I got here to realize that entrepreneurship has been there for thus many years and that there are lots of people who cannot 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 isn’t any common agreement whether or not entrepreneurs are born or made? First, entrepreneurs are born because there are some individuals who have come up with new business ideas that are at present acknowledged as successful companies but these people had been by no means educated on methods to become entrepreneurs. On the other hand entrepreneurs are made because there are some profitable entrepreneurs who have studied entrepreneurship programs (diploma and degree programs) offered by colleges and universities.
Economics and business folks do not appear also to agree on who’s a true entrepreneur. From economist perspective, “The entrepreneur is one who is 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 are usually 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 true entrepreneur is, we can all agree that entrepreneurs play a major role in enhancing the lives of individuals in many various ways. They arrive up with new concepts which have led them to create enterprise organizations.
These organizations apart from creating job opportunities directly or indirectly they also serve individuals in various ways. Entrepreneurs are seen as individuals who either create new products or improve the present products in order to unravel problems dealing with people.
Trait Approach
We are able to describe who a true entrepreneur is by utilizing the trait approach. Under this approach, the common traits profitable entrepreneurs possess describes if an individual is a real entrepreneur. The traits are:
1.) Taking Risks: They take risks after they have discovered viable business opportunities. They already know that business ideas 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 enterprise idea they come up with, they have passion for it. Passion keeps successful entrepreneurs going by being focused.
3.) Hardworking: Successful entrepreneurs have a standard 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 imagine that sooner or later their ideas will probably be successful businesses. They have no room for doubting their enterprise ideas.
5.) Good Leadership: They’ve the trait of good leadership. Successful entrepreneurs know the way to inspire their workers so that they offer their best achieve 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: Successful entrepreneurs are decided and persistent in making their new enterprise ideas successful. They do not hand over after experiencing some failures in executing some tasks but they’re persistent and determined because they’re motivated by success and not money. For them, money is only a reward they get.
7.) Versatile: Entrepreneurs who’ve succeeded respond to market wants swiftly. Each time there are adjustments in market needs they respond to them swiftly in order to not 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 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 artistic new enterprise ideas. Successful entrepreneurs repeatedly innovate new ways of satisfying customers.
9.) Organization Ability: Profitable 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 data, I urge you to not fail to appreciate what a true entrepreneur is still working on. This is because a real entrepreneur never offers up irrespective of the failures he experiences in executing some tasks. He is optimistic that at some point his enterprise concept can be a profitable business.
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