Successful Entrepreneur Characteristics

Question 1A

Entrepreneurship is a process of identifying opportunities of which you can

Identify marketable needs that are required as defined by [G.Nieman and A.Bennet, November 2001, “Business management revised second edition”]

Set of characteristics shared by successful entrepreneurs

1. Motivation – As an entrepreneur you should be enthusiastic and future oriented. It is important for an entrepreneur to have belief that they will be successful and they are open to risks to their resources in quest of profit. Successful entrepreneurs always think of their business and how to increase their market share.

2. Creativity and persuasiveness- Successful entrepreneurs have the creative capability to identify and pursue opportunities. They possess

Versatility- Entrepreneurs mostly start working alone. Due to this they end up having to do various jobs at the same time, including being a secretary, bookkeeper etc. They need to be prepared mentally to be able to take on all these tasks

4. Strong business skills- successful entrepreneurs are capable of setting up internal systems, procedures and processes needed to operate the business. They are mostly interested on cash flow, sales and revenue. They are dependent on their business skills, knowledge and contacts. This is why it is important to have the necessary skills for the kind of business you want to pursue.

5. Risk tolerance- starting an entrepreneurial endeavour is risky. It is important to be willing to assume the risk. The risk can be reduced by carefully researching your business concepts, competition and market.

6. Vision- successful entrepreneurs need to have an idea of where their company is going. It is important to look ahead and see a bigger picture.

7. Decisiveness- In business there is no room for procrastination as it stalls progress. Not being decisive could lead to missing opportunities that could potentially move you toward success. Successful entrepreneurs need to make quick decisions and make the most of the opportunities presented to

This means that they have been looking for opportunities and this qualifies as an important factor to being an entrepreneur. Through their experience the Dlamini’s are familiar with their industries, customers and competition and these are good qualities for entrepreneurs. They have insight into what customers need and are also market driven. They have both tried running businesses before as reported in the article. They tried running a taxi business and African carvings business as a sideline job. They also considered a restaurant business, a T-shirt printing business as well as a cupboard installation operation. They however decided against these options for various reasons. Financially they were not ready as they were dependent on the equity in their home. After their time in Tshwane they at least had a hundred thousand to start a business and support their family. The Dlamini’s have always had the hunger and determination of starting a business. This means they have a vision but need commitment and determination as well as tolerance of