the company. Firstly, to be creative in a new product can increase market competitiveness and enhance the market share.

Then, it can improve the company’s development potential and create a new situation of business. Thirdly, creativity can improve productivity, reduce production costs. Sony has followed later with pioneering contributions to the popularity and success of compact discs, camcorders, computers and floppy discs. Sony links its own expertise in electronics hardware with American completion in software and entertainment.

Forth, a good entrepreneur must have high- energy and self-motivated. ( Nafziger, Wayne, 1986) Self-motivated is like a target for a sniper, he should nail the target clearly before he putting the trigger. Also high- energy is like the gas of automobile, we must refuel it up before we step the pedal. Same reason for the company, after ensuring the target, entrepreneurs and his employees must take one hundred percent energy into action. To be high-energy and always keep positive attitudes will facilitate entrepreneurs to improve the efficiency. Karl Lagerfeld is the designer of Chanel. People called him "the fashion of Julius Caesar" or "Buddha."

He always maintained high-energy in front of the screen. His unique design inspiration makes Chanel’s products more dynamic and popular all over the world. (Vanessa Grigoriadis , 2006) High-energy and self-motivated can aid the company to aim at the target, so company will not be misled by wrong decision. If the entrepreneur is high-energy, he will become a good model for other employees and drive the atmosphere of the company in a positive way; therefore it would boost the performances. With Karl Lagerfeld’s unique charm and inspiration, Chanel's design is full of vitality and popular around the world. (Vanessa Grigoriadis , 2006)

Finally, a successful entrepreneur must make a good relationship building with his staffs. (Sun Birley and Ian C. MacMillan, 1995) Because the company just likes a big organization, entrepreneur knows that they can never do it all alone. Entrepreneurs need to maintain good communication with employees, learn more about what employees need and improve employees satisfaction. People-oriented is the tenet of Panasonic.

Panasonic change the past management style and requires employees to regard themselves as the masters of company. Entrepreneur guide employees understand the company's business is "their own business". (Morgan Housel ,2009) Panasonic incentives for employees, including both spiritual and material. On one hand, they make full recognition to employees with their work performance. On the other hand, they continuously improve the income of employees.

The most important is to trust his employees. Not only improve employees working Enthusiasm, but also improve the quality of work. So entrepreneur must use their own unique charm to influence and drive the staff around and try to get the maximum degree of understanding and support from the staff. If entrepreneur do this , it is better to management and mobilization of employees. Panasonic "people-oriented" values guide all aspects of enterprise management. So Panasonic has created many brilliant and has been in the top 50 of the world's top 500 companies. (Morgan Housel ,2009)

It suggested that there are five main qualities which make entrepreneur successful, including: a wide field of vision, believe in himself, creativeness, high-energy, self-motivated and building a good relationship with staffs. These factors for any successful entrepreneur are to have a solid business plan and to constantly be willing to make changes to grow business. Successful entrepreneurs are not born. Successful people don't complain, they design their own lives, they set goals to achieve and create a solid plan to get their goals step by step.

They value time and others' work; they know exactly what to do every single day and they do the things that will move them closer to their goals everyday. Entrepreneurs should follow these qualities, contribute to a better management of enterprise, thus easier to become a good entrepreneur.

Not just for entrepreneurs, if ordinary people have these qualities and they will be successful in any field. This research paper on the quality of entrepreneurs is very helpful on our next entrepreneur’s study in other areas. It let us more clearly understand entrepreneurs wanted and how to make enterprises to success.

References

1. Nafziger, E. Wayne., (1986) Entrepreneurship, Equity, and Economic Development, Department of Economics Kansas State University, pp.1

2. J. Gregory Dees,(1998), The Meaning of Social Entrepreneurship, http://www.partnerships.org.au/Library/the_meaning_of_social_entrepreneurship.htm

3. Klazina Andersen, (2008), Top 9 Qualities Of Successful Entrepreneurs, http://www.articlesnatch.com/Article/Top-9-Qualities-Of-Successful-Entrepreneurs/1609236 4. Christian Zibreg,(2008), ‘Bill Gates Milestones:

Part 2’ ,Velum Media, http://www.tgdaily.com/business/38119-bill-gates-milestones-part-2-1980-1990 5. Zong Xujian, (2007), Seven Key Qualities of Successful Entrepreneurs, http://www.en8848.com.cn/Article/Management/Entrepreneurialism/33388.html

6. Morgan Housel , (2010), President Bush and Warren Buffett on the Financial Crisis,http://www.fool.com/investing/general/2010/11/19/president-bush-and-warren-buffett-on-the-financial.aspx 7. Sun Birley and Ian C. MacMillan, (1995), International Entrepreneur, published by Routledge London, pp.52-53 8. Nafziger, E. Wayne., (1986) Entrepreneurship, Equity, and Economic Development, Department of Economics Kansas State University, pp.55 9. Vanessa Grigoriadis, (2006), Karl Lagerfeld, Boy Prince of Fashion, http://nymag.com/fashion/06/spring/15746/