The importance of being an entrepreneur
It is prerogative for each of the entrepreneur to possess personal qualities for her/his personal progress. Ideal base line that a person must possess is mentioned by different types of articles, text books, and research papers. This will say about the entrepreneurs’ ability and traits that needs to be proved for maintaining their responsibilities and leading to ultimate success. Entrepreneurs in these days must have not only equal but also proper balance among all of these characteristics for better serving themselves, their clients & employees.
Following traits have been developed by Dr. Charles Toftoy, who had his long experience in the real world of business. The author had guided more than 2100 SMEs (both high tech & low tech client). His face to face contacts with all his clients that include Ernst & Young are the testimonies of his successes, which prove about the distinguished traits & qualities an entrepreneur must have.
If French word “entreprendre” is translated in English, it will mean entrepreneur or to undertake. In the 21st century, entrepreneur means the owner of a free enterprise. With a view to building multimillion-dollar enterprises, creativity and innovation have been used by many of them for fledgling businesses
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Who can be an entrepreneur?
Entrepreneurs are considered to be the vanguards of the successful businesses in this world. Their motivational drive, sense of opportunity and capacity for accomplishments have become the yardsticks for measuring the free enterprises.
Entrepreneurs are also the developer or innovator in these days. They not only recognize the opportunities, they also grab it. Besides these, they also convert these opportunities into marketable or workable ideas, adds values of money, efforts & time, and assume the competitive market place’s risks for implementing these ideas and realize the returns from the efforts. To exemplify it, economists term ‘entrepreneurs’ as the mobilisers for labor, materials and resources along with other assets and combine them unusually, for increasing their value more than earlier so that profit can be generated through a new order. As per the views of the psychologists, an entrepreneur has relation with the achievement’s behavioural term. They also term an entrepreneur as the party to seek accomplishments through challenges.
Having discussed as above, it is clear that the views regarding the entrepreneur have slight variations of perspectives from different disciplines, although they contain same notions viz. Organising, Creating, Newness, Wealth, and Risk taking.
Entrepreneurs can be the harbinger for economic change for carrying out the process of entrepreneurship, through purposefully searching, carefully planning and wisely judging
The myths of entrepreneurship
Due to the dearth of research on entrepreneurship, many myths about entrepreneurship have cropped up
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(h) Drive to Achieve
Achievements appear to be the main motivating force for the entrepreneurs. The entrepreneurs or the self-starters have the strong desires to pursue, excel, compete and attain challenging goals. The common misconceptions about the entrepreneurs are their desire for money, because money is never a driving force and is basically a symbol of achievement.
(i) Ability to Set Vision
Entrepreneurs know about their targets. However, all entrepreneurs do not have predetermined concepts or visions. This vision, in many cases, develops over time, because the entrepreneurs start realizing about the firm and its strength.
(j) Skilled at Organizing
The building of any venture is never a cake-walk. So entrepreneur best knows about putting the right people in right place for accomplishing a task and transform their vision into reality.
(k) Internal Locus of Control
The entrepreneurs know well that their venture’s successes and failures dependent on them. They have full control on their setbacks & accomplishments, so the outcomes are also under their control.
(l) Tolerance of Failure
The words ‘depression’, ‘discouragement’ and ‘disappointment’ are not found in the dictionaries of any entrepreneur. Failures are considered as the learning experience for the entrepreneurs. This makes them searching for opportunities in the difficult times. Early failures are more revered than early successes for many entrepreneurs.
(m) High Level of Energy
If compared with the average persons, entrepreneurs are more energetic, which help them to cope up with the stressful demands and unusual workloads. This energy is always a critical factor for the situations, requiring extraordinary efforts for starting a company
(n) Team Building
It is obvious that the most successful entrepreneurs will have well motivated & well qualified teams for helping in handling the growth and development of a team.
Entrepreneurs are independent, so they want their own way to finish their task. This is never indicative of the fact that all the decisions are entrepreneur-dependent.
As far as their venture is concerned, entrepreneurs are never rigid. Due to their flexibility, they can adapt to the changing demands of their business or customers. Since the world-economy is rapidly changing, rigidity may lead to failures.
The Differences between an Entrepreneur and a Businessman
The word businessman (especially small business man) does not mean entrepreneur, because all business men are not entrepreneurs; however all entrepreneurs are definitely businessmen. The most of the entrepreneurial characteristics must be in a business man. There are many differentiating characteristics between an entrepreneur and a small businessman. The table below indicates about the differences between an entrepreneur and a businessman.
The Differences between a Conventional Entrepreneur and Manager
A difference exists between an entrepreneur and a businessman, as has been shown in the table below, with special indication to an entrepreneur and conventional manager.
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