The Meaning of Entrepreneursand Characteristics that is required for a Person to be SuccessfulEntrepreneurs
The Meaning of Entrepreneursand Characteristics that is required for a Person to be SuccessfulEntrepreneurs
Entrepreneurship has become acrucial engine of growth in country’s economy. As a result, it isparamount to know who is an entrepreneur, what entrepreneur does, andtheir skills and key characteristics that should be possessed bysomeone who want to be a successful entrepreneur. Consequently, thispaper is an overview of what entrepreneurs does, meaning of the termentrepreneur, and features that define a ‘true’ entrepreneur. On the other hand, entrepreneurship is taken as gambling, and justlike another gambling games, the chance of winning theentrepreneurial game can only increase when an entrepreneur s arehaving the ‘right cards’ which, in this case, refer to thecharacteristics required. As a result, several scholars have tried todefine the term entrepreneur and highlights what is required for oneto engage in any form of business. Consequently, the paper willaddress the past literature on entrepreneurship and the look at theskills and features that are meant to help an entrepreneur tosucceed.
For example, according toAudet & Couteret (2012),every entrepreneur is supposed to have tolerance becauseentrepreneurship is about risk taking making this a crucialattribute. Everyone can think of risk-taking as an aspect where anindividual is pursuing certain activities even when there arenegative chances or consequences. The most crucial thing that everyindividual is supposed to understand is that starting any business isrisking especially when an individual is using his or her money.Additionally, it is advisable to spread the risks by approachinginvestors who are willing to join in partnership in the new venturesentrepreneurial teams are very important when starting anew business.However, the fact is that a business owner cannot avoid the risksinvolves in a business especially when starting new innovations andbusiness. For example, every person who is working very hard eitheras an employee or as the business owner cannot assume the reward andrisk of the business venture, services, ideas, or goods offered forsale. As a result, the paper will affirm that entrepreneur is seenas a business innovator and a leader that gives new businessprocesses and ideas to business owners.
According to Companys &McMullen (2007), entrepreneursare important because they are the main contributors of a country’seconomy. He affirmed that entrepreneurs are the people who had thehand skills that are required to start a necessary businessactivities, initiate business ideas, and goes ahead to market theirgoods and services by making the right decisions this embraces theides and makes it more profitable. On the other hand, York &Venkataraman (2010) plottedthat there is a reward for all the risks that are involved when oneis potentially contributing to the economic growth of a countryentrepreneurs both earn and generate revenue to their own country.
Stewart et al. (1999)plotted that for any entrepreneur to be successful in his or herbusiness ideas, they should embrace creativity in their operations.For example, a good example of entrepreneurs that are given by theForbes magazine are Mark Zuckerberg and Steve Jobs who embrace theircreative minds and innovated products that are used by millions ofpeople across the globe their products are so unique that the entiremarket has changed the way people live and socialize. Additionally,Massa & Testa (2008),investigated on how innovative affect the success of entrepreneursboth in profit and their general performance especially in SMEs. Theresearch found out that a person can bring in new services orproducts to specific market and hit a fail or success depending onthe innovativeness evidenced on the products. Moreover, innovativeentrepreneurs have the ability to radically improve the products orservices in a dramatic way that changes the whole world. A goodexample of this aspect is the iPhone and smart phones that havechanged the world completely because of the great innovation (Massa& Testa, 2008).
Otherscholars affirm that initiative and independence is core whenstarting a business. This is because every entrepreneur is supposedto lead (Hytti, 2005).Smith & Woodworth (2012) encouragethat if a person is not willing to start a business that will neverget off the ground, then, it is advisable not to start it. However,entrepreneurs should not sit and wait for people to tell them to‘start’, rather. They are the ones to take initiative to startthe business because they are the leaders (Smith &Woodworth, 2012).On the same hand, researchers affirm that independence is animportant attribute when running a business. According to scholars noone should hold entrepreneurs hand and they should not anticipatehaving any hand holding. Every entrepreneur who wants to besuccessful should be willing to run a business alone, succeed or failas an individual, and then make new efforts without depending much onthe people around them (Smith & Woodworth, 2012,pp. 36).
