Entrepreneurship – Who Is An Entrepreneur?

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     <em>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 never succeeded. Each 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.</em>

    According to what I studied in high school under the subject of business, an entrepreneur is "a person who sets up successful businesses and business deals." But 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 true entrepreneur is other than setting up a business and running it successfully.
    Economics and business people don't seem also to agree on who is a true entrepreneur. From economist point of view, "The entrepreneur is one who is willing 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. Still other economists say that entrepreneurs develop new goods or processes that the market demands and are not currently being supplied."
    <b>Trait Approach</b>
    1.) <i>Taking Risks:</i> They take risks after they have discovered viable business opportunities. They already know that business ideas which have got high risks are the ones which yield high profits. Generally speaking, successful entrepreneurs have taken risks to be where they're now.
    2.) <i>Passion:</i> Whatever the business idea they come up with, they have passion for it. Passion keeps successful entrepreneurs going by being focused.
    3.) <i>Hardworking:</i> Successful entrepreneurs have a common trait of working hard. They work hard in seeing that all the tasks of the business are completed on time and efficiently.
    4.) <i>Optimistic:</i> Optimism is the trait that successful entrepreneurs have in common. They believe that in the future their ideas will be successful businesses. They have no room for doubting their business ideas.
    5.) <i>Good Leadership:</i> They have the trait of good leadership. Successful entrepreneurs know how to motivate their employees so that they give their best in attaining success. They create policies and goals for their businesses. They oversee that these policies are followed and the goals are accomplished on time.
    6.) <i>Determined and Persistent:</i> Successful entrepreneurs are determined 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 determined because they're motivated by success and not money. For them, money is only a reward they get.
    8.) <i>Creativity:</i> They research and come up with creative new business ideas. Successful entrepreneurs continuously innovate new ways of satisfying customers.
    9.) <i>Organization Ability:</i> Successful entrepreneurs are well organized. They organize factors of production such as labor, land and capital in running their entrepreneurship ventures.

Source by Joshua Nyamache


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