The most basic definition of what an entrepreneur is that it’s a person who sets up a business or businesses, taking on financial risks in the hope of making a profit.
Entrepreneurs are individuals who are willing to take the initiative to create products or services where others have not seen opportunities. Entrepreneurs, through their drive and passion, are major contributors to the success of an economy. Businesses started by entrepreneurs are instrumental in creating jobs and driving productivity in various countries.
What traits does an entrepreneur have?
Sees opportunities which others don’t fully recognise. They often spot gaps in the market, which they believe will have an increased consumer demand.
They have a self-belief that opportunities can be made real.
These individuals are innovative and creative.
They are adaptable and flexible. Starting a business is challenging, so these individuals are willing to adapt to market changes and innovations that change the original course of business.
They are prepared to work hard. These individuals are willing to put in the necessary time and effort to make achieve their business goals.
They are prepared to put up capital. Being an entrepreneur often involves putting your own money into the business.
They are risk-takers. These individuals are willing to take risks to succeed.
They are visionaries. Entrepreneurs often look at the big picture and have long term plans which they are willing to achieve by working diligently towards them.
They have good interpersonal skills.
They have good creative problem-solving skills.
An entrepreneur exercises initiative to come up with a business idea, becomes a decision maker and decides how much of a good or service will be produced. This individual is usually willing to take on the financial risk, monitors and controls business activities and has a passion for the venture and is driven to make the business a success.