An entrepreneur is a person who creates a new enterprise, sharing most of the profits and taking most of the risks. The term entrepreneurship is derived from the word agrarianism, which means an economy growing on the land. An entrepreneur is most often seen as an innovative source of ideas, products, services, or processes. Entrepreneurial ventures range from businesses that involve retailing to software companies to manufacturing firms. Some entrepreneurs are so successful that they establish many other enterprises.
In the entrepreneurial field, many philosophers define and theorize entrepreneurship’s characteristics. Entrepreneurial theory maintains that people will tend to seek risky ventures in order to earn high profits and accumulate personal wealth. These entrepreneurs are also prone to take risks in new businesses in order to expand their existing businesses. Entrepreneurial theories also hold that entrepreneurs have the ability to think creatively in order to expand the boundaries of traditional markets. Most importantly, however, the key to entrepreneurship’s success lies in the passion and commitment of its entrepreneurs.
The basic trait required for an entrepreneur is tenacity and the ability to pursue his or her goal. Successful entrepreneurs have tenacity to see things through. They are constantly exploring, conceptualizing, proposing, and dreaming. They have the ability to see different aspects of their businesses and are aware of different types of customers. This ability to see and foresee something is going to happen enables the entrepreneur to plan beforehand and thus makes him or her a “planner”. Apart from having a clear idea, entrepreneurs also need to possess accurate skills so that they can carry out their plans efficiently.
Another essential trait required for entrepreneurship is creativity. In order to stay ahead of competition, entrepreneurs make use of innovations and new strategies. They also look for new and creative ways of making products. In addition, many entrepreneurs make use of finance and financial resources in order to fund their ventures. This not only ensures that the small business continues to thrive, but also helps it to go on growing.
The entrepreneurial spirit is a highly admired and respected quality amongst most entrepreneurs; they are regarded as selfless and honest and do not exploit others for personal gain. Entrepreneurial activities such as creating business opportunities, running a business, marketing and advertising, and dealing with suppliers and clients to help entrepreneurs make a long way in their chosen fields. The willingness to take risks in new businesses, the confidence in one’s skills, the creativity and the originality of ideas are all testimony to the entrepreneurial spirit that is found in many successful small business owners.
It should be noted, however, that every entrepreneur experiences failures. However, these should not be used as reasons for the entrepreneur to give up. Entrepreneurs have the ability to learn from their failures, take notes, and do further research in order to succeed the next time. Most importantly, entrepreneurs remain positive even when things go wrong. Entrepreneurs are constantly inspired by the success of others. In short, every successful business owner is an Entrepreneur.