WHAT MAKES AN ENTREPRENEUR SUCCESSFUL?
So, before we go into the details of the traits of a successful entrepreneur, we must first understand that what actually entrepreneur is, and if every businessman can be referred to as an entrepreneur.
What is meant by the entrepreneur?
An entrepreneur is regarded as an individual who starts up a business or a couple of enterprises, and continues to take monetary risks, grabs the chances, and perils to acquire financial profits.
The entrepreneur is contemplated as a forerunner and a pioneer of contemporary and innovative ideas, always looking to reinforce his business and formulation of an ideal and constructive policy. This mechanism of development of a prosperous business is referred to as Entrepreneurship. The word entrepreneur is extracted from the dialect of the French language “entrepreneur” which implies “to undertake”.
The literal connotation of entrepreneurs had never been identical to the present, but the present implication has been the result of the miscellaneous hypothesis proposed by the intellectual economist. The following three economists endorsed the predominant definition of an entrepreneur.
· Joseph Schumpeter
· Frank knight
· Israel Kirzner
It was surmised by Joseph Schumpeter, that entrepreneurs are liable for the innovation and formation of new strategies, enabling the enterprise to accomplish financial remunerations. On the other hand, Frank Knight relied on the notion of embracement of the risk’s recompenses in business and trade by an entrepreneur. While Kirzner hypothesized entrepreneurs as explorers, always rummaging for productive alternatives to grasp onto, and entrepreneurship as an expedition ventured by entrepreneurs.
However, while illustrating the inscription of an entrepreneur, several definitions have been proposed by eminent economists, and are based on different modes. Some of them are as follows,
According to Alfred Marshall conventional protocol,
“Entrepreneur is a person who brings together capital and labour required for the work, who adventures or undertakes the risk, who arranges or engineers it a general plan”.
Peter F. Ducker’s young intellect states,
“Entrepreneurs create something new, something different, they, change and transmute value”.
And, fundamentally the amalgamated strategy of Joseph A. states,
“Entrepreneur is a person who foresees the opportunity and tries to exploit it by introducing a new product, a new method of production, new market, a new source of raw material, or a new combination of factors of production.”
Traits of successful entrepreneurs:
There’s a broad spectrum of specialized attributes and traits associated with triumphant entrepreneurs. Some of these competent characteristics are mention below,
1. Adaptability:
The most crucial and significant attribute of a successful entrepreneur is adaptability. Business is another name of expectation, where the fluctuations in the fortune are so abrupt and where new recourses accompanying impediments are existing at every stride, requiring every entrepreneur to be adaptable to every circumstance he faces. In this way, he will be prepared for every outcome, enabling the business to proceed.
2. Structured Experimentation:
The need for structured experimentation is a dire requisite in entrepreneurship, referring to the aspect of assessing each opportunity as a chance to evaluate the worth of each peril. If it’s efficient, it might be pursued in the future otherwise, it can be withdrawn. Hence, structured experimentation paves the way for future analysis of chances as financial opportunities or hazards.
3. Communication:
The need for effective and immaculate communication is vital in an entrepreneur’s professional vitality, to convey his ideas and notions to his business collaborators, employee, and his/her patrons. Communication mastery not only leads to the enhancement of understanding and proficiency of analysis, helping an entrepreneur to prosper his business approach.
4. Construction of Team:
An incredible entrepreneur is always adept in the formation of an ideal coalition, having a knack in their concerned departments. He always has complete command on making this team of competent members work efficiently. Though surveillance entrepreneurs may be running a business solely, it’s important to collaborate with a team of qualified individuals who help in attaining a specified objective.
5. Risk Tolerance:
Risk tolerance is the most distinguishable parameter to discern the difference between a successful entrepreneur and a trivial entrepreneur. Taking certain risks and then management of risks taken is what makes the enterprise a profitable business. The surveillance to maintain a liaison between risk and reward is an essential facet in business.
They believe in the theory of,
“The biggest risk is not taking a risk”
6. Curiosity:
Curious and interrogating disposition, allowing the entrepreneur to seek and evaluate new business opportunities is a significant factor contributing to tremendous attainment in the professional field. Instead of continuing the standard business norms, rational entrepreneur inquires and asks doubting qualms, leading to the eradication of theirs scepticism, enabling the entrepreneur to discover new avenues. Business can never be augmented if the entrepreneur is different and peaceful enough to never raise a question.
7. Decision-Making ability:
Rendering arduous decisions, and then strutting with those decisions firmly is a trait of a successful entrepreneur. A triumphant entrepreneur deciphers new opportunities, evaluates all possible positive and negative outcomes, and takes quick decisions to enforce policies needed in business prosperity. However, all consequences are not as desired but an entrepreneur after encountering a loss again takes decisive action to compensate for the loss, he/she ad faced.
8. Persistence:
Persistence is, in fact, a requisite when it comes to the establishment of a profitable business. As business is all about risks, opportunities, and failure. A professional entrepreneur is always handy for delinquencies. He believes in persistence and is not like ordinary people, who withdraw the tasks when they encounter consistent obstacles and downfall. An entrepreneur despite failures at different stages, continues to seek alternatives, inquires question, and stay bound to their objectives until they reach them.
9. Innovation:
Innovative and ingenious wisdom is a must characteristic of a business person. A thriving entrepreneur craves the implementation of innovation in his/her enterprise, unlocking the gateway to new opportunities and profits. However, innovation is not specifically inborn as it can be nourished as a consequence of a strategic viewpoint. Hence, by developing wisdom and perspective deliberating dexterities, one can become capable to point out new recourses and implementing them leading to a successful business.
Some other attributes of an entrepreneur are:
· Long term emphasis
· Competitive morale
· Independent and autonomous
· Posses Leadership instincts
Hence, from the above inscription, it is indeed, inferred that an entrepreneur is always a successful businessman, but a businessman may not necessarily be a successful entrepreneur. Hence, in order to make your business successful, you must know to take risks, venture on the expeditions, no one ever has undertaken, and introduce the policies, no one ever thought of. Entrepreneurship, hence, is the other name of innovation and risk-taking and moving forward despite failures, and grasping every possible opportunity. Hence, if you take risks and are not afraid of failure, you are an entrepreneur, no matter if you are a content writer, or a scientist, or a businessman, or a politician.
