Economics and business people don’t seem also to agree on who is a true entrepreneur. From an economist’s 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.”
The entrepreneurship concept 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 can all agree that entrepreneurs play a major 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 also serve people in various ways. Entrepreneurs are viewed as people who either create new products or improve the existing products so as to solve problems facing people.
We can describe who a true entrepreneur is by using the trait approach. Under this approach, the common traits successful entrepreneurs possess describe if a person is a true entrepreneur. The traits are:
1.) Taking Risks: They take risks after they have discovered viable business opportunities. They already know that business ideas that have got high risks are the ones that yield high profits. Generally speaking, successful entrepreneurs have taken risks to be where they’re now.
2.) Passion: Whatever the business idea they come up with, they have passion for it. Passion keeps successful entrepreneurs going by being focused.
3.) Hardworking: 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.) 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 room for doubting their business ideas.
5.) Good Leadership: They have the trait of good leadership. Successful entrepreneurs know how to motivate their employees so that they give their best to attain success. They create policies and goals for their businesses. They oversee that these policies are followed and the goals are accomplished on time.
6.) Determined and Persistent: 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.
7.) Flexible: Entrepreneurs who have succeeded respond to market needs swiftly. Whenever there are changes in market needs they respond to them swiftly so as not to lose their customers. They search for opportunities to exploit when a change occurs. Successful entrepreneurs have a common trait of adjusting their entrepreneurship ventures to fluctuating economic 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 creative new business ideas. Successful entrepreneurs continuously innovate new ways of satisfying customers.
9.) Organization Ability: Successful entrepreneurs are well organized. They organize factors of production such as labor, land, and capital in running their entrepreneurship ventures.
With all the above information, I 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 the failures he experiences in executing some tasks. He is optimistic that one day his business idea will be a successful business.