Who 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 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 Factor

‘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.

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.
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.

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