On May 24, 2010 by Anand Subramanian. · 9 comments so far
A question on LinkedIn Group Young Indian Entrepreneurs asks:
If you were to pick one trait of a successful entrepreneur what would it be?
What is the most essential quality one should have to be an entrepreneur. Passion, Self confidence, Risk taking ability, Visonary etc. etc. But if you have to pick up one trait which defines an entrepreneur what would it be and why?
So chip in and let’s find out what’s that?
An answer by Ravi Shete is pretty well worth a read:
Various traits are noticed in various entrepreneurs. I would like to share with all some of them that I know
1) I have heard that when Mr. Birla used to go out of his house inspite of being so rich he used to switch off all lights to save electricity & thereby money.
Trait noticed – Effective use of resources as a habit & example is the best way of teaching others to behave as we want them to
2) Mr. Tata’s business in initial stage went a flop. So he had one way to sell everything, accumulate wealth & run away. That was only an intelligent man’s point of view. But Mr. Tata sold his house, his everything & what he did with the money was that he returned each & every paise to his creditors. When his Munim asked what was the profit behind such an act. He said – I will be able to revive my business & house whenever I need as long as my name in the market is good. These things like property etc. does not count for me. What counts is my name.
Trait noticed – He preserved the value of his word in the market. And just see where the Tata is today ….almost touching the skies.
3) A couple decided to open a bank bcos they had lots of money with them. So they thought what name should be given to the bank. So they searched the directory to find the names. All banks started with National co-operative, State Bank etc. names. These were very official names. Now this couple liked apple very much in their breakfast. They decided to keep the name of the bank as Apple Bank. People would make so fun of them bcos all banks had official names & this were the first one to go out of the way & keep the name of a bank on the name of a fruit. This act of theirs was so jocular. But just imagine what happened. Whatever happened was not even imagined by the Apple Bank owner. Bcos name of bank was apple in public directory the name came at first before all banks. Also the name of bank being different & giving a pleasant thought a huge mass of public got diverged towards this bank opening their accounts in this bank. Consequently not even the owner of this bank had imagined that thing happened. This bank in a span of few months or years became the 2nd largest bank of that city.
Trait noticed – Listen to your heart. Think out of the box. Just bcos all banks have same name we should also have same name. He got out of this traditional thinking pattern & thought out of the box. If u think something is right do it without caring that the people might laugh on you.
4) Mr. Ford utilised the best men to search on a technique which could make the cost of car cheap. Why? Bcos it was his dream that every American should have a car. Gradually they developed the “Assembling method” . Its implementation created a great downfall in price of cars. Consequently his dream of every American should have a car came out true.
Trait noticed – Dream Big & fulfill it.
What do you think are the traits that make a successful entrepreneur? The comments space awaits!