I came to realize that entrepreneurship has been there for so many years and that there are lots of people who can not define correctly who an entrepreneur is. This is because there’s a disagreement of whether entrepreneurs are born or made. By the way, are entrepreneurs born or made? I’m afraid if we start this discussion we’d not come to a conclusion.
Why is it that there is no such thing as a universal agreement whether or not entrepreneurs are born or made? First, entrepreneurs are born because there are some individuals who have come up with new business ideas which might be currently recognized as successful businesses however these individuals have been by no means educated on how you can grow to be entrepreneurs. However entrepreneurs are made because there are some successful entrepreneurs who have studied entrepreneurship programs (diploma and degree programs) offered by faculties and universities.
Economics and business people don’t seem additionally to agree on who’s a true entrepreneur. From economist perspective, “The entrepreneur is one who is prepared to bear the risk of a new venture if there is a significant likelihood for profit. Others emphasize the entrepreneur’s position as an innovator who markets his innovation. Still other economists say that entrepreneurs develop new items or processes that the market demands and will not be currently being supplied.”
Entrepreneurship concept first got here into existence within the 1700s. Since then it has advanced to what it is now today. Despite the failure of defining who a real entrepreneur is, we will all agree that entrepreneurs play a serious position in enhancing the lives of people in many alternative ways. They arrive up with new ideas which have led them to create business organizations.
These organizations apart from creating job opportunities directly or indirectly additionally they serve people in various ways. Entrepreneurs are seen as individuals who either create new products or improve the present products in order to unravel problems dealing with people.
We can describe who a real entrepreneur is by utilizing the trait approach. Under this approach, the widespread traits successful entrepreneurs possess describes if a person is a real entrepreneur. The traits are:
1.) Taking Risks: They take risks after they have discovered viable enterprise opportunities. They already know that business ideas which have gotten high risks are the ones which yield high profits. Usually speaking, profitable entrepreneurs have taken risks to be the place they’re now.
2.) Passion: Whatever the business concept they come up with, they’ve passion for it. Passion keeps profitable entrepreneurs going by being focused.
3.) Hardworking: Profitable entrepreneurs have a common trait of working hard. They work hard in seeing that each one the tasks of the business are accomplished on time and efficiently.
4.) Optimistic: Optimism is the trait that profitable entrepreneurs have in common. They imagine that in the future their ideas shall be successful businesses. They haven’t any room for doubting their enterprise ideas.
5.) Good Leadership: They’ve the trait of excellent leadership. Successful entrepreneurs know the way to inspire their workers in order that they offer their greatest achieve success. They create insurance policies and goals for his or her businesses. They oversee that these insurance policies are followed and the goals are completed on time.
6.) Determined and Persistent: Profitable entrepreneurs are determined and persistent in making their new enterprise ideas successful. They don’t hand over after experiencing some failures in executing some tasks but they’re persistent and determined because they’re motivated by success and not money. For them, money is only a reward they get.
7.) Flexible: Entrepreneurs who’ve succeeded respond to market needs swiftly. Whenever there are adjustments in market wants they respond to them swiftly so as not to lose their customers. They seek for opportunities to exploit when a change occurs. Successful entrepreneurs have a common trait of adjusting their entrepreneurship ventures to fluctuating economic conditions. “The entrepreneur always searches for change, responds to it, and exploits it as an opportunity-By Peter Drucker.”
8.) Creativity: They research and come up with inventive new business ideas. Profitable entrepreneurs continuously innovate new ways of satisfying customers.
9.) Organization Ability: Successful entrepreneurs are well organized. They set up factors of production corresponding to labor, land and capital in running their entrepreneurship ventures.
With all the above data, I urge you not to fail to appreciate what a true entrepreneur remains to be working on. This is because a true entrepreneur never gives up regardless of the failures he experiences in executing some tasks. He’s optimistic that at some point his enterprise concept shall be a successful business.
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