An entrepreneur may be a highly professionally or technically qualified persons, even so, he should not dream of becoming a small entrepreneur, unless he is confident of meeting the following requisites which are highly essential to be a successful small entrepreneur.
1. The entrepreneur should be very familiar with the type, quality and quantity of raw materials needed for the enterprise. He also sees that the materials should b( obtained at reasonable prices from the proper source where it is available.
2. He should be well-versed in the method of manufacturing along with operation of plants and machineries used in the process of production.
3. He should know how to maintain the quality of his product so that he will continue to stay in the market.
4. He should know the accounting principles and practices so that he can be able to prepare the books of accounts, maintain stores and prepare financial statements of his business enterprise.
5. He should have knowledge about the marketing channels, distribution system, agency practices, modes or transportation, labelling and packaging procedures.
6. He should be well aware of the various laws and principles governing the formation of small enterprises.
7. He should be well acquainted with the taxation policy relating to small enterprises of the government.
8. He should be a very hard working person with strong determination and perseverance.
9. Last but not the least he should have the courage to withstand any obstacle that may come on his way in order to survive in the market.