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Entrepreneurship – Who Is An Entrepreneur?

I got here to realize that entrepreneurship has been there for thus many years and that there are numerous people who cannot 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 begin this dialogue we would not come to a conclusion.

Why is it that there isn’t any common agreement whether entrepreneurs are born or made? First, entrepreneurs are born because there are some people who have provide you with new business ideas which might be at the moment acknowledged as profitable businesses but these folks had been never educated on how to grow to be entrepreneurs. On the other hand entrepreneurs are made because there are some profitable entrepreneurs who have 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 research center in entrepreneurial history; for ten years we tried to define the entrepreneur. We by no means succeeded. Every of us had some notion of it-what he thought was, for his purposes, a helpful definition. And I don’t think you are going to get farther than that-By Arthur Cole.

Based on what I studied in high school under the subject of business, an entrepreneur is “an individual who units up successful businesses and business deals.” However this definition does not bring out a clear definition because not everyone who sets up a business and is running it successful is an entrepreneur. There is more of who a real entrepreneur is other than establishing a enterprise and running it successfully.

Economics and enterprise people don’t appear additionally to agree on who’s a true entrepreneur. From economist standpoint, “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. Nonetheless other economists say that entrepreneurs develop new goods or processes that the market demands and should not presently being supplied.”

Entrepreneurship idea 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 role in enhancing the lives of individuals in many alternative ways. They provide you with new ideas which have led them to create business organizations.

These organizations aside from creating job alternatives directly or indirectly additionally they serve individuals in numerous ways. Entrepreneurs are viewed as individuals who both create new products or improve the present products so as to solve problems going through people.

Trait Approach

We can describe who a true entrepreneur is by utilizing the trait approach. Under this approach, the frequent traits profitable entrepreneurs possess describes if a person is a true entrepreneur. The traits are:

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

2.) Passion: Whatever the business concept they come up with, they have passion for it. Passion retains 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 completed on time and efficiently.

4.) Optimistic: Optimism is the trait that successful entrepreneurs have in common. They believe that sooner or later their ideas will be profitable businesses. They don’t have any room for doubting their enterprise ideas.

5.) Good Leadership: They have the trait of excellent leadership. Successful entrepreneurs know methods to encourage their employees in order that they give their finest in attaining success. They create insurance policies and goals for their businesses. They oversee that these policies are adopted and the targets are achieved on time.

6.) Decided and Persistent: Profitable entrepreneurs are determined and protracted in making their new business concepts 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.) Versatile: Entrepreneurs who have succeeded reply to market needs swiftly. Every time there are changes in market needs they respond to them swiftly so as to not lose their customers. They seek for opportunities to use when a change occurs. Successful entrepreneurs have a standard trait of adjusting their entrepreneurship ventures to fluctuating economic conditions. “The entrepreneur at all times searches for change, responds to it, and exploits it as a chance-By Peter Drucker.”

8.) Creativity: They research and give you inventive new business ideas. Profitable entrepreneurs repeatedly innovate new ways of satisfying customers.

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

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