What is meant by the term ‘Entrepreneur’?
The term ‘Entrepreneur’ means a person who plays a key role in an economy. An entrepreneur is the one who brings up new ideas and new skill sets to the market and takes the active initiative to anticipate and bring good skills and great ideas to the market.
An entrepreneur is the one who is known to take risks and, after that being successful and learning from their deeds. It is believed that risk-takers are the one who wants to learn from their mistakes. They learn they fail; they come again with increased efforts, they succeed. Fame, bonuses, growth opportunities are the perks that they enjoy after being a successful risk-taker.
Moreover, all the innovative ideas, the zeal to do something big, and the dedication of completing the work on time are some crucial key factors of an ‘Entrepreneur.’
In short, A person who undertakes risks in business to start a new venture or new startup is known to be an entrepreneur. An entrepreneur is the other name of a Businessman.
- Finds a feasible location of the firm,
- Hires potential workers,
- Aggregates capital
- Analyze profits
An Entrepreneur is known to be an important asset to the firm for growth and development and coming up with innovative ideas for the goodwill of the company.
Characteristics of an Entrepreneur
- Ability to take risks
If a new venture needs to be started, then there needs to be some kind of risk that an entrepreneur must be taken to ensure the growth and success of the firm. Therefore, risk-taking is an essential component in an entrepreneur’s life. He or she must evaluate and needs to be courageous to take risks.
- Innovative Attitude
The foremost characteristic of being an entrepreneur is that he or she must be innovative in their way. They must be innovative with their ideas and must have the ability to generate fresh and unique ideas to create profits.
- Leadership Qualities
An Entrepreneur is the one who leads the entire team and brings team spirit and unity among the team members. So, the main quality of an entrepreneur is known to be a Leadership quality. He should portray his personality in a very convincing way and should be able to make use of the resources available to him in an ideal way. Also, leadership quality is paramount of entrepreneurship because leaders are known to impart and guide their employees towards the right direction.
An entrepreneur must evaluate and make use of every opportunity which comes his way. He should be open-minded, which will benefit the firm.
An entrepreneur must be cool minded and flexible and adapt himself according to the situation. He must be willing to listen to the problems of his employees and at the same time provide useful solutions to them and make them feel comfortable with their job. He must be friendly with his employees.
To be successful in the business, an entrepreneur must be an initiator. He should be that key man who brings up new business opportunities for their firm and at the same time must be capable of retaining the already ongoing business links healthily. He must build positive coordination with the firm so that social betterment can be carried. Not only this, but an entrepreneur must also be a social worker with full dedication and motivation to ensure the well-being of society.