What Is Entrepreneurship, Who Are Entrepreneurs And What Are Their Traits

  Let's quickly delve in to understand the term entrepreneurship entirely. The term entrepreneurship is known to have been in use during the past 265 years. It is believed to have been rooted in the microeconomic thinking of the mid 16th century, and it was worked with in works of Richard Cantilon and Adam Smith. Richard Cantilon introduced the word 'entrepreneurship' into economic literature in 1734, when he described the three types of agents in the economy; The Landowner, one who is the proprietor of the land and have provided it as a primary resource; The Entrepreneur; may be farmers or merchants, they're the ones that organize resources and accept the risk of buying things at a certain price and selling them at an uncertain price, and they also get to hire those who sell out their services; The Workers.

What Entrepreneurship Is And All It's About

Entrepreneurship is a framework in which all jobs and business falls under. In other words, Business is a building block to Entrepreneurship. Entrepreneurship according to a French Economics writer, J.B.Say, deals with the movement of economic resources from an area of lower productivity into an area of higher productivity and greater yield.

Entrepreneurship is all about changing what already exist or exploiting business opportunity profitably from available scare resources.

It's an important factor in the economic development of any country. - It's featured in sociology, business, and economic literatures.

It encompass activities that ensure survival and growth of business.

Entrepreneurship have been defined by so many economy-concerned people from past and now to make clear what it is, and how different it could be depending on individuals personality and skills. This will help those who are about to go into it _Entrepreneur_ to determine the nature of business they're signing up for.

Who Are Entrepreneurs, And What Are The Attributes They Possess

An Entrepreneur Busy With Business Calls

Just like entrepreneurship was defined, an entrepreneur is defined accordingly. As was seen in _Quick understanding of entrepreneurship_, entrepreneurship has various definitions that will also aid in defining entrepreneur. An entrepreneur is an individual with totality of self asserting attributes that enables him or her to identify latent business opportunities together with the capacity to organize needed resources with which to profitably take advantage of such opportunities in the face of calculated risks and uncertainty. An aspiring entrepreneur should go in with some attributes such as; self-confidence, self-reliance, and optimism, because they're critical attributes in entrepreneurship.

All what entrepreneur seeks for is success in whatever aspect of business venture they're up/in to. So, to ensure that they achieve this goal, they'll have to understand appropriately the specific definition of entrepreneurship they're fit for. Entrepreneurs are defined in the theories of people who critically studied them. They constructed this theories from either psychological or sociological elements. Some of these theories are, and from:

Kirzner Theory of Entrepreneurship

An entrepreneur is a person who is alert to and perceives profitable opportunities for exchange. In this case, an entrepreneur recognizes opportunities that enables him to benefit as middleman who makes room for exchange(trade).

Schumpeter Theory Of Entrepreneurship

An entrepreneur is an innovator who brings about ideas from the introduction of new technological process and product. Just like organization that own an online store, they make use of the internet which years ago never existed.

Shackle Theory of Entrepreneurship

An entrepreneur is someone who is creative, imaginative, and original. Here, an entrepreneur imagines and create opportunities, while Those in Kirzner theory perceive this opportunity and also benefit from it.

Max Weber Theory of Entrepreneurship

An entrepreneur is one who works so hard, probably from the influence of religion. He accumulates capital and investment by working hard. These kinds of entrepreneur are freelancers.

KnightTheory

An entrepreneur is a specialized group of persons who bear uncertainty. Uncertainty here is defined as a risk which cannot be insured-when you lose, you lose. This what dealing with Foreign exchange sites, lotto, and bet is like.

Everett Hagen Theory

An entrepreneur is a creative problem solver who is interested in things in the technological and practical realm with a motivation of duty to achieve. This could be front end or back end developers who benefit from designing online stores for those practicing Schumpeter theory.

From the above theories, it can be seen that an entrepreneur can be defined as:

A middleman-Alert to opportunities

Resourceful-Imaginative Creative-Perceives opportunities

A special person-Risk taker

Coordinator of resources-Reward seeker.

Traits Or Behaviors Of Successful Entrepreneurs Or Business Men And Women

You might also want to see this topic as; Traits Or Behaviors Of Successful Entrepreneurs Or Business Men And Women.

