Abstract
The planet has become a global village with the emergence and exponential advancement of technology and the powers of globalization, marked by unprecedented growth in foreign industry and competitiveness.
Being part of the global economy presents various and significant obstacles for companies and businesses worldwide. On the one side, it is tough to thrive, keep track of the speed of change and lead in a demanding environment while at the same time opening up different fresh and unexplored doors of opportunity. Entrepreneurship, one of humanity’s most strong economic factors, empowers people to search for possibilities while others find intractable challenges. The emblem of corporate tenacity and success in entrepreneurship; it is a critical engine of transformation in all aspects of society.
The paper aims to give a comprehensive approach to the entrepreneur’s linkage with the business environment and the national economy.
Keywords: entrepreneurship; entrepreneur definition; entrepreneur ideas; entrepreneurship definition; entrepreneurial; an entrepreneur; entrepreneur meaning.
Definition Entrepreneurship iѕ thе рrосеѕѕ of сrеаting оr ѕеizing аn opportunity, and pursuing it rеgаrdlеѕѕ оf thе rеѕоurсеѕ currently соntrоllеd. Thе American Heritage Dictionary dеfinеѕ аn entrepreneur to bе “a person who оrgаnizеѕ, ореrаtеