Tag: Entrepreneur Characteristics

Entrepreneur Personal Attributes – Why be an Entrepreneur?

An entrepreneur is a very famous word amongst the business community life. But, many people still cannot get the definition and meaning of who is an entrepreneur.

In this post we will discuss Entrepreneur personal attributes and why to be an entrepreneur?

Who is an Entrepreneur? Entrepreneur Personal Attributes

French word entrepreneur means “One who undertakes an endeavor.” Entrepreneurs differ in education and experiences. But the research indicated that the most successful entrepreneurs share specific personal attributes, including creativity, dedication, determination, flexibility, leadership, passion, self-confidence and ‘smarts.’

Let us discuss the personal attributes one by one.

Creativity

Creativity is the spark that drives the development of new products or services or ways to do business.

Dedication

Dedication is what motivates entrepreneur to work hard, 12 hours a day, or even seven days of a week, especially in the beginning to get the endeavor off the ground.

Determination

A determination is an extreme desire to achieve success; it includes persistence and the ability to bounce back after rough times.

Flexibility

Changing markets require the ability to change quickly, and flexibility is the attribute which is key to entrepreneurship.

Leadership

Ability to create rules and set goals.

Passion

Entrepreneurs start a business and keep doing it due to passion. It gives them the ability to convince others to believe in their vision.

Smarts

Smarts consist of common sense joined with knowledge or experience in a related business. The former gives a person a right instinct and the latter expertise.

Why be an Entrepreneur?

Entrepreneurship has a lot to do with business, however, it is a way of thinking about things that everyone can do. Seeing individuals as empowered as agents of change and then thinking about what we can do differently.

Regarding choosing a carrier a person or an individual has in general three choices in his hands to proceed; to work for others, be self-employed in a profession or be an entrepreneur.

As compared to all, the last one has got an edge as compared to other two, because it’s not merely giving employment to one but providing job opportunities to others also.

Doing what you love

It is natural to feel fearful of failing. But to start with one’s own business is like leaving the comfort zone and entering the twilight zone.

It is an activity where it should be ensured to strike a balance between the business what you love to do and which is profitable as well. ‘Choose a job that you like, and you never have to work a day in your life.’

Independence and freedom

Entrepreneurship allows undertaking the activities of one’s choice and comfort which offers independence and freedom in return.

Recognition and self-fulfillment

Entrepreneurship provides the ability to be involved in the total operation of the business from the concept of design and creation.

It offers excitement compared to being regular employees. Adventure-hunters love being entrepreneurs as they are exposed to too much risk.

Income Potential

Entrepreneurship offers a higher possibility of achieving significant financial rewards than working under someone else.

Of course, substantial financial rewards happen if your efforts are well planned, efficient and well focused.

Entrepreneurship Introduction – Definitions, Traits and Characteristics

Entrepreneurship Introduction – Entrepreneurship majorly drives the modern global economy. Entrepreneurship is the primary source of job creation. Entrepreneurship in its broadest sense is any enterprise or effort that adds values to the lives of people.

Entrepreneurship Introduction

Entrepreneurship is popularly understood as the setting up of new business ventures. Everything all around has its roots in entrepreneurship in some way. It is the innermost component in the economic growth. It serves as a critical spur for the money making, introduction of new goods and services, as well as the opening of new markets to innovations.

Entrepreneurship is the philosophy in which an individual is an imaginative and innovative agent with an aspiration for ownership and the right to make proprietary decisions, a body of knowledge. Entrepreneurship on the further hand is the procedure of doing something new or creative or innovative to create wealth for individual and value to the society.

An entrepreneurial approach is appropriate business management in general, including the creations of new ventures, managing one’s own business, business with family members, government or public institutions, charitable and non-profit organizations as well as the professional team.

 Definitions of Entrepreneurship

“Entrepreneurship is the process of bearing the risk of buying at certain prices and selling at uncertain prices.” Paul Di-Masi

“An individual who bears the risk of operating a business in the expression of uncertainty about the future conditions.” Encyclopedia Britannica

“Entrepreneur is one who innovates and introduces something new in the economy.” Joseph A. Schumpeter

“Entrepreneurial activity involves identifying opportunities within the economic system.” Penrose

“Entrepreneurship in one who endowed more than the average capacities in the task of organizing and coordinating various factors of production.” Francis A. Walker

“Entrepreneur recognizes and acts upon market opportunities. The entrepreneur is essentially an arbitrageur.” Israel Kirzner

“Innovation is the specific tool of our entrepreneurs.” Peter F.Drucker

Traits of an Entrepreneur

  • He is the person who develops and owns his own
  • He is the moderate risk taker and works under uncertainty for achieving the goals.
  • He is innovative.
  • He peruses the deviant
  • Reflects strong urge to be independent.
  • Persistently tries to do something better.
  • Dissatisfied with routine activities.
  • Prepared to withstand the hard life.
  • Determined but patient.
  • Exhibits sense of leadership.
  • Takes personal responsibility.
  • Oriented towards the future.
  • Convert a situation into an opportunity.
  • Tends to continue in the face of difficulty.
  • Also, exhibits the sense of competitiveness.

Characteristics of an Entrepreneur

Mental Ability

An entrepreneur must have creative thinking and must be able to analyze problems and situations. He should be able to anticipate changes.

Business Secrecy

He should guard his business Secrets against his competitors.

Clear Objectives

He must have clear objectives as to exact nature of goods to be produced.

Human Relations

He must maintain good reactions with his customers, employees, etc. to keep the right relationship. He should have heartfelt stability, personal relations, tactfulness, and consideration.

Communication Ability

He should have communication skills means that both the sender and the receiver should understand each other’s message.