I got here to realize that entrepreneurship has been there for thus many years and that there are a lot of individuals who cannot define correctly who an entrepreneur is. This is because there is a disagreement of whether or not entrepreneurs are born or made. By the way, are entrepreneurs born or made? I’m afraid if we start this dialogue we would not come to a conclusion.
Why is it that there isn’t any universal agreement whether or not entrepreneurs are born or made? First, entrepreneurs are born because there are some people who have come up with new enterprise concepts that are currently acknowledged as profitable companies however these folks had been by no means educated on learn how to grow to be entrepreneurs. Alternatively entrepreneurs are made because there are some successful entrepreneurs who have studied entrepreneurship courses (diploma and degree programs) offered by faculties and universities.
Economics and business folks do not appear also to agree on who is a true entrepreneur. From economist perspective, “The entrepreneur is one who is keen to bear the risk of a new venture if there is a significant chance for profit. Others emphasize the entrepreneur’s function as an innovator who markets his innovation. Nonetheless different economists say that entrepreneurs develop new items or processes that the market demands and usually are not currently being supplied.”
Entrepreneurship concept first got here into existence in the 1700s. Since then it has evolved to what it is now today. Despite the failure of defining who a true entrepreneur is, we will all agree that entrepreneurs play a serious function in enhancing the lives of people in many various ways. They arrive up with new ideas which have led them to create enterprise organizations.
These organizations apart from creating job opportunities directly or indirectly in addition they serve individuals in numerous ways. Entrepreneurs are seen as people who either create new products or improve the prevailing products in order to resolve problems going through people.
We are able to describe who a true entrepreneur is by using the trait approach. Under this approach, the widespread traits profitable entrepreneurs possess describes if a person is a real entrepreneur. The traits are:
1.) Taking Risks: They take risks after they’ve discovered viable enterprise opportunities. They already know that enterprise concepts which have got high risks are those which yield high profits. Typically speaking, successful entrepreneurs have taken risks to be the place they’re now.
2.) Passion: Regardless of the business idea they arrive up with, they have passion for it. Passion keeps successful entrepreneurs going by being focused.
3.) Hardworking: Successful entrepreneurs have a common trait of working hard. They work hard in seeing that every one the tasks of the business are completed on time and efficiently.
4.) Optimistic: Optimism is the trait that profitable entrepreneurs have in common. They imagine that sooner or later their concepts will probably be profitable businesses. They don’t have any room for doubting their business ideas.
5.) Good Leadership: They’ve the trait of good leadership. Profitable entrepreneurs know how to inspire their employees in order that they give their best in attaining success. They create insurance policies and goals for his or her businesses. They oversee that these policies are followed and the goals are accomplished on time.
6.) Decided and Persistent: Profitable entrepreneurs are decided and persistent in making their new business concepts successful. They don’t quit after experiencing some failures in executing some tasks but they’re persistent and decided because they’re motivated by success and never money. For them, cash is only a reward they get.
7.) Flexible: Entrepreneurs who have succeeded respond to market needs swiftly. Every time there are modifications in market needs they reply to them swiftly so as not to lose their customers. They seek for opportunities to exploit when a change occurs. Profitable entrepreneurs have a typical trait of adjusting their entrepreneurship ventures to fluctuating financial conditions. “The entrepreneur always searches for change, responds to it, and exploits it as an opportunity-By Peter Drucker.”
8.) Creativity: They research and are available up with inventive new enterprise ideas. Successful entrepreneurs continuously innovate new ways of satisfying customers.
9.) Organization Ability: Successful entrepreneurs are well organized. They set up factors of production akin to labor, land and capital in running their entrepreneurship ventures.
With all of the above info, I urge you to not fail to understand what a real entrepreneur remains to be working on. This is because a true entrepreneur by no means provides up irrespective of the failures he experiences in executing some tasks. He’s optimistic that one day his enterprise concept might be a profitable business.
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