Had some assignment material I thought I might share with you guys since it applies to real life and can help one of you out.
Among the factors of production is entrepreneurship. An entrepreneur is someone who takes the financial risks considering all the factors of production. For a business to run successfully, the entrepreneur needs to have some qualities. Firstly, the most important quality that entrepreneurs needs to have is hard work. Without hard work nothing can be achieved and especially in a tactical field like business itself. By maintaining hard work over time the entrepreneur can establish a strong base and a strong mentality to bear with the losses a business may face. An Entrepreneur needs to forget about everything else and focus on the business they are about to initiate. Keeping all the possibilities in mind, they need to tactically plan to figure them out and this can all be achieved through hard work. Furthermore, the entrepreneur needs to be passionate about the business he is investing his wealth and time in. Without passion, an easy job can be considered really tough because of the unwillingness of the person. Through passion and hard work nothing is impossible.
Most importantly, the entrepreneur needs to be confident in himself. Before anybody else to believe in their initiative whether it be for raising capital or anything of that sort. They need to believe in themselves and be self confident to the maximum extent. Linked with it is a good set of communication skills. Efficiently conveying your message can take a business a long way. Not only for the managerial sector but also for efficiently communicating with their customers who who should be there primary priority. Good customer service can leave a good impact on the customers. A good way to achieve good managerial skills and customer service is having a good set of communication skills. Moreover, there needs to be a strong ability to bounce back from losses. Businesses all over the world experience losses but those with the the ability to bounce back and not get disheartened, thrive in the market.
Last but not least, an entrepreneur needs to know how to channelize the capital and his labor to improvise. Strategic thinking may allow to view losses in Hindsight and this can potentially be used to avoid a major loss that would have affected the business in a negative manner.
All in all, hard work, passion, strategic thinking and the ability to bounce back from losses can harvest a successful entrepreneur.
Please do not leech.