Skill Set required for an Entrepreneur

Everyone cannot be a successful businessman just like everyone cannot be a good lawyer or an accountant. There are certain personality traits and attitudes that make some people more suited to be a successful small business owner than others.

Critical Self-Assessment

There are various types of quizzes and other Entrepreneurial Self-Assessment tools available online. When a personanswers these questions and submits them in real time, he can view his answers asagainst the backdrop of answers given by successful entrepreneurs. One can also assess his entrepreneur characteristics with the ‘Are You Ready to Start a Small Business? Quiz’ on many websites. 

Requirements for a successful entrepreneur

If an individual wants to run a successful business unit, he is required to have self-motivation,the knowledge of his industry,organizational and management skills and minimum working knowledge of marketing and vendor and customer relations.


One of the many reasons why majority of new businesses fail is the lack of knowledge on the part of business owner. If an individual does not possess the complete knowledge of his product or service and the industry in which he will be operating, no matter how much funding he can generate, he would never be able to have a successful business. 

Organizational Skills

When more than one person is involved in a business activity as employees, customers, vendors, retailers etc. then it becomes an absolute necessity for a business owner to have high rated organizational skills. He would not be able to run a successful business unless he does not possess sound organizational skills.

Managerial and Administrative Skills

An individual who wishes to start his own business need to develop the required skillset for managerial and administrative activities. These are absolutely necessary for a businessman and he can never succeed without them. He need to be a reasonably good business planner, money manager and people manager. At some stage in his business cycle, he will be required to direct a large team of different people involved in sales & marketing and business operations. 

Other Ability Requirements

To run a successful business enterprise, an entrepreneur need to respond positively to all challenges and to quickly learn from mistakes. He is required to take personal initiative in any business before asking others to join in. He also need to have great perseverance in the face of a failure. 


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Proprietorship Firm


When you have decided to start the business for yourself with less liabilities. Sole proprietorship might be the right choice for you. Proprietorship is the easiest business entity under which an individual can run a business. Sole proprietorship is referred to an individual who owns the business and is generally responsible for its debts.

LLP to Private Limited Company


  Starting a business with a Limited Liability Partnership (LLP) is a good idea. The next stages is when you what to convert Limited Liability Partnership (LLP) to a Private Limited Company for more growth in business or maybe for Funds Raising.

Factory/Health Trade/Trade License


Transfer/handover of goods and services from one entity or person to another in exchange for money is known as Trade. An individual/Group who are planning to start a new business needs to get the Trade License from their respective Municipal Committee.

State Pollution Board CTE/CTO/Authorization


As per Central Pollution Control Board, Each Commercial activity, be it Industrial, Mining or for Infrastructure purposes, is required to take prior permission to establish from their respective State Pollution Control Board. A business activity may be categorized as White, Green, Orange/Amber and Red. The State Pollution Control Board issues Consent to Establish (CTE) and Consent to Operate (CTO)


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