I got here to realize that entrepreneurship has been there for so many years and that there are many people who can not define correctly 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 am afraid if we start this dialogue we would 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 enterprise concepts which can be currently acknowledged as profitable companies however these individuals were by no means educated on how you can change into 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 faculties and universities.
Economics and enterprise individuals don’t appear additionally 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’s a significant likelihood 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 aren’t 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 real entrepreneur is, we are able to all agree that entrepreneurs play a major role in enhancing the lives of people in many alternative ways. They come 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 seen as people who either create new products or improve the existing products so as to solve problems dealing with people.
Trait Approach
We are able to describe who a true entrepreneur is through the use of the trait approach. Under this approach, the widespread traits successful entrepreneurs possess describes if a person is a true entrepreneur. The traits are:
1.) Taking Risks: They take risks after they’ve discovered viable business opportunities. They already know that business ideas which have got high risks are the ones which yield high profits. Typically speaking, successful entrepreneurs have taken risks to be the place they’re now.
2.) Passion: Regardless of the business thought they come 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 every one the tasks of the enterprise are accomplished on time and efficiently.
4.) Optimistic: Optimism is the trait that successful entrepreneurs have in common. They imagine that in the future their concepts will likely be successful businesses. They have no room for doubting their enterprise ideas.
5.) Good Leadership: They’ve the trait of good leadership. Profitable entrepreneurs know learn how to motivate their staff in order that they provide their greatest achieve success. They create policies and goals for their businesses. They oversee that these insurance policies are followed and the goals are achieved on time.
6.) Decided and Persistent: Profitable entrepreneurs are decided and persistent in making their new business ideas successful. They do not surrender 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.) Flexible: Entrepreneurs who’ve succeeded respond to market needs swiftly. Each time there are changes in market needs they respond to them swiftly in order to not lose their customers. They seek for opportunities to exploit when a change occurs. Successful entrepreneurs have a standard 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 artistic new business ideas. Profitable entrepreneurs repeatedly innovate new ways of satisfying customers.
9.) Organization Ability: Successful entrepreneurs are well organized. They organize factors of production corresponding to labor, land and capital in running their entrepreneurship ventures.
With all of the above information, I urge you not to 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 is optimistic that one day his enterprise idea will be a profitable business.
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