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An Entrepreneur — Entrepreneurship STD 11 Commerce — Question

CBSE BoardEnglish MediumSTD 11 CommerceEntrepreneurshipAn Entrepreneur5 Marks
Question
Explain any six essential attitudes of an entrepreneur.
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Answer

Essential attitudes of an Entrepreneur:
  1. Have passion for the business: Work should be fun. One’s passion will help to overcome difficult moments and will persuade people to work for you and want to do business with you. Passion can't be taught. When it wanes, as it surely will in difficult times, take some quiet time. Whether it be an hour or a week, take inventory of all the reasons one started the business and why one likes being one’s own boss. That should renew one’s passion.
  2. Set an example of trustworthiness: People have confidence in trustworthy individuals and want to work for them in a culture of integrity. The same is true for customers.
  3. Be flexible, except with core values: It's a fact that one's plans and strategies will change as time goes on. This flexibility for rapid change is an inherent advantage of small over large business. However, no matter what the pressure for immediate profits, do not compromise on core values.
  4. Don't let fear of failure hold one back: Failure is an opportunity to learn. All things being equal, venture capitalists would rather invest money in an individual who tried and failed founding a company than in someone who never tried.
  5. Make timely decisions: It's okay to use one's intuition. Planning and thought are good. But procrastination leads one to miss opportunities.
  6. The major company asset is oneself: One should take care of oneself. One’s health is more valuable than the most expensive machinery or computer software for the company. One doesn't have to choose between ones family or company, play or work. Maintain one’s own health for balance and energy, which will, in turn, enhance one’s outlook.

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