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Entrepreneurship - Who Is An Entrepreneur?
I got here to realize that entrepreneurship has been there for therefore many years and that there are various individuals who can't define appropriately who an entrepreneur is. This is because there is a disagreement of whether or not 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 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 business ideas which are presently acknowledged as successful businesses but these folks had been by no means educated on methods to turn out to be entrepreneurs. Then again entrepreneurs are made because there are some profitable entrepreneurs who've studied entrepreneurship programs (diploma and degree programs) offered by schools and universities.
Economics and enterprise individuals do not appear additionally to agree on who is a true entrepreneur. From economist standpoint, "The entrepreneur is one who's prepared to bear the risk of a new venture if there is a significant chance for profit. Others emphasize the entrepreneur's role as an innovator who markets his innovation. Nonetheless different economists say that entrepreneurs develop new items or processes that the market calls for and should not presently being supplied."
Entrepreneurship idea first came into existence in the 1700s. Since then it has evolved to what it is now today. Despite the failure of defining who a true entrepreneur is, we are able to all agree that entrepreneurs play a serious role in enhancing the lives of people in many different 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 individuals in varied ways. Entrepreneurs are considered as individuals who either create new products or improve the existing products in order to unravel problems dealing with people.
We will 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 real entrepreneur. The traits are:
1.) Taking Risks: They take risks after they have discovered viable enterprise opportunities. They already know that business ideas which have gotten high risks are the ones which yield high profits. Usually speaking, successful entrepreneurs have taken risks to be where they're now.
2.) Passion: Whatever the business idea they arrive up with, they've passion for it. Passion keeps successful entrepreneurs going by being focused.
3.) Hardworking: Successful entrepreneurs have a typical 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 likely be successful businesses. They haven't any room for doubting their enterprise ideas.
5.) Good Leadership: They have the trait of excellent leadership. Successful entrepreneurs know how one can inspire their employees so that they provide their best in attaining success. They create insurance policies and goals for their businesses. They oversee that these insurance policies are followed and the goals are accomplished on time.
6.) Decided and Persistent: Successful entrepreneurs are decided and persistent in making their new business ideas successful. They don't give up after experiencing some failures in executing some tasks but they're persistent and decided because they're motivated by success and not money. For them, money is only a reward they get.
7.) Flexible: Entrepreneurs who've succeeded reply to market wants swiftly. At any time when there are changes in market needs they reply to them swiftly in order not to lose their customers. They seek for opportunities to exploit when a change occurs. Successful entrepreneurs have a typical 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 come up with artistic new business ideas. Profitable entrepreneurs constantly innovate new ways of satisfying customers.
9.) Organization Ability: Successful entrepreneurs are well organized. They manage factors of production equivalent to labor, land and capital in running their entrepreneurship ventures.
With all of the above information, I urge you not to fail to appreciate what a real entrepreneur is still working on. This is because a real entrepreneur by no means offers up regardless of the failures he experiences in executing some tasks. He's optimistic that someday his enterprise idea will probably be a profitable business.
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