Lastly,Brinckmann, Grichnik, & Kapsa (2010) askedwhy so many people are interested on entrepreneurship but very few goahead and initiate their ideas. According to they survey, almost 85percent of people who are entrepreneurs today purposed to start theirown businesses many days ago but didn’t start it. In theirresearch, Brinckmann, Grichnik, & Kapsa (2010),basedthis argument on factors such as lack of enough capital, fear tostart a new business, and lack of adequate information on what one issupposed to have when starting a new business. This affirmed thatpeople fear taking risks such as starting anew business to become newentrepreneurs.
Various websites that dealswith entrepreneurship and entrepreneurs’ information affirm thatthere is a huge gap between having an idea and executing that idea.The web answers the questions such as why people feel they lackinformation required to start a new business. Additionally, Webdefines entrepreneurs and entrepreneurial as the aspect of riskingone’s idea (s) to activities that are not certain. Moreover,individuals are taken as the major problem when talking aboutentrepreneurship or entrepreneurs because they lack correctinformation about entrepreneurial. Additionally, there is a notionthat ‘real’ entrepreneurs are born, not made (Makhbul &Hasun, 2010). Other authors indifferent sites argue that entrepreneurial spirit is in one’sgenes. However, it is not easy to define the truth in the abovestatement the truth may fall somewhere in the middle of the argumentas agreed by people who deals with neuro-imaging and brain science(Makhbul & Hasun, 2010).
Other Web say thatentrepreneurship is all about starting a business or a companyregardless of the fact that one is an entrepreneur or not and makingyourself the boss the argument here is that one can start somethingfrom nothing. The argument given on the Web has got some germ truthin it. However, the information given may not be very correct becauseentrepreneurial operations are not about ‘who you are’ whenstarting a business or a company, it is about the decision andcommitment one can make through their innovation minds. I, therefore,think that the web uses the adjectives to explain the traits andcharacteristics required for a successful entrepreneur. As a result,the web has defined several thinking and things that form the basisof features required in an entrepreneur. The characteristics includethings such as being assertive, focusing on the people needs,creative and innovativeness, flexible and adaptive, opportunitydriven, prudent with cots, and being growth oriented (Makhbul& Hasun, 2010, pp. 18).Additionally, an entrepreneur is supposed to be decisive,self-motivated, dynamic, and active in business activities that areadaptable and can result to a positive growth of the business.
Who is an entrepreneur?
An entrepreneur is a personwho is willing to take different tasks without concentrating on therisks involved and contribute towards the growth of a country’seconomy. Additionally, an entrepreneur is multi-talented, puts onmore hats, and shows diversity at the same time. Consequently, a‘real’ entrepreneur is the risk-taker, project manager, amarketer, an accountant, a salesman, and performs all the duties thatpertains the success of a business (Javadian & Singh,2012).
Characteristics required bya person to be a successful entrepreneur
Most of the entrepreneurs whoare very successful in entrepreneurship are risk taker and they don’tfear taking risks to be a successful entrepreneur a person must takethe risks head-on and without fear. As a result, every entrepreneurshould take risk every day because it is part and parcel of runningthe business. However, all entrepreneurs are supposed to takecalculated risks and not a misguided risk. This means that every steptaken must consider the pros and cons involved, concentrate more onthe advantages and not the disadvantages and determine all thepossible outcomes of the decision to be made this is referred to asmaking informed decision. Additionally, a successful entrepreneur isthe one who calculate the risks and take it as part of the game tobring about a positive result in all times. The idea is to haveinnovative and creative mind that can result to superior ideas thatare implementable.
