Who is an Entrepreneur:- What is Definition of Entrepreneur? Characteristics, Types, and Qualities

What is Definition of Entrepreneur? & Who is an Entrepreneur?

According to what we studied in high school under the subject of business, “an entrepreneur is someone who makes successful business and business deals.”

But this does not bring a clear definition because not every entrepreneur who sets up a business and is running it successful.

Entrepreneurship has been around for so many years and there are many people who cannot correctly define who is an entrepreneur?

This is because there is disagreement over whether entrepreneurs are born or made. Are entrepreneurs born or made? I am afraid that if we start this discussion then we cannot reach any conclusion.

Why is it that there is no universal agreement that entrepreneurs are born or made? Firstly, entrepreneurs are born because there are some people who have come up with new business ideas that are currently recognized as successful businesses but these people were never educated on how to become entrepreneurs.

On the other hand Entrepreneurs are made because some of the successful entrepreneurs are those who have studied entrepreneurship courses (diploma and degree programs) offered by colleges and universities.

According to what we studied in high school under the subject of business, “an entrepreneur is someone who makes successful business and business deals.”

But this does not bring a clear definition because not every entrepreneur who sets up a business and is running it successful. There is much more to being a true entrepreneur than setting up and running a business successfully.

Even business people and economics do not agree on who is a true entrepreneur. The successful entrepreneur is one who is willing to bear the risk of a new venture when there is a significant opportunity for profit.

Others emphasize the role of the entrepreneur as an innovator who markets his innovation.” Still other economists and business peoples say that entrepreneurs develop new goods or processes that are demanded by the market and are not currently being supplied.”

The concept of entrepreneurship first came into existence in the 1700s. Despite the failure to define a true entrepreneur, we can all agree that entrepreneurs play a major role in enhancing people’s lives in many different ways.

They come up with new business ideas, which have inspired them to form business organizations.

These organizations serve the people in various ways apart from creating employment opportunities directly or indirectly.

Entrepreneurs are seen as people who either create new products or improve existing products in order to solve people’s problems.

We can use the attribute approach to describe who is a true entrepreneur. Under this approach, successful entrepreneurs have common traits that indicate whether a person is a true entrepreneur. Symptoms are:

Who is an Entrepreneur? Common traits of an Entrepreneur

Good Leadership:

They have the quality of good leadership. Successful entrepreneurs know how to motivate their employees so that they can give their best to achieve success. They see that these policies are followed and that goals are met on time.

Hardworking:

Successful entrepreneurs have a common quality of working hard. They work hard to see that all business operations are completed on time and efficiently.

Organizational Ability:

Successful entrepreneurs are well organized. They organize the factors of production such as labour, land and capital in running their entrepreneurial ventures.

Flexible:

Entrepreneurs who have been successful in responding rapidly to market needs. They respond rapidly whenever the needs of the market change so as not to lose out on their customers.

They look for opportunities for exploitation when change occurs. Successful entrepreneurs have a common quality of adjusting their entrepreneurial ventures to fluctuating economic conditions.

“The Entrepreneur Always Searches for Change, Responds to It, and Exploits It as an Opportunity—by Peter Drucker.”

Determined and persistent:

Successful entrepreneurs are determined and persistent to make their new business ideas a success.

They do not give up after experiencing some failures in doing certain tasks, but they are persistent and determined as they are driven by success and not money. For them money is just a reward that they get.

Optimism:

Optimism is the quality that successful entrepreneurs have in common. He believes that his ideas will be successful businesses in the future. They have no room to doubt their business ideas.

Risk taking:

They take risks after exploring viable business opportunities. They already know that business ideas that have high risk yield high returns. Generally speaking, successful entrepreneurs take risks to get where they are now.

Creativity:

They do research and come up with creative new business ideas. Successful entrepreneurs are constantly looking for new ways to satisfy customers.

Passion:

Whatever business idea they come up with, there is passion. Passion keeps successful entrepreneurs focused.

With all the above information, we urge you not to fail to appreciate what a true entrepreneur is still working on.

This is because a true entrepreneur never gives up no matter how many failures he may experience in doing certain tasks. Entrepreneur is optimistic that one day his new business idea will be a successful business.