I got here to realize that entrepreneurship has been there for so a few years and that there are many 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’m afraid if we start this dialogue we’d 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 concepts which can be currently recognized as profitable businesses but these people were by no means educated on how you can develop into entrepreneurs. Then again entrepreneurs are made because there are some successful entrepreneurs who’ve studied entrepreneurship programs (diploma and degree programs) offered by schools and universities.
Economics and business folks do not seem additionally to agree on who’s a true entrepreneur. From economist standpoint, “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 other economists say that entrepreneurs develop new goods or processes that the market demands and are not currently being supplied.”
Entrepreneurship concept first came into existence in the 1700s. Since then it has developed to what it is now today. Despite the failure of defining who a real entrepreneur is, we are able to all agree that entrepreneurs play a significant 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 people in numerous ways. Entrepreneurs are seen as people who either create new products or improve the present products so as to unravel problems going through people.
We are able to describe who a real entrepreneur is through the use of the trait approach. Under this approach, the common traits profitable entrepreneurs possess describes if an individual is a real entrepreneur. The traits are:
1.) Taking Risks: They take risks after they have discovered viable enterprise opportunities. They already know that enterprise concepts which have gotten high risks are those which yield high profits. Generally speaking, profitable entrepreneurs have taken risks to be where they’re now.
2.) Passion: Regardless of the business idea they come up with, they’ve passion for it. Passion keeps successful entrepreneurs going by being focused.
3.) Hardworking: Successful entrepreneurs have a typical trait of working hard. They work hard in seeing that each one the tasks of the enterprise 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 concepts will probably be successful businesses. They haven’t any room for doubting their business ideas.
5.) Good Leadership: They have the trait of fine leadership. Profitable entrepreneurs know easy methods to inspire their staff so that they provide their finest achieve success. They create policies and goals for his or her businesses. They oversee that these policies are adopted and the goals are completed on time.
6.) Determined and Persistent: Successful entrepreneurs are determined and chronic in making their new business ideas successful. They do not surrender 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, cash is only a reward they get.
7.) Versatile: Entrepreneurs who’ve succeeded reply to market wants swiftly. Every time there are modifications 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. Successful entrepreneurs have a common 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 come up with inventive new business ideas. Successful entrepreneurs continuously innovate new ways of satisfying customers.
9.) Organization Ability: Profitable entrepreneurs are well organized. They manage factors of production corresponding to labor, land and capital in running their entrepreneurship ventures.
With all of the above information, I urge you to not fail to understand what a real entrepreneur remains to be working on. This is because a real entrepreneur never provides up irrespective of the failures he experiences in executing some tasks. He’s optimistic that someday his enterprise thought might be a profitable business.
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