I got here to realize that entrepreneurship has been there for therefore a few years and that there are lots of individuals who can’t define appropriately 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 isn’t any common 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 currently recognized as successful companies but these people were by no means educated on the way to change into entrepreneurs. Alternatively entrepreneurs are made because there are some profitable entrepreneurs who have studied entrepreneurship courses (diploma and degree programs) offered by schools and universities.
Economics and enterprise folks don’t seem also to agree on who’s a true entrepreneur. From economist point of view, «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 role 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 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 true entrepreneur is, we will all agree that entrepreneurs play a serious position in enhancing the lives of people in many different ways. They arrive up with new concepts which have led them to create business organizations.
These organizations apart from creating job opportunities directly or indirectly additionally they serve folks in numerous ways. Entrepreneurs are viewed as people who either create new products or improve the prevailing products so as to resolve problems facing people.
Trait Approach
We can describe who a true entrepreneur is by utilizing the trait approach. Under this approach, the frequent traits profitable entrepreneurs possess describes if a person is a real entrepreneur. The traits are:
1.) Taking Risks: They take risks after they’ve discovered viable business opportunities. They already know that enterprise ideas which have got high risks are those which yield high profits. Generally speaking, successful entrepreneurs have taken risks to be where they’re now.
2.) Passion: Whatever the enterprise concept they come up with, they have 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 all 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 ideas shall be profitable businesses. They have no room for doubting their business ideas.
5.) Good Leadership: They’ve the trait of fine leadership. Profitable entrepreneurs know how you can inspire their employees in order that they give their best in achieving success. They create insurance policies and goals for his or her businesses. They oversee that these insurance policies are followed and the goals are achieved on time.
6.) Decided and Persistent: Profitable entrepreneurs are determined and persistent in making their new business concepts successful. They do not quit after experiencing some failures in executing some tasks however 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’ve succeeded respond to market needs swiftly. Every time there are modifications in market wants they respond to them swiftly so as 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 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 creative new business ideas. Successful entrepreneurs continuously innovate new ways of satisfying customers.
9.) Organization Ability: Profitable entrepreneurs are well organized. They organize factors of production resembling labor, land and capital in running their entrepreneurship ventures.
With all the above information, I urge you to not fail to understand what a real entrepreneur continues to be 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 sooner or later his enterprise thought can be a successful business.
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