Who Is An Entrepreneur

 


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An entrepreneur is defined as a person who undertakes a business, bold and difficult, with the chance of profit or loss. A true entrepreneur goes beyond this simple definition. He is not the creator of any new good or service. Rather, he is an optimist with the vision and creativity to turn an innovative idea into reality for benefit of others. He has the courage to undertake financial risk, to follow his dreams. He can see opportunity in a problem. He has a burning ambition and cleverness to succeed. He sets realistic goals, takes calculated risks based on facts and experience, works hard, is totally focused and motivated to make it happen.

What is Entrepreneurship? Enterprising individuals with time, money and ideas can convert the three production factors of land, capital and labor into a profitable enterprise. In economic terms, land is not just real estate but also includes natural resources like minerals, plants and animals as well. Capital is not money only but a resource that produces wealth. Labor refers to human endeavors that produce wealth. Land, capital and labor create value, but are not the sole contributors to wealth. The fourth factor of production, missed by many, is entrepreneurship. It makes the connection between the three to create something that had not existed before. This insight and creativity makes the other three factors productive and turns an idea into a profitable reality.

Qualities of a Successful Entrepreneur:
There are certain qualities that go to make outstanding entrepreneurs. These qualities are not inborn and can be learnt and acquired.

  • Enterprise: The ability to distinguish between a ‘bright idea’ and a ‘viable one. ’ He then works hard to implement those ideas into reality.

  • Dynamic and Industrious: He is disciplined, motivated, and enthusiastic with high energy levels. He should be prepared to work hard for long hours with a never-say-die attitude. His enthusiasm and charisma electrifies the co-workers to pitch in with their best.

  • Leads the Way: He has exceptional organizational and managerial skills, is assertive not aggressive. He remains steady and in control of the situation to lead the way by example.

  • Conceptual: Trusts his gut feelings and instinct. Takes all risks even in face of co-workers opposition, recognizes opportunity and works on making the concept a reality.

  • Feeling the Pulse of the Market: Does a meticulous market survey, perceives product demand and customers need.

  • Introduces innovative products for the benefit of the customers

  • Marketing: A dynamic sales plan to market your product is an art. To create brand recall in customer’s mind and to build brand loyalty, the promotion technique has to be unique, impressive and aggressive. This gives a perfect exposure to the product.

  • Vigilance: Customer feedback is very important. Augment, improvise and upgrade to newer versions with latest technology to beat competition. Re-invent to keep the product offering relevant in a crowded marketplace.

    A successful entrepreneur is always on the lookout for better options and greener pastures to expand his business horizon. A ‘never say die’ attitude and a positive approach will stand you in good stead while running your enterprise.

    Alexander Gordon is a writer for http://www.smallbusinessconsulting.com - The Small Business Consulting Community. Sign-up for the free success steps newsletter and get our booklet valued at $24.95 for free as a special bonus. The newsletter provides daily strategies on starting and significantly growing a business.

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