I got here to realize that entrepreneurship has been there for thus a few years and that there are a lot of 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 dialogue we’d not come to a conclusion.
Why is it that there is no such thing as a common agreement whether entrepreneurs are born or made? First, entrepreneurs are born because there are some people who have come up with new business ideas that are at present acknowledged as successful companies however these folks were never educated on how to turn into entrepreneurs. Then again entrepreneurs are made because there are some successful entrepreneurs who’ve studied entrepreneurship courses (diploma and degree programs) offered by faculties and universities.
Economics and business folks do not seem also to agree on who is a true entrepreneur. From economist viewpoint, «The entrepreneur is one who’s prepared to bear the risk of a new venture if there’s a significant chance for profit. Others emphasize the entrepreneur’s role as an innovator who markets his innovation. Nonetheless other economists say that entrepreneurs develop new items or processes that the market demands and usually are not at present being supplied.»
Entrepreneurship idea first came into existence within the 1700s. Since then it has evolved 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 individuals in many alternative 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 additionally they serve people in numerous ways. Entrepreneurs are considered as people who either create new products or improve the prevailing products so as to solve problems dealing with people.
Trait Approach
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 an individual is a true entrepreneur. The traits are:
1.) Taking Risks: They take risks after they have discovered viable business 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: Whatever the business idea they come up with, they’ve passion for it. Passion keeps successful entrepreneurs going by being focused.
3.) Hardworking: Profitable entrepreneurs have a common trait of working hard. They work hard in seeing that each one the tasks of the business are accomplished on time and efficiently.
4.) Optimistic: Optimism is the trait that profitable entrepreneurs have in common. They imagine that sooner or later their concepts might be profitable businesses. They have no room for doubting their enterprise ideas.
5.) Good Leadership: They’ve the trait of good leadership. Profitable entrepreneurs know the way to encourage their employees in order that they provide their best achieve success. They create policies and goals for their businesses. They oversee that these insurance policies are adopted and the goals are completed on time.
6.) Determined and Persistent: Successful entrepreneurs are determined and persistent in making their new business ideas 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 not money. For them, money is only a reward they get.
7.) Flexible: Entrepreneurs who have succeeded respond to market wants swiftly. Every time there are changes 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 common 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 come up with inventive new enterprise ideas. Successful entrepreneurs continuously innovate new ways of satisfying customers.
9.) Organization Ability: Profitable entrepreneurs are well organized. They set up factors of production equivalent to labor, land and capital in running their entrepreneurship ventures.
With all the above data, I urge you not to fail to appreciate what a true entrepreneur remains to be working on. This is because a true entrepreneur by no means gives up irrespective of the failures he experiences in executing some tasks. He is optimistic that in the future his business idea might be a profitable business.
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