An Insight on the Concept of an Entrepreneur

CONCEPT OF AN ENTREPRENEUR

Who is an Entrepreneur?

An entrepreneur is a person who has the ability to see and evaluate business opportunities with necessary resources to take advantages of and to initiate appropriate actions to ensure success. In other words, entrepreneurs are action oriented people who are highly motivated to take risk upon achieving goals.

Characteristics of a Successful Entrepreneur

It is important to have some traits in one’s personality that blend with needs of the business. The personal characteristics that are needed in order to succeed in business are listed below:

1.     Diligence: Willingness to work a little harder and a little longer with care.

2.     Self- Confidence: The good result of any action is to demonstrate confidence, and individual opinion and leadership dynamism.

3.     Originality: It consist good result such as innovation, creativity resourcefulness, initiative versatility or knowledge-ability.

4.     Organisation: Ability to organize the business ability to relate well with employees and other external group under any circumstances.

5.     Customer Focused: Without customers, business cannot be built. There is need to possess good human relationship and ability to relate well with customers.

6.     Techno-Knowledge: Virtually every aspect of a business requires technological proficiency. The entrepreneur must possess some knowledge about Technology and use the initiative to have individual who implements technological plans and programs.

7.     Global Thinking: Most businesses today are going international; ideas can be tap from international to improve your business.

8.     Task-Result Oriented: Need for achievement profit oriented, persistence, determination, perseverance, hard work and drive.

Functions of an Entrepreneur

The main task of the entrepreneur is to organize the factors of production, assure the production system and the risk of production. Land, labour and capital will have no economic value unless they are organized by an entrepreneur who on his own account can undertake financial risk and management control.

The following are the main functions perform by an entrepreneur:

1.          Searching and discovering new business ideas.

2.          Gather together financial resources necessary for the business.

3.          Co-ordination of other factors of production.

4.          Bearing risk for the business.

5.          Seeking and developing economics opportunities.

6.          Evaluating economic opportunities.