Characteristics of a Successful

Entrepreneur
 Characteristics of a Successful
Entrepreneur
• Creativity
• Innovation
• Dynamism
• Leadership
• Teambuilding
• Achievement Motivation
• Problem Solving
• Goal Orientation
• Risk Taking and Decision Making Ability
• Commitment
 CREATIVITY
• Creativity is the ability to bring something new
into existence
• Ideas usually evolves through a creative
process – imaginative people bring them into
existence, nurture them and develop them
successfully
The Creative Process

By Dr. Kinjal Jethwani

 INNOVATION
• A core attribute of an entrepreneur
• A specific instrument of entrepreneurship to
endow resources with a new capacity to
create wealth
• An entrepreneur adopts innovative methods
to create something new and different value
to convert a ‘material’ into ‘resource’
• For innovator market is never too saturated
 INNOVATION
• Systematic Innovation means monitoring innovative
opportunity
• According to Peter F Drucker, there are seven sources
of innovation.
• The unexpected – (e.g. Cocacola, Marriot’s On board catering,
Pos-It-Notes)
• The incongruity – (e.g. Low cost airlines, Container Ship)
• Innovation based on process need - (e.g. Fragmentation of textile
industry, ATM and Internet Banking )
• Changes in industry structure or market structure - (e.g. Hero
Honda fuel efficient bikes, co-working spaces, Mobile aps)
• Demographics – (Adult diapers)
• Changes in perception, mood, and meaning – ( Change in fitness
industry due to perception on health, )
• New Knowledge – scientific and non-scientific – (e.g. Google,
Microsoft, Use of data analytics)
 DYNAMISM
• Believes in action
• Pragmatic
• Good at managing change
• Visibility
• Has many eyes and ears and extremely clear
head
 Leadership
• Leadership is the basic quality for an
entrepreneur
• Be honest and ethical in everything you do.
• Have strong values.
• Live what you are preaching.
 Team Building
• A team is a group of individual with common
purpose
• A good team share knowledge, core
competency and goals
 Achievement Motivation
• Entrepreneurs have high need for
achievement and are guided by their inner
self, motivating their behaviour towards
accomplishment
• Three characteristic categories
• Dreamers
• Doubters
• Doers
 Problem Solving
• Problem Solving Model
• Define the problem
• Gather information
• Identify various solutions
• Evaluate various alternatives and select the best option
• Take decision
• Evaluate the action taken
 Goal Oriented
• Goal setting is achievement of targets and
objectives for successful performance (short run
and long run)
• Aspects of goal setting
• Clarity of goal
• Reformulation of goals
• Plan of action
• Defining standards of performance and measurement
criteria
• Recognizing risks and obstacles
• Goal reaffirmation
• Goal Attainment
Risk Taking and Decision making Ability
• Taking decision under uncertainty
– Requires anticipation of risk
– Needs calculated risk

• Requires clarity of thought and idea

• Calls for Coordinated action
 Commitment
• Commitment towards the short term and long
term goals
• Commitment towards customers and
employees
• Strong willpower
 Initial Failures-Example
• Mr. N R Narayana Murthy: Softronics in 1976

• Sunil Bharti Mittal: Making of parts for local

bicycle manufacturers

By Dr. Kinjal Jethwani

Select one or two entrepreneurs
to whom you admire…..
Identify the source of
innovativeness that has worked
in their case….