Entrepreneurship – Who Is An Entrepreneur?

I came to realize that entrepreneurship has been there for so many years and that there are numerous people who can not define correctly who an entrepreneur is. This is because there’s a disagreement of whether entrepreneurs are born or made. By the best way, are entrepreneurs born or made? I am afraid if we start this discussion we might not come to a conclusion.

Why is it that there isn’t a common agreement whether or not entrepreneurs are born or made? First, entrepreneurs are born because there are some individuals who have give you new enterprise ideas which can be at the moment acknowledged as profitable businesses but these people were by no means educated on the way to turn into entrepreneurs. Alternatively entrepreneurs are made because there are some profitable entrepreneurs who’ve studied entrepreneurship programs (diploma and degree programs) offered by schools and universities.

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

My own personal experience was that for ten years we ran a analysis heart 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 purposes, a useful definition. And I don’t think you’re going to get farther than that-By Arthur Cole.

In response to what I studied in high school under the topic of business, an entrepreneur is “an individual who units up successful businesses and enterprise deals.” But this definition doesn’t bring out a transparent definition because not everyone who sets up a enterprise and is running it profitable is an entrepreneur. There may be more of who a real entrepreneur is apart from setting up a enterprise and running it successfully.

Economics and business individuals do not seem also to agree on who is 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 likelihood for profit. Others emphasize the entrepreneur’s position as an innovator who markets his innovation. Nonetheless different economists say that entrepreneurs develop new items or processes that the market demands and are not currently being supplied.”

Entrepreneurship concept first came into existence within the 1700s. Since then it has advanced to what it is now today. Regardless of the failure of defining who a true entrepreneur is, we can all agree that entrepreneurs play a serious position 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 alternatives directly or indirectly in addition they serve individuals in varied ways. Entrepreneurs are seen as people 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 utilizing the trait approach. Under this approach, the common traits successful entrepreneurs possess describes if an individual is a real entrepreneur. The traits are:

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

2.) Passion: Whatever the enterprise thought they give you, they have passion for it. Passion keeps profitable entrepreneurs going by being focused.

3.) Hardworking: Profitable entrepreneurs have a standard trait of working hard. They work hard in seeing that every one the duties of the business are completed on time and efficiently.

4.) Optimistic: Optimism is the trait that successful entrepreneurs have in common. They believe that in the future their concepts shall be successful businesses. They have no room for doubting their business ideas.

5.) Good Leadership: They’ve the trait of excellent leadership. Successful entrepreneurs know the way to motivate their staff in order that they give their greatest achieve success. They create policies and goals for their businesses. They oversee that these policies are adopted and the objectives are achieved on time.

6.) Decided and Persistent: Successful entrepreneurs are determined and chronic in making their new enterprise ideas successful. They do not give up after experiencing some failures in executing some duties however they’re persistent and determined because they’re motivated by success and not money. For them, money is only a reward they get.

7.) Versatile: Entrepreneurs who have succeeded respond to market needs swiftly. Each time there are modifications in market wants they reply to them swiftly so as to not lose their customers. They search for opportunities to take advantage of when a change occurs. Successful entrepreneurs have a standard trait of adjusting their entrepreneurship ventures to fluctuating financial conditions. “The entrepreneur at all times searches for change, responds to it, and exploits it as an opportunity-By Peter Drucker.”

8.) Creativity: They analysis and give you inventive new enterprise ideas. Successful entrepreneurs repeatedly innovate new ways of satisfying customers.

9.) Organization Potential: Profitable entrepreneurs are well organized. They manage factors of production reminiscent of labor, land and capital in running their entrepreneurship ventures.

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