I came to realize that entrepreneurship has been there for thus many years and that there are lots of people who can’t define appropriately 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 am afraid if we start this discussion we might 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 acknowledged as profitable companies but these individuals were never educated on methods to change into entrepreneurs. However entrepreneurs are made because there are some successful entrepreneurs who have studied entrepreneurship programs (diploma and degree programs) offered by faculties and universities.
Economics and enterprise folks don’t appear also to agree on who’s a real entrepreneur. From economist perspective, «The entrepreneur is one who’s keen to bear the risk of a new venture if there is a significant probability 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 calls for and will not be at the moment being supplied.»
Entrepreneurship concept first came into existence in 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 major function in enhancing the lives of individuals in many various ways. They come up with new concepts which have led them to create business organizations.
These organizations apart from creating job opportunities directly or indirectly they also serve people in numerous ways. Entrepreneurs are seen as individuals who either create new products or improve the present products so as to resolve problems dealing with people.
Trait Approach
We are able to describe who a real entrepreneur is through the use of the trait approach. Under this approach, the frequent traits successful 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 ideas which have gotten high risks are the ones which yield high profits. Typically speaking, profitable entrepreneurs have taken risks to be where they’re now.
2.) Passion: Regardless of the business concept they come up with, they have passion for it. Passion keeps profitable 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 enterprise are completed on time and efficiently.
4.) Optimistic: Optimism is the trait that successful entrepreneurs have in common. They believe that sooner or later their ideas might be profitable businesses. They don’t have any room for doubting their enterprise ideas.
5.) Good Leadership: They have the trait of fine leadership. Successful entrepreneurs know learn how to encourage their workers in order that they provide their best 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: Successful entrepreneurs are determined and persistent in making their new business concepts successful. They don’t surrender after experiencing some failures in executing some tasks but they’re persistent and determined because they’re motivated by success and never money. For them, money is only a reward they get.
7.) Versatile: Entrepreneurs who have succeeded reply to market needs swiftly. At any time when there are adjustments in market wants they respond to them swiftly so as to not 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 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 creative new business ideas. Successful entrepreneurs continuously innovate new ways of satisfying customers.
9.) Organization Ability: Profitable entrepreneurs are well organized. They arrange factors of production corresponding to labor, land and capital in running their entrepreneurship ventures.
With all of the above data, I urge you to not fail to understand what a real entrepreneur remains to be working on. This is because a true entrepreneur by no means provides up no matter the failures he experiences in executing some tasks. He’s optimistic that in the future his enterprise thought will probably be a profitable business.
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