I came to realize that entrepreneurship has been there for therefore a few years and that there are many individuals who can not define appropriately 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 discussion we might not come to a conclusion.
Why is it that there is no 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 ideas which might be currently acknowledged as successful businesses but these folks had been never educated on how one can turn out to be entrepreneurs. However entrepreneurs are made because there are some successful entrepreneurs who have studied entrepreneurship courses (diploma and degree programs) offered by faculties and universities.
Economics and enterprise folks do not appear additionally to agree on who’s a true entrepreneur. From economist point of view, “The entrepreneur is one who’s keen 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 different economists say that entrepreneurs develop new items or processes that the market calls for and aren’t at the moment being supplied.”
Entrepreneurship idea first got here into existence in the 1700s. Since then it has developed 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 function in enhancing the lives of individuals in many different ways. They arrive 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 numerous ways. Entrepreneurs are considered as individuals who either create new products or improve the present products in order 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 frequent traits successful 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 enterprise concepts which have got high risks are the ones which yield high profits. Generally speaking, profitable entrepreneurs have taken risks to be where they’re now.
2.) Passion: Regardless of the enterprise thought they arrive up with, they have passion for it. Passion keeps profitable entrepreneurs going by being focused.
3.) Hardworking: Profitable entrepreneurs have a common trait of working hard. They work hard in seeing that every 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 in the future their concepts will likely be profitable businesses. They haven’t any room for doubting their enterprise ideas.
5.) Good Leadership: They’ve the trait of good leadership. Successful entrepreneurs know easy methods to motivate their employees so that they offer their best in attaining success. They create policies and goals for his or her businesses. They oversee that these policies are adopted and the goals are accomplished on time.
6.) Determined and Persistent: Successful entrepreneurs are decided and persistent in making their new enterprise concepts successful. They do not hand over after experiencing some failures in executing some tasks however 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 reply to market needs swiftly. At any time when there are modifications in market wants they reply to them swiftly so as not to 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 are available up with artistic new enterprise ideas. Profitable entrepreneurs repeatedly innovate new ways of satisfying customers.
9.) Organization Ability: Profitable entrepreneurs are well organized. They manage factors of production akin to labor, land and capital in running their entrepreneurship ventures.
With all the above info, I urge you to not 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 in the future his business idea can be a successful business.
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