I realized that entrepreneurship has been around for so many years and that there are many people who cannot correctly define who is an entrepreneur. This is because there is disagreement as to whether entrepreneurs are born or made. By the way, are entrepreneurs born or made? I’m afraid if we start this discussion we won’t come to any conclusion.
Why is there no universal agreement on whether entrepreneurs are born or made? First of all, entrepreneurs are born because there are some people who have come up with new business ideas that are now recognized as successful businesses, but these people were never educated on how to become an entrepreneur. On the other hand, 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 people have not managed to define who is a true entrepreneur?
My own personal experience was that for ten years we ran a business history research center; for ten years we tried to define the entrepreneur. We never made it. Each of us had some notion of it, which he thought was, for his purposes, a useful definition. And I don’t think you’re going to go further than that. By Arthur Cole.
Based on what I studied in high school in business, an entrepreneur is “a person who establishes successful businesses and businesses.” But this definition does not provide a clear definition because not everyone who sets up a business and runs it successfully is an entrepreneur. There is more to a true entrepreneur than establishing a business and running it successfully.
Economists and businessmen also do not seem to agree on who is a true entrepreneur. From the point of view of economists, “The entrepreneur is someone who is willing to take the risk of a new venture if there is a significant chance of making a profit. Others emphasize the role of the entrepreneur as an innovator who commercializes his innovation. Other economists They say that entrepreneurs develop new goods or processes that the market demands and that are not currently being offered”.
The concept of entrepreneurship first emerged in the 18th century. Since then it has evolved to become what it is now. Despite the lack of definition of who is a true entrepreneur, we can all agree that entrepreneurs play an important role in improving people’s lives in many different ways. They propose new ideas that have led them to create business organizations.
These organizations, apart from creating job opportunities directly or indirectly, also serve people in various ways. Entrepreneurs are seen as people who create new products or improve existing products to solve problems that people face.
trait focus
We can describe who is a true entrepreneur using the trait approach. Under this approach, the common traits that successful entrepreneurs possess describe whether a person is a true entrepreneur. The features are:
1.) Take risks: They take risks after they have discovered viable business opportunities. They already know that business ideas that carry high risks are the ones that produce high benefits. Generally speaking, successful entrepreneurs have taken risks to be where they are now.
2.) Passion: Whatever business idea they come up with, they are passionate about it. Passion keeps successful entrepreneurs focused.
3.) Hard work: Successful entrepreneurs have a common trait of working hard. They work hard to see that all business tasks 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 ideas will be successful businesses. They have no place to doubt their business ideas.
5.) Good leadership: They have the trait of good leadership. Successful entrepreneurs know how to motivate their employees to do their best to achieve success. They create policies and goals for their businesses. They oversee that these policies are followed and that targets are met on time.
6.) Determined and Persistent: Successful entrepreneurs are determined and persistent in making their new business ideas successful. They do not give up after experiencing a few failures in the execution of some tasks, but they are persistent and determined because they are motivated by success and not by money. For them money is just a reward they get.
7.) Flexible: Successful entrepreneurs respond quickly to market needs. Whenever there are changes in the needs of the market, they respond to them quickly so as not to lose their customers. They look for opportunities to exploit when a change occurs. Successful entrepreneurs have a common trait of adjusting their business endeavors to fluctuating economic conditions. “The entrepreneur always looks for change, responds to it and exploits it as an opportunity – By Peter Drucker”.
8.) Creativity: They research and present new creative business ideas. Successful entrepreneurs continually innovate new ways to satisfy customers.
9.) Organization capacity: Successful entrepreneurs are well organized. They organize the factors of production, such as labor, land, and capital, to carry out their business projects.
With all of the above information, I urge you not to stop appreciating what a true entrepreneur is still working on. This is because a true entrepreneur never gives up no matter how many failures he experiences in executing some tasks. He is optimistic that one day his business idea will be a successful business.
