Answer to Question #317449 in Management for Vision

Question

Managerial success factors of entrepreneur

Answer 1

In nature, entrepreneurial efforts are like biological experiments. Many variations are tried, but only a small percentage of those go on to thrive. An entrepreneur can set up his/her experiment with forethought. Entrepreneurs work under the constraints of their environment, the political economy. Below are some factors which will be key to entrepreneurial success;

Creativity- Creativity gives birth to something new. Without creativity, there is no innovation possible. Entrepreneurs usually have the knack to pin down a lot of ideas and act on them. Not necessarily every idea might be a hit. But the experience obtained is like gold.

Professionalism- Professionalism is a quality which all good entrepreneurs must possess. An entrepreneur’s mannerisms and behavior with their employees and clientele goes a long way in developing the culture of the organization.

Planning- Planning is strategizing the whole game ahead of time. It basically sums up all the resources at hand and enables one to come up with a structure and a thought process for how to reach his/her goal.

Entrepreneurial skills-  An entrepreneur should possess complete knowledge of his niche or industry. For only with knowledge can a difficulty be solved or a crisis is tackled.

Open-mindedness towards learning, people, and even failure- An entrepreneur must be accepting. The true realization of which scenario or event can be a useful opportunity is necessary. To recognize such openings, an open-minded attitude is required.