I got here to realize that entrepreneurship has been there for therefore many years and that there are various individuals who cannot define accurately who an entrepreneur is. This is because there is a disagreement of whether entrepreneurs are born or made. By the way, are entrepreneurs born or made? I am afraid if we start this dialogue 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 people who have come up with new business ideas which can be at present recognized as profitable businesses however these individuals have been never educated on the best way to turn out to be entrepreneurs. However entrepreneurs are made because there are some successful entrepreneurs who have studied entrepreneurship programs (diploma and degree programs) offered by colleges and universities.
Economics and enterprise people do not seem additionally to agree on who is a true entrepreneur. From economist viewpoint, “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 function as an innovator who markets his innovation. Nonetheless different economists say that entrepreneurs develop new items or processes that the market demands and aren’t at the moment being supplied.”
Entrepreneurship idea 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 will all agree that entrepreneurs play a major function in enhancing the lives of people in many different 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 various ways. Entrepreneurs are viewed as people who either create new products or improve the existing products so as to solve problems going through people.
We will describe who a real entrepreneur is by utilizing the trait approach. Under this approach, the common traits profitable entrepreneurs possess describes if an individual is a true 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 got high risks are the ones which yield high profits. Generally speaking, successful entrepreneurs have taken risks to be the place they’re now.
2.) Passion: Whatever the enterprise thought they come up with, they have passion for it. Passion keeps successful entrepreneurs going by being focused.
3.) Hardworking: Profitable entrepreneurs have a standard 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 successful entrepreneurs have in common. They consider that sooner or later their concepts will be profitable businesses. They have no room for doubting their enterprise ideas.
5.) Good Leadership: They’ve the trait of excellent leadership. Profitable entrepreneurs know tips on how to encourage their staff so that they provide their best achieve success. They create policies and goals for his or her businesses. They oversee that these insurance policies are followed and the goals are accomplished on time.
6.) Determined and Persistent: Successful entrepreneurs are determined and protracted in making their new enterprise concepts successful. They do not give up 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, money is only a reward they get.
7.) Versatile: Entrepreneurs who have succeeded respond to market wants swiftly. Whenever there are adjustments in market needs 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 typical 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 are available up with artistic new enterprise ideas. Profitable entrepreneurs continuously innovate new ways of satisfying customers.
9.) Organization Ability: Profitable entrepreneurs are well organized. They manage factors of production comparable to labor, land and capital in running their entrepreneurship ventures.
With all the above info, I urge you not to fail to appreciate what a true entrepreneur is still working on. This is because a real entrepreneur never offers up no matter the failures he experiences in executing some tasks. He is optimistic that in the future his enterprise thought can be a successful business.
Necessary cookies are absolutely essential for the website to function properly. This category only includes cookies that ensures basic functionalities and security features of the website. These cookies do not store any personal information.
Any cookies that may not be particularly necessary for the website to function and is used specifically to collect user personal data via analytics, ads, other embedded contents are termed as non-necessary cookies. It is mandatory to procure user consent prior to running these cookies on your website.