An entrepreneur can be defined as a person who is not an employee of any firm and ventures into a business or several businesses ready to take all the associated risks in the process in order to make some profit. An entrepreneur wishes to effectively benefit from a demand for some products or services. The ultimate aim is to find an opportunity to run a profitable business. Entrepreneurship is necessarily a decision making process at every step.
As the definition goes, the venture of an entrepreneur is greatly aimed at generating profit. Therefore, an entrepreneur needs to be sensitive to the market trends and customer expectations. The products and services innovated by the entrepreneur should be able to effectively address the existing demand in the niche. These are essential to have a competitive advantage over the others. This can be achieved by being creative and innovative. Original ideas will always strike a difference and allure customers. Ultimately, the success of a business depends greatly on striking a difference from the other players.
One of the essential qualities for an entrepreneur is being independent. He or she should have a powerful sense of personal judgement of a given scenario. Being able to grasp the implication of certain decisions is a must to be successful in the long run. Also, without a loss, there is no gain. This is the necessary condition for a business to happen and the same holds good for being successful in a business venture. This understanding calls for risk taking in order to make profit and achieve a cherished goal. Preparedness to accept risks is an indispensable quality to every entrepreneur and the minimum necessity to run any business.