What Is An Entrepreneur
By Business Editor
Although it is hard to define what an entrepreneur is, there are several common traits and characteristics that most business people would agree constitutes an "entrepreneurial" person ...
In the field of business, the people involved in the playoffs are called the entrepreneurs. They are also referred to as businessmen. They own and run their own businesses. In the strictest sense, the definition of what a real entrepreneur is varies.
The only certain thing is that, entrepreneurs are very much involved in today’s American business arena. Tracing history back, it is said that the term entrepreneur has been conceivably recognized as an adamant part of the economic world only in the mid 1970s. The concept has then started to evolve with various meanings depending on the understanding of the society that gives meaning to it.
In an online dictionary as defined by the Webster’s Revised Unabridged Dictionary, in the year 1913, entrepreneur has been defined as the person who makes some products for his own benefit or account. This gives about the idea that the term has successfully evolved way back in the year 1913. Now such definition may quite be blurry.
How can a person be called an entrepreneur when he does nothing with that product aside from creating it? What term will we use to label a person that takes other people’s products and makes a business success out of them? Will they be not branded as entrepreneurs too? According to Merriam-Webster dictionary, an entrepreneur is someone who organizes, who manages, and who assumes the risks posed by the business or enterprise world. Now this definition of an entrepreneur is richer in content compared with the first one. Risks—these are literally faced by entrepreneurs everyday as they pursue ideas that require any type of investment in the market, be it time, effort or money.
In a much formal definition by Ashoka, an entrepreneur refers to an organizational society that promotes nothing but social change. Social entrepreneurs are those individuals who open up some new and major possibilities in the areas of health, education, environment, and all other areas of human needs.
To drive a stricter point home, business entrepreneurs are those who lead the field of business with innovations in the world of commerce, while social entrepreneurs are those who drive social change in our society. In more ways than one, such definition all the more points out that those business entrepreneurs not only start with any type of business but they also promote change within the business sphere.
Dale Tucker, a personal entrepreneur, goes to define the term as an individual who decides to take hold and control of his own future and therefore become a self-employed person, either by creating his or her own business, or by working with a team. An example of team-based entrepreneurship is network marketing, also known as multi-level marketing or mlm. On the other hand, Mark Hendricks suggests that for one person to be called an entrepreneur, he or she needs to be particularly daring. They must be able to meet the challenge of either winning or losing in their business. They must, therefore, be open to the possibilities of the results of the competition.
So how can an aspiring entrepreneur be tailored to become a fully-fledged entreprenuer? What business skills are required in order to become an entrepreneur? There are things that must be considered before jumping blindly into any business venture. The following are some of the qualities to look into:
Planning and organization
These include the ability to envision, define, set up, measure and achieve specific goals, the ability to enter into a binding long-term commitment with oneself and others, and the ability to keep up with demanding work schedules.
The capacity to handle and manage money
Budgets must be carefully determined, loans must be secured, funds must be raised, and all of the finances must be recorded. An entrepreneur must be willing to develop expertise in all of these areas.
The selling of products and ideas
An entrepreneur should be acquainted with the proper way of selling. In the world of business, products - whether these be can materials, ideas or services - need to be sold in order for profits to be realized.
Management
Anyone who does not have management skills or the willingness to learn how to manage systems and processes will have a hard time being an entrepreneur. One of the characteristics of successful entrepreneurs is being able to delegate most aspects of the business successfully to others, so they can focus on helping the business achieve its vision.
The ability to work with people
The ability to create good rapport with others is an essential trait of a great entrepreneur. If he or she is unable to influence other people, then they will not very likely succeed.
The ability to take calculated risks.
In the world of business, winning as an outcome is never guaranteed. An entrepreneur must know how to handle both winning and losing.
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