WhoIs An Entrepreneur?
Dueto lack of employment many graduates are opting to be entrepreneurs.Competition is very stiff in the labor market, and many people areengaging in business activities. One notable aspect that is makingindividuals start business is due to self-employment. Being a bossone does not need to be supervised, and profit is not shared sinceone is not in partnership. On the other hand, if the loss isincurred it implies that one will not share the loss with others. Dueto industrialization entrepreneurs have increased significantly, andcompetition is stiff based on that an open free market economy isencouraged. Besides that, the government has set strategies thatencourage free trade among countries to solve the unemployment ratethat has become a global challenge among the youths. The paper willexplain who is an entrepreneur, what makes a person be anentrepreneur, what skills do they posses? The characteristic that onerequires to be a successful entrepreneur and how important isemotional intelligence?
Currently,entrepreneurship is considered as the principal way that countriesuse to increase their gross domestic products. The economic growthhas shifted prompting the government to source individuals so thatthey can attain their goals and boost the economic growth of thecountry. According to Pages (2004) he argues that the macroeconomictrends that the economy relied on did not play a significant role inensuring that there was a favorable environment that companies coulduse to conduct business. The macroeconomic trends did not open newmarket but maintained the status quo of the economy. New entrants inthe market were also not encouraged. Pages (2004) states thatglobalization together with technology plays a significant role inensuring that economy is relied upon due to innovation and stiffcompetition in the market. Lastly, Pages in his work concluded thatdemographic shift of the customers, specialization in the market andchange of market practices due to innovation makes many people preferbeing entrepreneurs. Additionally, the lifetime employment that issecure to the entrepreneurs makes people consider beingentrepreneurs.
Accordingto Lichtenstein and Lyons (2001) indicates that entrepreneurship is ajob that is associated with wealth creation. When the number ofentrepreneurs increases in the certain region, it gains a lot ofwealth, and the economy tends to stabilize. Innovation andentrepreneurship have a certain degree of correlation based on thefact that without innovation the economy growth cannot increase.According to Lichtenstein and Lyons argues that to be a successfulentrepreneur one must be creative enough and enhance technology so asto remain in the market for a longer duration and be competitive inthe open market.
Fromthe literature review, it is imperative that entrepreneurs have tosacrifice their time and resources so that the business can thrivewell and be competitive in the market. Innovation and creativity areparamount when one decides to be an entrepreneur so that he or shewill be competitive with other large businesses that have existed inthe market for longer duration. Entrepreneurship gives unemployedindividuals realistic and sustainable employment. Due to the lack ofemployment many youths involve themselves in entrepreneurship thathas helped in the growth of the economy thereby increasing the grossdomestic product. Creation of wealth in different regions has been anotable aspect that makes individuals rely on it as a sustainableemployment (Harper, 2002). Government funding and other short andlong-term loans that are allocated to the youth has played animportant role in the expansion of entrepreneurship.
Whois an entrepreneur?
Anentrepreneur is a person who starts a business and takes riskwillingly to ascertain that his or her ideas are implemented for theattainment of goals (Kiesner, 2010). The entrepreneur has theresponsibility of making sure that success is the outcome, andfailure is not an option in the business venture. He or she isanswerable to the venture and make any decision relating to thegrowth of the business. An entrepreneur comes with an initiative thatis unique in the market and applies the right strategies andimplements it to be the reality. The project may be funded by anothersource but he or she is the one who takes the risk and decides to seta business without considering partnership so that they can sharedecision making or loss if it is incurred.
Whatmakes a person want to be an entrepreneur?
Opportunityto control yourself and your destiny
Innormal circumstances in the companies, the employees are supposed tostart their work from 8 to 5. When one is an entrepreneur, he or shedoes not have any scheduled that he or she is to report to work. Anentrepreneur may opt to open the business at 10 in the morning or anyconvenient time he or she considers is the best. The entrepreneurdoes not depend on any one to have mercy and hire him or her, but heor she is a self-reliant, individual.
Freedomof time doing what you consider best (flexibility)
Lifeis a precious commodity, and thus it never gets back when wasted. Oneshould consider time in his or her endeavors since it is a valuableresource. When an entrepreneur has any issue that needs to beaddressed he or she may forego the scheduled work and thus able tohandle the issue without considering the issue of being fired basedon the fact that you did not report to work (Weber and Oser, 2014).This is one of the major factors that influence an individual to bean entrepreneur. The work that one desires should fit in one life butshould not be a factor that will trigger stress every morning.
Inthe companies, individual salary is set based on the contract ordepending on the union negotiation. The earning potential of anemployee is capped to certain figures and cannot change unless whenone is given some bonuses when he or she has worked extra harder. Itis contrary to an entrepreneur since there is no fixed amount ofmoney that has been set for the entrepreneur. The income is notregulated by any one, and thus one hard work will boost his or herearning every day.
Anentrepreneur has the independence to decide where his or her businessis going to be located. For instance, currently billions of peopleare interconnected due to technology, and thus if one decides tolocate his business online, he or she will have unlimited customers.This is the reason one may locate the business anywhere because oneis not tied in a particular location. The independence of locationhas encouraged innovation and creativity since many businesses areestablished in an online platform.
