I came to realize that entrepreneurship has been there for so many years and that there are a lot of individuals who cannot define correctly who an entrepreneur is. This is because there’s a disagreement of whether or not entrepreneurs are born or made. By the way, are entrepreneurs born or made? I am afraid if we start this dialogue we might not come to a conclusion.
Why is it that there is no universal agreement whether entrepreneurs are born or made? First, entrepreneurs are born because there are some individuals who have come up with new business ideas that are at the moment recognized as profitable businesses however these individuals had been by no means educated on tips on how to turn into entrepreneurs. On the other hand entrepreneurs are made because there are some profitable entrepreneurs who’ve studied entrepreneurship courses (diploma and degree programs) offered by schools and universities.
Economics and business folks don’t appear also to agree on who’s a real entrepreneur. From economist viewpoint, “The entrepreneur is one who is prepared to bear the risk of a new venture if there is a significant chance for profit. Others emphasize the entrepreneur’s position as an innovator who markets his innovation. Nonetheless different economists say that entrepreneurs develop new items or processes that the market calls for and are usually not at present being supplied.”
Entrepreneurship concept first got here into existence within the 1700s. Since then it has evolved to what it is now today. Despite the failure of defining who a true entrepreneur is, we can all agree that entrepreneurs play a serious role in enhancing the lives of people in many alternative ways. They come up with new ideas which have led them to create business organizations.
These organizations apart from creating job opportunities directly or indirectly in addition they serve folks in numerous ways. Entrepreneurs are viewed as individuals who either create new products or improve the prevailing products so as to resolve problems facing people.
We are able to describe who a true entrepreneur is by utilizing 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 have discovered viable business opportunities. They already know that enterprise ideas which have got high risks are the ones which yield high profits. Usually speaking, profitable entrepreneurs have taken risks to be where they’re now.
2.) Passion: Whatever the business concept they arrive up with, they have passion for it. Passion keeps profitable entrepreneurs going by being focused.
3.) Hardworking: Profitable entrepreneurs have a typical trait of working hard. They work hard in seeing that every one the tasks of the business are accomplished on time and efficiently.
4.) Optimistic: Optimism is the trait that successful entrepreneurs have in common. They imagine that in the future their concepts might be profitable businesses. They have no room for doubting their business ideas.
5.) Good Leadership: They have the trait of fine leadership. Profitable entrepreneurs know the right way to inspire their staff in order that they offer their greatest in attaining success. They create insurance policies and goals for their businesses. They oversee that these insurance policies are adopted and the goals are achieved on time.
6.) Decided and Persistent: Successful entrepreneurs are decided and persistent in making their new enterprise ideas successful. They do not give up after experiencing some failures in executing some tasks however they’re persistent and decided because they’re motivated by success and not money. For them, cash is only a reward they get.
7.) Flexible: Entrepreneurs who’ve succeeded respond to market wants swiftly. Whenever there are adjustments in market wants they reply to them swiftly in order not to lose their customers. They search 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 business ideas. Profitable entrepreneurs repeatedly innovate new ways of satisfying customers.
9.) Organization Ability: Successful entrepreneurs are well organized. They arrange factors of production similar to labor, land and capital in running their entrepreneurship ventures.
With all of the above info, I urge you to not fail to appreciate what a real entrepreneur remains to be working on. This is because a real entrepreneur never gives up no matter the failures he experiences in executing some tasks. He’s optimistic that someday his enterprise thought can be a successful business.
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