Entrepreneurship and small business management: In your opinion, what does it take to be a successful entrepreneur?

The following is what it takes to be a successful entrepreneur:

Risk Bearing Ability: The entrepreneur must have the capacity to bear risk because the new venture is created in an uncertain and risky environment.

Technical Knowledge: Depending on the kind of venture created, the entrepreneur must have technical expertise about production techniques and marketing.

Ability to Gather Financial and Motivational Resources: Financial and motivational resources are needed for the creation of the new business.

Self Confidence and Multi-Skilled: The entrepreneur must believe in him/herself. Self-confidence is an important characteristic that enables individuals to handle any situation without having inferiority or any other type of complex.

Circumstances: The entrepreneur must be steadfast and resolute and be ready to move on even in the face of adversity. He/she should be a ‘never say never’ kind of person and sees everything a possibility.

Innovative skills: The entrepreneur may not necessarily be an 'inventor' but the one that can make a difference; he/she should be able to see what others cannot see and be able to carve out a new niche in the market place.

Results-Orientated: The entrepreneur is one who knows how to get results under any circumstance either with others or through others by being able to set goals and ensuring that such goals are doggedly pursued by all concerned willingly.

Risk-Taker: The business environment is dynamic and filled with uncertainties. In order to succeed the entrepreneur has to take risk. Successful entrepreneurs take calculated risks and in some cases shift the risks to others.

Total Commitment: Starting a new business is a serious exercise that requires a lot of commitment and hard work, dedication, energy and single-mindedness.