I came to realize that entrepreneurship has been there for so a few years and that there are various people who cannot define accurately who an entrepreneur is. This is because there’s a disagreement of whether entrepreneurs are born or made. By the way, are entrepreneurs born or made? I’m afraid if we start this dialogue we would 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 business ideas which can be at present recognized as profitable companies but these folks had been by no means educated on how to grow to be entrepreneurs. On the other hand entrepreneurs are made because there are some successful entrepreneurs who have studied entrepreneurship programs (diploma and degree programs) offered by schools and universities.
Economics and enterprise folks don’t seem also to agree on who’s a real entrepreneur. From economist viewpoint, “The entrepreneur is one who is willing to bear the risk of a new venture if there is a significant chance for profit. Others emphasize the entrepreneur’s function as an innovator who markets his innovation. Still other economists say that entrepreneurs develop new items or processes that the market demands and usually are not presently being supplied.”
Entrepreneurship idea 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 can 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 in addition they serve individuals in numerous ways. Entrepreneurs are considered as individuals who either create new products or improve the present products in order to resolve problems going through people.
Trait Approach
We will 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 concepts which have got high risks are the ones which yield high profits. Usually speaking, successful entrepreneurs have taken risks to be the place they’re now.
2.) Passion: Regardless of the enterprise idea they arrive up with, they have passion for it. Passion keeps profitable entrepreneurs going by being focused.
3.) Hardworking: Successful entrepreneurs have a standard trait of working hard. They work hard in seeing that all 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 in the future their ideas will likely be successful businesses. They don’t have any room for doubting their enterprise ideas.
5.) Good Leadership: They have the trait of excellent leadership. Profitable entrepreneurs know easy methods to encourage their workers in order that they provide their finest in achieving success. They create policies and goals for his or her businesses. They oversee that these insurance policies are followed and the goals are completed on time.
6.) Decided and Persistent: Profitable entrepreneurs are decided and persistent in making their new business ideas successful. They don’t surrender after experiencing some failures in executing some tasks but they’re persistent and decided because they’re motivated by success and never money. For them, money is only a reward they get.
7.) Flexible: Entrepreneurs who have succeeded respond to market wants swiftly. At any time when there are modifications 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. Profitable entrepreneurs have a typical 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 are available up with creative new enterprise ideas. Profitable 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 info, I urge you not to fail to appreciate what a real entrepreneur remains to be working on. This is because a true entrepreneur by no means gives up regardless of the failures he experiences in executing some tasks. He is optimistic that at some point his business thought will likely be a successful business.
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