Successful entrepreneurs are opportunity seekers
One of the items that definesuccess in entrepreneurs is the ability to seek for potentialopportunities for their business. Seeking fresher opportunities isthe only thing that defines successful entrepreneurs. As a result,for one to be successful in entrepreneurial, one must be a potentialopportunity seeker, problem solver, and provide real time andtangible solutions to the defined problems. Moreover, the spirit ofdiscovering or identifying opportunities, then, it should comenaturally to entrepreneurs because it is part of becoming asuccessful entrepreneur.
A successful entrepreneur is goal oriented, focused, well-organized, and disciplined
Raising a business from theground to the top most part is not easy and requires a lot ofcommitment, understanding, and discipline. The truth is that allsuccessful entrepreneurs have gone through a lot of struggles fortheir business to stand and achieve success remaining goal-oriented,focused, and well-organized is the secret of becoming successful inan entrepreneurial. Consequently, someone can start a new businessand continue to ‘survive’ for one year or even more before thebusiness is successful. As a result, few entrepreneurs are patient towait for the business to thrive. Additionally, a person who is notdisciplined in the matters that concern the business such asgame-plan, expenditures, and not committed towards achieving theirshort-term goals and objectives, then the business may not besuccessful. Every entrepreneur should be focused on making sure thatthe business in working as expected.
Successful entrepreneurs are creative and innovative
Aperson who is a successful entrepreneur can be indentified usingtheir ambition, innovative, and creative mind even before engaging ina business. An innovative entrepreneur actively takes part indeveloping new business ideas products, methods of operations,services, and achieves new solutions that are in line with therequirements of the customers a successful entrepreneur is able toprovide products and services that are beyond other stakeholdersthinking making them unique in the market. For example, Steve Jobscreated apple that is very unique and liked by many customers acrossthe globe. In conclusion, any person who what to be a successfulentrepreneur should focus on improving and achieving a positivechange (D`Este,Mahdi, Neely, & Rentocchini, 2012).The changes made in a business should be based on the vision,creativity, and innovativeness that will bring about the positivechanges and improvement. Consequently, emotional intelligence is verycrucial when running a business because it guides a person towardsinnovative and creative decisions making process in a business.
Successful entrepreneurs make good leaders
Forone to be successful in an entrepreneurial he or she must be anatural leader and possess numerous leadership characteristics andqualities. This is because an entrepreneur is supposed to manage allthe aspects that affect the business either directly or indirectlythe business should be run based on the personality and professionalaspects of an individual. Additionally, the entrepreneurs have themandate to make decisions, and in this case, right decisions as heled the business operations. Every entrepreneur is supposed to guideand give positive opinions to the people he or she have employed toman the business (D`Este,Mahdi, Neely, & Rentocchini, 2012).Consequently, a good entrepreneurs should possess good communicationskills, be people oriented, and team-leader to ensure that allbusiness operations are running smoothly. Additionally, as ateam-leader, the entrepreneur is supposed to work towards achievingthe set goals by making the best from the team he or she is leadingwith this, they will be respected by their peers, becomeself-motivated, and success in their entrepreneurial competitions.Lastly, a good leader should put all their accomplishments of thebusiness’s goals before anything else even if it is something thatthey don’t like doing in life. This means that propensity to takingrisks in a business should be high as compared to declining abusiness opportunity that is available because of fear of facing therisks head-on.
Inconclusion, entrepreneurs are people who love doing what they do witha lot of commitment in risky, simple, and planned manner.Consequently, every investor who what to be successful inentrepreneurship should not focus on the risk involved rather, theyshould concentrate on the opportunities available and make the bestout of it. Additionally, entrepreneurs should work extremely hard tofinish any set goal and targets that aims at achieving a success intheir business. However, this done not mean that entrepreneurs shouldbe workaholic they only need to be focused, goal-oriented,disciplined, and do something that they like doing on the dailybusiness for their success. Successful entrepreneurship includes setbusiness boundaries and working smart towards achieving the setgoals.
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