Who Is An Entrepreneur?

I got here to realize that entrepreneurship has been there for therefore many years and that there are various people who can not define correctly 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’m afraid if we start this dialogue we might not come to a conclusion.

Why is it that there is no universal agreement whether entrepreneurs are born or made? First, entrepreneurs are born because there are some individuals who have come up with new enterprise concepts which are currently recognized as successful businesses however these people had been by no means educated on the best way to turn into entrepreneurs. However 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 people don’t seem additionally to agree on who is a true 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. Still different economists say that entrepreneurs develop new goods or processes that the market calls for and are usually not currently being supplied.”

Entrepreneurship concept first got here into existence within the 1700s. Since then it has advanced 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 serious function in enhancing the lives of people in many alternative ways. They come up with new ideas which have led them to create enterprise organizations.

These organizations apart from creating job opportunities directly or indirectly in addition they serve folks in various ways. Entrepreneurs are considered as people who either create new products or improve the prevailing products so as to solve problems going through people.

Trait Approach

We are able to describe who a real entrepreneur is by using the trait approach. Under this approach, the frequent traits successful entrepreneurs possess describes if a person is a real entrepreneur. The traits are:

1.) Taking Risks: They take risks after they have discovered viable business opportunities. They already know that enterprise ideas which have got high risks are the ones which yield high profits. Typically speaking, profitable entrepreneurs have taken risks to be the place they’re now.

2.) Passion: Whatever the business thought they come up with, they have passion for it. Passion keeps profitable entrepreneurs going by being focused.

3.) Hardworking: Profitable entrepreneurs have a standard trait of working hard. They work hard in seeing that each 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 imagine that sooner or later their ideas will probably be successful businesses. They have no room for doubting their business ideas.

5.) Good Leadership: They have the trait of fine leadership. Successful entrepreneurs know easy methods to motivate their employees so that they provide their best in achieving success. They create insurance policies and goals for their businesses. They oversee that these policies are followed and the goals are completed on time.

6.) Decided and Persistent: Profitable entrepreneurs are decided and protracted in making their new business concepts successful. They don’t give up 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 wants swiftly. Every time there are changes in market needs they reply 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 come up with inventive new business ideas. Successful entrepreneurs continuously innovate new ways of satisfying customers.

9.) Organization Ability: Successful entrepreneurs are well organized. They manage factors of production comparable to labor, land and capital in running their entrepreneurship ventures.

With all of the above info, I urge you not to fail to appreciate what a real entrepreneur remains to be working on. This is because a true entrepreneur never provides up no matter the failures he experiences in executing some tasks. He’s optimistic that at some point his enterprise thought shall be a profitable business.

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