I came to realize that entrepreneurship has been there for so many years and that there are lots of individuals who can not 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’m 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 at the moment recognized as profitable businesses but these individuals had been never educated on tips on how to turn into entrepreneurs. Then again entrepreneurs are made because there are some profitable entrepreneurs who’ve studied entrepreneurship programs (diploma and degree programs) offered by faculties and universities.
Economics and business people don’t seem additionally to agree on who’s a real entrepreneur. From economist standpoint, “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 different economists say that entrepreneurs develop new goods or processes that the market calls for and aren’t at present being supplied.”
Entrepreneurship idea first got here 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 significant position in enhancing the lives of individuals in many various ways. They arrive up with new ideas which have led them to create business organizations.
These organizations apart from creating job opportunities directly or indirectly additionally they serve folks in varied ways. Entrepreneurs are considered as individuals who either create new products or improve the present products so as to unravel problems facing people.
Trait Approach
We can describe who a real entrepreneur is by using the trait approach. Under this approach, the frequent traits profitable entrepreneurs possess describes if an individual 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 gotten high risks are those which yield high profits. Generally speaking, successful entrepreneurs have taken risks to be the place they’re now.
2.) Passion: Whatever the business idea they come up with, they’ve passion for it. Passion keeps profitable entrepreneurs going by being focused.
3.) Hardworking: Successful 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 successful entrepreneurs have in common. They believe that sooner or later their concepts can be profitable businesses. They haven’t any room for doubting their enterprise ideas.
5.) Good Leadership: They’ve the trait of fine leadership. Successful entrepreneurs know find out how to encourage their workers in order that they give their greatest in attaining success. They create insurance policies and goals for their businesses. They oversee that these policies are followed and the goals are achieved on time.
6.) Determined and Persistent: Profitable entrepreneurs are decided and protracted in making their new enterprise 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 not money. For them, cash is only a reward they get.
7.) Versatile: Entrepreneurs who have succeeded respond to market needs swiftly. Every time there are adjustments in market wants they respond to them swiftly so as to not lose their customers. They search for opportunities to exploit when a change occurs. Profitable entrepreneurs have a standard 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. Profitable entrepreneurs repeatedly innovate new ways of satisfying customers.
9.) Organization Ability: Successful entrepreneurs are well organized. They arrange factors of production equivalent 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 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 sooner or later his business idea will be a successful business.