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One of the essential factors of production in addition to labor, land, raw material, and capital, is Entrepreneurship.
An entrepreneur is one who puts together the other factors of production and creates a winning combination out of them. In essence, an enterprise can only survive with an effective entrepreneur. Nice alliteration there, but what precisely is an effective entrepreneur like?
Versatility
An entrepreneur’s skills are not limited to only one area of business. He has to be the genius with Midas’s magical toughness and a brain like that of Machiavelli. He bears the risk and gets paid in the form of business profits. He should be able to anticipate the moves of his competitors and identify the reigning market trends, but not follow them. Uniqueness is the key to creating a successful brand identity in the market. He should have a plan B ready when plan A cannot provide the anticipated increase in sales.
Profit Driven
The first and foremost thing to keep in mind while appointing an entrepreneur for your company is that the person should be able to generate business revenue and loads of profits for your company. The Return on Investment should be at least twice or thrice the amount of time, effort, and money spent on creating and implementing the latest marketing strategies for your company.
Think quickly and Logically
He or she should be capable of rational decision-making and very strategic in his approach to outsmarting the organization's rivals. He is not joining the organization in the capacity of an overseer who will look after the affairs of the organization in lieu of some basic monthly salary. Putting organization before self should be the motto of the entrepreneur and make sure you check for this particular trait in the potential candidates, in addition to their means to achieve higher sales, and profitability, maintain seamless cash flow, and keep the organization always ahead of the market competition.
People’s man
An ability to create a harmonious environment at the workplace and work in tandem with the supervisors, janitors, and other board members is an important trait to look for in an entrepreneur.