Whatskills do they possess?
Oneof the skills that entrepreneurs should have is resiliency. For aself-employed individual, there is a high possibility of incurring aloss, and thus it is important to be resilient and bounce back to thegame even after the loss.
Asan entrepreneur, one should be able to communicate well with theclients. Communication is paramount since the way one handles theclient will make him make repeated purchases. The use of phone andemails are common since nowadays everything works best in the onlineplatform. Good communication skills between the client and theentrepreneur should be maintained. Many people do not relate wellwith their customers but one should apply the notion of "thecustomer is always right" paying attention to the customer isimportant since he or she feels important. Failure to pay attentionto the customer implies that he or she may shift to anothercompetitor.
Itis important for the entrepreneur to ensure that he or she has theknowledge of branding. It is a strategy that is done online so thatthe customers can be aware of the brand. When one is an entrepreneurshould pose high skills in social media so that he or she is alwaysactive in that platform. Posting poor content in the social mediaimplies that the customers will negatively think about the productsthat you offer.
Whenone becomes an entrepreneur, he or she becomes a sales, person. As anentrepreneur, one may employ other people to act on your behalf butthe final decision about the sales will rely on the owners of thebusiness. One should have high skills in selling so that theentrepreneur can convince and entice the customer to buy a certainproduct that he or she was not willing to buy at that moment.
Personalitycharacteristics a person requires to be a successful entrepreneur
Oneof personality characteristic that one requires to be a successfulentrepreneur is determination. To achieve the goals with thestipulated time, one must work hard and be determined. For the growthof the business where the sales may increase in time and hire moreemployees as the venture expands one must face challenges withoutfear (Belew and Elad, 2006). Pressure from many sources isexperienced for example competitors, workload and employees must besolved in a creative way, and thus one must be determined based onthe goals that he or she is going to attain.
Whenone wants to be a successful entrepreneur he or she must take therisk at all cost. Failure to take risk means that one cannot thriveaccordingly. It does not necessarily mean that as an entrepreneur onehas to take the financial risk but rather has to risk his time andanything he or she values (Johnson, n.d.). After saving for a longtime, one may decide to start a business abandoning the familyresponsibilities which is a risk financial and in family matters.
Asan entrepreneur, one should have high confidence in his or her work.When one has the confidence, he or she will work even in stressfulcondition to ascertain that the goals are met. It is a mentality thatis important since one spots an opportunity and tries to use certaintechniques so that he or she can attain the goals (MacGregor, 2001).By having confidence an entrepreneur does not consider the startingpart but considers the reward at the end.
Passionateconcerning the business
Passionis the drive towards attainment of the goals. An entrepreneur mustlove what he or she does daily even after experiencing obstacles.When an entrepreneur has started from the scratch, he or she musthave passion and be determined. It is the role of each and every oneto work harder so that accomplishment of the goals will be easier.
Tobe a successful entrepreneur, one needs to ask advice from otherpeople who have operated in the same venture. An entrepreneur shouldnot forget what ideas she borrowed from other people or what he orshe learned. An entrepreneur should be opportunistic so that when heor she hears about certain commodity he or she can try it and seewhether it can increase the profit. Fear should not be part andparcel of entrepreneur since he or she cannot take any risk.
Howimportant is emotional intelligence?
Tobe a successful entrepreneur emotional intelligence is importantbecause it encourages self-awareness. Self-awareness plays a criticalrole in an individual since an entrepreneur will understand thestrength and the weakness he or she has. Moreover, an entrepreneurwill understand when his or her action will affect others. The secondimportant of emotional intelligence is self-regulation where anentrepreneur is supposed to control his or her emotions depending onthe situations. It is important to exercise restraint based on thatchallenges may lead to feelings that may affect you and the clients(Bradberry and Greaves, 2005). The third importance is motivation. Anentrepreneur should be motivated because of the title and what he orshe is earning from the business. Hard work and optimistic should bethe drive and do away with disappointment in the business. The fourthimportance of emotional intelligence is empathy. Empathy encouragescompassion and understanding of people. An entrepreneur should beable to connect with people well so that they can establish a wellemotional level.
Howdoes propensity for risk affect decisions and the desire to be anentrepreneur?
Manyentrepreneur decisions are affected by the risk, for example, thefund may be unlimited, and thus one has to consider an alternativewhere he or she can consult money rending institutions. It is a risk,and many entrepreneurs are affected based on that they have problemson how the payment will be scheduled. Sacrificing one time and familyto ensure that the business will thrive is a risk by itself based onthe business may collapse and thus negatively affected personally.
Entrepreneursshould be hard working so that they can benefit from the venture.Interpersonal skills are paramount in the venture since if one doesnot relate well the customers the business may collapse any time. Anentrepreneur should be a risk taker and encourage emotionalintelligence so that he or she can relate well with the customers.Failure to take a risk simply implies that one cannot obtain thegoals within the required time.
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