What Are the Qualities of a Good Entrepreneur?

Topics: Bill Gates, Warren Buffett, Entrepreneurship Pages: 5 (1744 words) Published: April 13, 2013
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...

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/
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