I got here to realize that entrepreneurship has been there for so a few years and that there are various people who can’t define appropriately 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 am 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 people who have come up with new business ideas which can be at present recognized as successful businesses but these people were by no means educated on how one can turn out to be entrepreneurs. Then again entrepreneurs are made because there are some profitable entrepreneurs who’ve studied entrepreneurship courses (diploma and degree programs) offered by colleges and universities.
Economics and business people do not seem additionally to agree on who is a true entrepreneur. From economist perspective, “The entrepreneur is one who’s willing to bear the risk of a new venture if there’s a significant probability 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 will not be presently 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 true entrepreneur is, we are able to all agree that entrepreneurs play a significant role in enhancing the lives of individuals 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 individuals in varied ways. Entrepreneurs are viewed as individuals who either create new products or improve the prevailing products so as to solve problems going through people.
We will describe who a real entrepreneur is through the use of the trait approach. Under this approach, the common traits successful entrepreneurs possess describes if a person is a true entrepreneur. The traits are:
1.) Taking Risks: They take risks after they’ve discovered viable enterprise opportunities. They already know that business concepts which have got high risks are those which yield high profits. Typically speaking, successful entrepreneurs have taken risks to be where 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: Profitable entrepreneurs have a typical trait of working hard. They work hard in seeing that all 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 ideas will probably 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 the right way to encourage their workers in order that they give their finest achieve 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 enterprise ideas successful. They don’t quit 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.) Versatile: Entrepreneurs who have succeeded respond to market wants swiftly. Each time there are modifications in market needs they reply to them swiftly in order to not lose their customers. They seek for opportunities to exploit when a change occurs. Successful entrepreneurs have a standard 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 creative new enterprise ideas. Successful entrepreneurs continuously innovate new ways of satisfying customers.
9.) Organization Ability: Successful entrepreneurs are well organized. They organize factors of production such as labor, land and capital in running their entrepreneurship ventures.
With all the above data, I urge you to not fail to appreciate what a real entrepreneur is still working on. This is because a true entrepreneur never offers up irrespective of the failures he experiences in executing some tasks. He is optimistic that at some point his business idea might be a successful business.
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