An entrepreneur is a person who is engaging in entrepreneurial activities. He makes considerable changes to bring about an economic and social transformation by planning to transform ideas into actions while taking correct decisions. He creates new goods and services as a result of processing resources required to start and develop new business. Therefore, entrepreneurs are essential to convert resources into goods and services that require fulfilling human needs.
Who is an Entrepreneur?
All entrepreneurs are not businessmen. Similarly, all businessmen are not entrepreneurs. A businessman carries out business activities in a traditional and conventional method. But, entrepreneur carries out business activities based on new products and considering the realities and changes in the environment.
There are three types of entrepreneurs;
Generally, they involve in business activities with the motives of earning profit.
Basically, they submit or show creative solutions for social problems,
3.Internal (institutional) entrepreneurs
They are in the managerial level within the business with entrepreneurial skills.
Today, in this fast-moving world, we can hear about many successful entrepreneurs from all over the world. In general, we all have the question of how they became successful. When inquiring about the secret behind their success, basically, almost everyone had started their entrepreneurship in their childhood. From childhood, they had looked at things in a different way unlike others and also, quarried about things that they saw and what took place. We all have inborn talents. But, unfortunately, few of us are lucky to realize them in time. If we can realize our inborn talents incorrectly time, most probably, we can decide our future plans according to our talents.
Simply, we can define entrepreneurship as the ability of a person to convert ideas into activities. However, the ideas of entrepreneurs are creative. They develop such ideas as innovations.
There are some important qualities of entrepreneurship, which an entrepreneur should fulfill to become a successful entrepreneur.
— Try to do changes in the business observing the present situation
— have a positive potential vision
— Try to commence new opinions and perceptions
— Continuously carry out according to plans based on the current situation
— Put a solid base towards a booming industry
— Contribute positively towards society improvement, guiding a well-mannered life
In order to produce goods and services, the basic needs require are land, labor, and capital.
Land — all the natural resources including the raw material required for production.
Labor— the physical and psychological energy used for production.
Capital — all the man-made resources required for the production.
A great entrepreneur innovates, or in other words, produces new goods and services by blending the aforesaid factors, and he markets them according to the requirement.
Give below some important characteristics of successful entrepreneurs;
- taking risks
- Future vision
- Sensitivity towards the environment
- being optimistic
- Possesses the confidence that success depends on his own ability
- The tendency towards achieving difficult objectives
An entrepreneur is a person who always tries to make a change with a creative mind. His vision is to make a positive change in society through his own success as well as the success of his business.
A good entrepreneur directs all the activities on the basis of the vision of the individual and the business.
Not only the above facts but also the following characteristics are also behind the secret of being a great entrepreneur.
Clever entrepreneurs do their work with utmost dedication. In other words, they have the ability to work to achieve their objectives by putting their personal needs aside.
Ability to understand instantly the effects of environmental changes. A clever entrepreneur uses this ability to make their business a success.
The entrepreneur does not need others to persuade them to fulfill their tasks. Therefore, they are self-motivated persons. They achieve their objectives through their success and failure.
A successful entrepreneur has great confidence regarding what he does. So, he carries out his tasks realizing the distance he could go and the capabilities he possesses. Therefore, he performs his duties with confidence selecting the correct path to turn his actions towards achieving the required goals. He believes in himself and considers himself as his own master. He identifies his strengths and weaknesses.
The successful entrepreneur is always vigilant about the new trends. Accordingly, he changes in his own business as well in the industry. He uses such information for the improvement of his business. Therefore, he needs a good network for his purpose.
Every entrepreneur has a strong desire to achieve his objectives. Accordingly, he works very hard to achieve this desire.
Hence, if you are ready to follow the aforesaid characteristics which are essential for a person to become a great entrepreneur, surely, you can say the day you become a great entrepreneur is not so far.