Who is an entrepreneur?
Nowadays, the term entrepreneurship is commonly used. It is being used to refer to the act of an individual starting a new business. But is it just about starting a business and what about the outcome of that business, and is entrepreneurship all about making profits. So the literal definition of an entrepreneur is “a person who sets up a business or businesses, taking on financial risks in the hope of profit.” The profits however can be used for both individual and social cause so it is important to separate both social aspect and commercial aspect of entrepreneurship.
Secondly the part of financial risk is highlighted in the definition. This shows that how an entrepreneur is entitled to failure now and then. Thus being an entrepreneur comes with will power and motivation
Who can be an entrepreneur?
Being an entrepreneur doesn’t always means to start a huge business. The one who starts a chocolate shop or the neighbourhood ice-cream shop is also an entrepreneur. These starting of small businesses is what that turns out to be the future great business. So to be an entrepreneur you just need a brilliant and an outstanding idea that separates your venture from all others. Secondly if you are aiming for a small business, a little financial backup or capital is necessary. But most importantly what you need is will power, these entrepreneurs who become millionaires doesn’t succeed overnight.
Qualities of a successful entrepreneur
There are some qualities an entrepreneur should possess in order to be successful:
Waiting for the right opportunity
To be a successful entrepreneur one must look for the proper opportunity to seize upon rather than wasting time on chasing after worthless investments. An entrepreneur should be a visionary to know what are the ideas worth investing upon are and also needs to make appropriate calculations before investing upon such ideas.
However, even after all possible calculations there is always a chance of failure. So an entrepreneur has to take possible calculated risks. Some leap of faith are necessary to take but however the person should have a strong feeling about the idea and leave the rest to his fortune, as no business has ever been started without having a particular chance of failure.
Moreover, when a person aims to be a successful entrepreneur the first thing that he should learn is to be a good leader. Leadership skills help you to manage your staff well. Being a good leader helps to put a display of effective power and authority. A good leader understands the value of each and every one that is part of the venture. Moreover an entrepreneur should be considered as a role model by the people. He should be able to motivate the people who are working for him and should take them ahead as a team. He should carry a vision and a set of goals. Therefore a successful entrepreneur should have good leadership and managerial skills.
Important thing about being an entrepreneur is knowing when to change course, which means an entrepreneur should always know when he has to shift from his plans and to try to do something new which can prove to be more productive.
Furthermore, an entrepreneur should be aware of the possible competitors of his business and how to always be a step ahead of them. An entrepreneur should always know what things can make his business stand out from the rest, he should always know when to upgrade his business. Marketing also comes into account when competency is concerned, the entrepreneur should know how to market and publicize his business.
Importance of entrepreneurship
Entrepreneurs helping the economy
Firstly entrepreneurship helps to create employment and job opportunities. When a person starts his business he looks for employees because man power is essential in every business. Secondly it helps in the proper utilization of resources as an entrepreneur can put certain things to use which are considered as waste in the eyes of other people. Moreover it also help in the increase of capita by exploring some business and also launching other useful business.
Furthermore, it helps to increase exports of a country. The sophisticated products produced by such entrepreneurship ventures are easily sold in the foreign market, which helps in bringing foreign exchange.
Sophistication in technology
Moreover, when new ventures are established, they require sophisticated technology. The entrepreneur then use their capital to import such needed technical equipments and then using it for upgrading their ventures. So therefore entrepreneurship helps to bring technological advancements in a particular country.
Improving quality of life
What basically an entrepreneur do is that he sees a problem in the society as an opportunity to act upon. While he is making his business grow by cashing on the opportunity, the perks of that problem being solved is helping the society to increase the standard of their living by using their creative products. Also due to new ventures job opportunities are on a rise which helps the people to make a better living.
Furthermore once an entrepreneur has got his business established he has to pay the taxes now. These taxes then help the government to increase their revenue. This inflow of money can further help the country to pay off the debts that it owes.
In addition to, when a promising business is established, it catches the eye of the foreign market. People not only from within the country but also from outside the country shows interest. This helps to bring foreign investments which further helps to bring foreign exchange in addition to those due to imports as discussed earlier.
Which country produces most entrepreneurs?
Ranking 1st among the 138 countries that use the Global Entrepreneurship and Development index is USA for producing the most number of entrepreneurs. USA provides the best platform for the bright minds to cash upon.
How many businesses are started in a home or garage?
51.6 % businesses have been started out in some homes and garages.
What are the chances of failure?
The amount of failed businesses in US has fallen about 30 % since 1977. So the numbers of failed business are dropping each day, welcoming more and more ideas to be invested upon.
Some Popular entrepreneurs
Lastly when a person thinks about entrepreneurship some prominent personalities cross his mind. It’s important to take example of some of these prominent figures. One of them is Mark Zuckerberg, he is the creator of Facebook which is the leading social media platform of all time. Secondly there is Steve jobs the founder of Apple. Also we can take examples of Jack Ma founder of Alibaba.com and Jeff Bezos the founder of Amazon. Let’s also not forget the mighty Bill gates when it comes to greatest entrepreneurs, he is known to be the founder of Microsoft one of the leading tech companies of the world.