Table Of Contents
Chapter 1: Introduction
Chapter 2: Who And What Is An ‘Entrepreneur’?
Chapter 3: Skills Required For Entrepreneur Breakthrough
Chapter 4: Strategies & Ideas: Entrepreneur Mindset
Discipline Necessary For Entrepreneur Breakthrough
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Who And What Is An ‘Entrepreneur’?
A person who is constantly in pursuit of new ventures, the one who is high on risk taking especially when it comes to financial risk is an entrepreneur. This very word can be applied to a person who is initiating an opportunity or a new project; however it is mostly used in the context of a person who is in pursuit of new ventures in the field of business. The basic traits of such an individual are often characterized as a person who is optimistic, hard-working, risk-taker, innovative, independent and creative
What’s Makes An Entrepreneur?
Sometimes entrepreneurs are also called the ‘creative destruction’; this is because they are constantly on the lookout for redesigning and renovating the traditional and standard services and products in order to bring out a new innovative dimension that could possibly give a boost to the organizations. They constantly try to reinvigorate the already existing market by introducing new methodologies, be it in production, structure or in organization. Because of their high risk-taking ability they may even tear down the already existing companies. The way they do the business is by the means of entirely developing the products or the services that may cause an older variation to become irrelevant or even obsolete sometimes. One of the examples of this is the advancements in automobiles which has caused the horse drawn carriage industry to become obsolete.
‘Risk-taking’ is a basic characteristic trait of an entrepreneur. But this doesn’t mean that there is complete tolerance for risk in an entrepreneur, as a matter of consideration a successful entrepreneur knows how to determine how much risk must be taken for a specific endeavor. In order to introduce something new to the market one has to take enough risk, which gives a scope to innovation and creativity, so much so that the business or the activity is profitable.
The most basic thing that the entrepreneur risks in market is his money. Often times they put in the money they have as well as of the parties into the projects, the failure of which can not only cause a loss to the financers but also to the savings and livelihood of the entrepreneurs themselves. And if the project succeeds they enjoy great financial rewards as well. There are various other kinds of risks that are also involved in the lives of entrepreneurs. The entrepreneurs may also face social risk factors in case the societal norms are challenged by their innovations, or any kind of psychological risk due to the hard work they do. It is often felt that the feeling of notoriety, sense of contribution to the betterment of the society and the independence often outweighs the dangers of the risks involved with the lives of an entrepreneur, although it seldom happens that the rewards are apparent immediately.
CHARACTERISTICS AND TRAITS:
Some of the additional traits of the entrepreneurs comprise of spontaneity as well as unique creativity; a willingness to form decisions with or without a solid data in hand. The drive to create something new or tangible is often the purpose of the whole existence of entrepreneurs. There dare-devil ability to thrive on the risk factor and involvement with new enterprises that have low rate of success requires a great deal of ability, patience and perseverance. These entrepreneurs have a great hand at success as they bring out the new and unconventional ideas that might click in the market and become a great success.
The societal value of the entrepreneurs and their spirit is very high. In order to encourage them and their activities, major governmental as well as non-governmental organizations sponsor them arranging access to tax exemption, advice on management and inexpensive capital. As a matter of fact, various universities have established ‘business incubators’ especially for entrepreneurs in hope of turning their research into products that can be marketed as innovations. These innovations and the technologies that come as a result of these innovations may lead to the industrial development that may further give boost to the society as more revenues and jobs would be provided to the people.
However, being an entrepreneur is not the same thing as running a business, even though there are many things that overlap the two areas. Entrepreneurs are mostly independent people, so if their ventures succeed this independency may cause a few problems. Usually they are very much capable of taking care of and managing a small company with almost all the aspects of the business, but after a considerable amount of growth in the company it becomes a little difficult for the entrepreneur to manage it alone. There may be a conflict in the management if the entrepreneur fails to recognize that managing a growing company is very much different from managing a small and stable company. Often the entrepreneur is seeking new innovations as well as taking risks and chances which might not be a very suitable idea for the manager of a stable company, who on the other hand might be focused on establishing a brand and building sales. Such issues can be resolved if the entrepreneur takes up a new venture leaving the company behind, adapting and adjusting to the new priorities set, or being forced to quit.
Another readily noticeable characteristic of an entrepreneur is his self-confidence. This is a very important aspect since entrepreneurs attempt to succeed commonly with the help of new ideas. It is generally seen that often time people are skeptical of the ideas of entrepreneurs that have not been proven that they could be of any use, or sometimes when the aspirant entrepreneur attempts to achieve great heights and people do not perceive him to do so good. This is the very reason that entrepreneurs get a lot of support from the inner resources.
Entrepreneurs are the people who have the tendency to be highly driven and unlike many others who are comfortable working as employees, they do not require the threat of the hierarchy to act upon what is to be done for the company. Most of the entrepreneurs do not depend upon other people for encouragement for acting on their ideas or for any other motivation. The one who is an entrepreneur constantly works towards their goals with an urgency that is generated by them. The list of tasks that are to be completed by the entrepreneur is a long one in order for him to realize his goal. The one who is able to delegate most of these responsibilities to others in order to achieve his task is the fortunate one; however many times an entrepreneur has to rely on himself till he achieves success to a certain degree. Keeping such situations in mind the characteristics of an entrepreneur must include being a persistent hard-worker and ability to multi-task.
Perseverance is also a key factor of their characteristics. It is almost impossible to find an entrepreneur who has achieved his goals very easily with no obstacles. There are often times when they have to face the gravest of failures. But it is the strength of their character that makes them so strong and they refuse to give up and succumb to failures, moreover changing the failures into a new challenge. Finally entrepreneurs have the ability for great detail, since it is necessary to focus on the minute details in order to achieve a goal with precision. For instance, the entrepreneurs have to deal with the costs at one point or another in their ventures by streamlining it. Also a great deal of concentration is put into the technical aspects in order to locate the tiny glitch that is creating a major problem in production. A big part is being able to tackle these hurdles.Other Details
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