An entrepreneur is defined as a person who undertakes a business, bold and difficult, with the chance of profit or loss. A true entrepreneur goes beyond this simple definition. He is not the creator of any new good or service. Rather, he is an optimist with the vision and creativity to turn an innovative idea into reality for benefit of others. He has the courage to undertake financial risk, to follow his dreams. He can see opportunity in a problem. He has a burning ambition and cleverness to succeed. He sets realistic goals, takes calculated risks based on facts and experience, works hard, is totally focused and motivated to make it happen.
What is Entrepreneurship?
Enterprising individuals with time, money and ideas can convert the three production factors of land, capital and labor into a profitable enterprise. In economic terms, land is not just real estate but also includes natural resources like minerals, plants and animals as well. Capital is not money only but a resource that produces wealth. Labor refers to human endeavors that produce wealth. Land, capital and labor create value, but are not the sole contributors to wealth. The fourth factor of production, missed by many, is entrepreneurship. It makes the connection between the three to create something that had not existed before. This insight and creativity makes the other three factors productive and turns an idea into a profitable reality.
Qualities of a Successful Entrepreneur:
There are certain qualities that go to make outstanding entrepreneurs. These qualities are not inborn and can be learnt and acquired.
o Enterprise: The ability to distinguish between a ‘bright idea’ and a ‘viable one.’ He then works hard to implement those ideas into reality.
o Dynamic and Industrious: He is disciplined, motivated, and enthusiastic with high energy levels. He should be prepared to work hard for long hours with a never-say-die attitude. His enthusiasm and charisma electrifies the co-workers to pitch in with their best.
o Leads the Way: He has exceptional organizational and managerial skills, is assertive not aggressive. He remains steady and in control of the situation to lead the way by example.
o Conceptual: Trusts his gut feelings and instinct. Takes all risks even in face of co-workers opposition, recognizes opportunity and works on making the concept a reality.
o Feeling the Pulse of the Market: Does a meticulous market survey, perceives product demand and customers need.
o Introduces innovative products for the benefit of the customers
o Marketing: A dynamic sales plan to market your product is an art. To create brand recall in customer’s mind and to build brand loyalty, the promotion technique has to be unique, impressive and aggressive. This gives a perfect exposure to the product.
o Vigilance: Customer feedback is very important. Augment, improvise and upgrade to newer versions with latest technology to beat competition. Re-invent to keep the product offering relevant in a crowded marketplace.
A successful entrepreneur is always on the lookout for better options and greener pastures to expand his business horizon. A ‘never say die’ attitude and a positive approach will stand you in good stead while running your enterprise.
Category: ‘Entrepreneur’
Who Is An Entrepreneur
The Entrepreneur – A Modern-day Artist
Usually when you think of an artist or creator, your mind immediately associates those words with images of painters, musicians, or writers. Or in other words, people who make something as tangible as a work of art or a piece of music that can be viewed or heard. However, one of the great creators of the modern world is the entrepreneur. Though his work can’t be viewed like a sculpture in a museum or listened to as you would a song in a concert hall, what the entrepreneur creates is just as tangible.
Entrepreneurs create ideas. The word entrepreneur is of French origin and means “to undertake.” This phrase, in relation to its modern association, was originally coined by French economist, Jean-Baptiste Say. This simple definition both understates the complex role and also adequately describes it. Because an entrepreneur does so many different things, a more specific definition might leave something out.
In today’s world, when we hear this word, we usually associate it with someone who comes up with an idea and then creates a business or company around that idea. However, an entrepreneur is more than just an idea man. He also assumes the responsibility of his idea and must see it through to accomplishment. Because of the dangers and difficulties of presenting new ideas and creating new companies, an entrepreneur’s reputation, like a musician or a painter, is at stake, depending on the outcome.
Due to the prevalence of successful companies that started with the hard work and groundbreaking idea of a single person, entrepreneurship is viewed as something to aspire to. So in today’s world, when a child is asked what he wants to be when he grows up, his answer might include something new…An entrepreneur.
Who Is an Entrepreneur?
There are people, who would do anything to stick on to a job and there are people, who would do anything to run away from it and do things on their own. The second category of people are typically called as entrepreneurs.
George Bernard Shaw once said
“The reasonable man adapts himself to the world; the unreasonable one persists in trying to adapt the world to himself. Therefore all progress depends on the unreasonable man. “
The entrepreneur is the unreasonable man. Can you ever imagine life without an electrical bulb? If Thomas Alva Edison did not take pains, failed about 10,000 times and not persisted, we would be today living in the dark. The entrepreneurs of the world make it a place worth living. Just look around yourself, how many things you see started with a small bit of entrepreneurship and ended up changing the world. Some of the examples are computers, Television, internet etc.
Some people are born to lead and become entrepreneurs, while others learn on the way. Most of them however often have similar characteristics. I have outlined some of these characteristics.
An Entrepreneur is a person,
who is not happy with status quo who wants to bring a positive change to the world who has definite ideas and a plan who does not worry about failures who has willingness to take risks and to spend his hard earned money who is constantly learning new things who sees setbacks as opportunities who understands that success comes with patience who takes criticism in his stride, talks less and is action oriented who goes against the ‘popular wisdom’
To summarize, an entrepreneur is a person who believes in his idea, is not afraid to take risks and is action oriented.
If you feel that you have these in you, what are you waiting for? Go ahead and jump in the pool of entrepreneurship. At least you will learn swimming.