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Who is an Entrepreneur

Entrepreneur

Concept of Entrepreneurship

Entrepreneurship is all about action that involves opportunity exploitation and venture creation.The concept of entrepreneurship is becoming increasingly popular in developing countries as it tends to promote economic growth of a nation. “No entrepreneur, no development,” is the kind of significance attached with entrepreneurialism.

Who is an Entrepreneur?

An entrepreneur is one with long term vision, creativity, uniqueness and the most conspicuous feature is his risk taking ability. He embarks on uncertain investments and possesses an unusually minimal level of uncertainty aversion. He always comes out with brilliant business ideas since he is open to new information available in the rapidly changing business environment; this also facilitates self-directed and independent decisions aiding in quick growth maximization of the business enterprise.

Characteristics of an entrepreneur

Who is an Entrepreneur

Though entrepreneurship is an individual’s free choice activity, it emerges and functions in a social and cultural setting. An entrepreneur must be prudent in choosing a business activity that will be supported and valued by the society and that which improves his economic standards. Consumers are always on the look-out for a product or a service that is different but unique. This proves to be an advantage for an entrepreneur to exploit the unexplored niches of the market segment.

An entrepreneur has to observe and act upon opportunities that are unusual but promising. He has to study the pros and cons of a project in terms of capital investment, plant layout, production facility, labor availability, market proximity, demography, people’s preference and economic viability.

The distinct features of an entrepreneur for a better understanding:

  • Persistence and perseverance
  • Resourcefulness to take the business activity to the next level
  • Eternal quest for knowledge
  • Quality conscious
  • Systematic planning
  • Self-confidence
  • Daring
  • Crisis management with ease
  • Persuasion –capability to convince the customers and others
  • Strategy king

Excellent communication skills

  • Proficiency in a variety of subjects and disciplines
  • To them , work is passion
  • Nonchalance and the like.

It is the combination of body of knowledge, set of skills and cluster of appropriate motives that makes an entrepreneur a star performer. He is the pivot about which all other factors of production, productive resources and techniques revolve. Innovativeness, risk taking ability and proactiveness are the three dimensions fundamental to the concept of entrepreneurship. Entrepreneurship is a way of thinking, reasoning and acting that is opportunity obsessed (Timmons). Lakshmi Mittals and Warren Buffets belong to this category where in they have created value through recognition of business opportunities.

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