Entrepreneurship – Who Is An Entrepreneur?

I got here to realize that entrepreneurship has been there for therefore many years and that there are various people who can’t define appropriately who an entrepreneur is. This is because there’s a disagreement of whether or not entrepreneurs are born or made. By the best 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 people who have give you new enterprise concepts which might be at present recognized as successful companies however these people were never educated on the right way to grow to be entrepreneurs. Alternatively entrepreneurs are made because there are some successful entrepreneurs who have studied entrepreneurship courses (diploma and degree programs) offered by colleges and universities.

Is it true that folks haven’t succeeded in defining who a true entrepreneur is?

My own personal expertise was that for ten years we ran a research center in entrepreneurial history; for ten years we tried to define the entrepreneur. We never succeeded. Every of us had some notion of it-what he thought was, for his functions, a helpful definition. And I don’t think you’re going to get farther than that-By Arthur Cole.

According to what I studied in high school under the topic of business, an entrepreneur is “a person who units up profitable businesses and business deals.” But this definition doesn’t convey out a transparent definition because not everyone who units up a enterprise and is running it profitable is an entrepreneur. There may be more of who a true entrepreneur is other than establishing a business and running it successfully.

Economics and enterprise individuals do not appear additionally to agree on who is a real entrepreneur. From economist viewpoint, “The entrepreneur is one who is keen to bear the risk of a new venture if there is a significant likelihood for profit. Others emphasize the entrepreneur’s position as an innovator who markets his innovation. Still other economists say that entrepreneurs develop new goods or processes that the market calls for and will not be presently being supplied.”

Entrepreneurship concept first got here into existence within the 1700s. Since then it has developed to what it’s now today. Regardless of the failure of defining who a real entrepreneur is, we will all agree that entrepreneurs play a significant role in enhancing the lives of people in many alternative 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 additionally they serve individuals in varied ways. Entrepreneurs are seen as individuals who both create new products or improve the existing products in order to solve problems going through people.

Trait Approach

We can describe who a real entrepreneur is through the use of the trait approach. Under this approach, the common traits successful entrepreneurs possess describes if an individual is a true entrepreneur. The traits are:

1.) Taking Risks: They take risks after they have discovered viable enterprise opportunities. They already know that enterprise ideas which have gotten high risks are the ones which yield high profits. Usually talking, profitable entrepreneurs have taken risks to be the place they’re now.

2.) Passion: Whatever the business concept they give you, they’ve passion for it. Passion keeps successful entrepreneurs going by being focused.

3.) Hardworking: Profitable entrepreneurs have a standard trait of working hard. They work hard in seeing that each one the tasks of the business 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 ideas can be successful businesses. They haven’t any room for doubting their business ideas.

5.) Good Leadership: They’ve the trait of excellent leadership. Profitable entrepreneurs know how to motivate their employees so that they offer their best in achieving success. They create insurance policies and goals for their businesses. They oversee that these insurance policies are adopted and the goals are completed on time.

6.) Determined and Persistent: Successful entrepreneurs are decided and persistent in making their new business ideas successful. They do not quit after experiencing some failures in executing some tasks however they’re persistent and determined because they’re motivated by success and not money. For them, cash is only a reward they get.

7.) Flexible: Entrepreneurs who’ve succeeded reply to market needs swiftly. At any time when there are adjustments in market needs they reply to them swiftly in order not to lose their customers. They search for alternatives to exploit when a change occurs. Profitable entrepreneurs have a common trait of adjusting their entrepreneurship ventures to fluctuating economic conditions. “The entrepreneur always searches for change, responds to it, and exploits it as a possibility-By Peter Drucker.”

8.) Creativity: They analysis and come up with creative new business ideas. Profitable entrepreneurs repeatedly innovate new methods of satisfying customers.

9.) Organization Capacity: Successful entrepreneurs are well organized. They manage factors of production similar to labor, land and capital in running their entrepreneurship ventures.

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