From the theories or kinds of entrepreneurship, it can be seen that entrepreneurs are attracted to different business opportunities. Why does it have to be so? It's so because people are different, and have different backgrounds which determine who they're. People's personality will always play role in what they choose to do in life. So, in consideration of the term entrepreneurship, personality(one's way of life or behavior) will determine how one does in his enterprise.

To list out the characteristics of a successful entrepreneur, it will be viewed and considered from the sociological, psychological, and economical disciplinary dimensions.

They are:

Self Confidence

A successful entrepreneur believes in himself. He is self reliant. He sets his goals and objectives, and goes to achieve it an not minding the impediments.

Risk Taking Ability

A successful entrepreneur is willing to take risks. He sees more profit amidst risk. All they expect is reward.

Task Oriented

All a successful is after, is his reward, so, he will have to be smart when it comes to goal setting for achievement sake.

Leadership

A successful entrepreneur has to exercise big time understanding in controlling his business. He shouldn't be too strict, but should be strong mentally, physically, and emotionally to handle all that cometh. He has to be initiative. He should consider and take up everything concerning his business' needs.

Future Oriented

A successful entrepreneur should be able to see through the future, and make perception and estimations on everything that could happen in his favor or against.

Creativity

A successful entrepreneur will always effect changes to his products or services to enhance and increase reputation and trust, respectively.

Originality

A successful entrepreneur will have something which he alone will be known for. You wouldn't want to be known for bad products, would you?

Energy and Drive

An entrepreneur who desires success will always have to be in great health condition to carry out complex jobs in his organization.

Long Term Involvement

A successful entrepreneur must always sign up for a long lasting term business, which should beneficial to his children. To him, he came to make a difference and a show off.

Deviant Behavior

A successful entrepreneur who is still under employment, will always be aspired. He wants to own his.

Responsible

A successful entrepreneur is always willing to fix his mistakes, just as he is willing to make changes.

And lastly, an entrepreneur has to be aware of competitions, and know how to stay advantaged.

All these traits are all observed, studied, and analyzed from successful entrepreneurs over time.

How Important Entrepreneurship Is To Everyone?

Entrepreneurship as we know, deals with creation of products and services from scare resources to satisfy customers. As an entrepreneur, you venture into businesses so as to earn profit or income from it. You do this for yourself, and focus on it just for your own benefit, but how a lot of people who may not know about your business benefit from it, is what may be skipping in mind.

As an entrepreneur, you're a very important individual in the nation you're part of. Entrepreneurship plays a vital role in the economic development of any nation. That is the point where others in the same region get to benefit. So, an entrepreneur, after making up his mind to face the risks and uncertainty, and becomes successful, helps and benefits the nation in various ways such as:

Creation of Employment

Entrepreneurship creates employment. According to Acquah, 1986, small medium scale business, the catalyst of entrepreneurship, employs about 30% of the entire labour force, in Nigeria.

Transformation of Traditional Industry

Entrepreneurship aids in the modernization of traditional handicrafts in the rural economies. It introduces the use of machines instead of manual labour.

Utilization of Resources

Entrepreneurship encourages and allows room for realization and productive usage of resources that would otherwise remain idle in the hands of people. This encourages capital formation which is a vital engine of economic growth

Innovation

Entrepreneurial pursuits from the risk taking individuals in business brings about introduction of new techniques and technological equipments. Entrepreneurs wouldn't mind bringing or manufacturing such things into their region just for the aim of getting their enterprises going.

Reduction in Rural-Urban Migration

Rural areas are known to be the bedrock from which small businesses enhance entrepreneurship. So, as far as entrepreneurship is concerned, a whole lot of goods from the rural areas will patronized(bought) or made deals with in order to ensure that all entrepreneurs involved get their desired rewards.

Better Standard of Living

When there's increase in demand, increase in supply follows. This means that the economic activities within the control activities of entrepreneurship which brings about large quantities of goods and services following the increased demands of people, will result to better standard of living.

Those are ways, (but not limited to those alone), in which entrepreneurship aid in the economic development of any nation. Those processes occur yeildfully through the various activities carried out by various entrepreneurs, and not a single entrepreneur.

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