An entrepreneur is a person who takes the initiative to create new business establishments for his or her employment. An entrepreneur bears the risk of the business and enjoys the entire profit of the business alone.
Thus, an entrepreneur takes the initiative to innovate a new business or start another business and bears the risk of the business, and enjoys the full profit of the business alone.
According to Schumpeter, the entrepreneur is:
- To introduce or emerge a new product.
- to start a new mode of production.
- Creating a new market.
- To find a new source of supply.
- Starting a new business.
Entrepreneurship can be defined in many ways. For example A person who takes the risk of starting a new business venture is called an entrepreneur. Again, if he takes up a new job thinking of his own employment for his self-employment, then that person will also be called an entrepreneur.
The initiative can be about anything but it must be for the purpose of making a profit and there will be risks. Any person with a healthy mind can be an entrepreneur, and the person who takes the initiative of the business is the entrepreneur.
Qualities of a successful entrepreneur:
This is one of the most essential characteristics of a successful entrepreneur. Disciplined individuals focus on doing their business. and engages in the task of removing any obstacles or disruptions to their goal. Successful entrepreneurs are disciplined enough to take day-to-day steps to achieve their goals. Self-discipline is the most important quality of success in life and business. If you can discipline yourself in your own way, then you can reach your goal.
The entrepreneur starts his business with confidence. He is never questioned about his business or initiative but works hard to succeed. So they carry that confidence into everything they do. With confidence, they focus on their work and move forward.
Self-starter ( self-starter):
Entrepreneurs know that if something needs to be done, they should start it on their own. They set their goals and take action accordingly. They are always active in their work, they do not wait for anyone’s permission. If you have an idea in your head, start on your own without waiting for anyone.
Businesses are very competitive at the moment. To be successful in a competitive market, you need to do a better job than others. Better quality products or services from other organizations should be provided. So an entrepreneur has to have a competitive attitude.
An entrepreneur has to be creative. Entrepreneurs have to face minor problems when they start their ventures. And to solve the problem, they have to use their creative minds to find a solution. Moreover, you can start different types of business in creative ways. Creativity makes an entrepreneur unique.
It is only when an entrepreneur takes the initiative that he starts his business with a risk-taking mentality. If you start any business, it can be profitable and it can also be a loss. So entrepreneurs have to have a risk-taking mentality. But entrepreneurs set their goals by making the right plans before taking the risk. Moreover, a successful entrepreneur knows when to take a risk and which risk will be beneficial or harmful to the organization or itself.
Entrepreneurs don’t think of failure as the last destination but rather they see failure as their chance for success. So they are always determined to make all their efforts successful. They don’t stop trying until they succeed in something. Successful entrepreneurs think that nothing is impossible.
An entrepreneur has to have the skills to lead. In order to motivate all the employees of the organization to work and connect with them properly, the entrepreneur must have the skills to lead. Successful entrepreneurs know how to inspire their employees so the business grows overall.
Perseverance is the most basic and essential quality of a successful entrepreneur. It is an inevitable quality that is the key to all the great successes in life. A successful entrepreneur often arrives at the office as the first person and finally gets out of the office after finishing the job. Entrepreneurs are so diligent towards their work that they stick to work until the work is completed. They never leave today’s work for tomorrow.
One of the most important qualities of a successful entrepreneur is passion. The entrepreneur does what he loves. He does what he enjoys doing. So it is very important for an entrepreneur to have a passion for his work to reach his goal. The excitement begins to build in the entrepreneur’s mind when he loves and accepts his work and works hard to reach that goal.
What are the characteristics of an entrepreneur:
- Responsible (responsible)
- Hard Worker (Hard Worker)
- Risk Taking (Risk Taker)
- Creative (creative)
- Innovative (innovative)
- Flexible (flexible)
- Independent (independent)
- Hopeful (optimistic)
- Self-confidence (self-confidence)
- Determined (determined)
- Self-directed (self-directed)
- Ability to understand or understand (perceptive)
- Learn from mistakes (learn from mistakes)
- Ability to take the lead
- Effective Communicator (Effective Communicator)
- Responsive to criticism (responsive to criticism)
- Forgiveness of working more (high degree of energy)
- Ability to anticipate needs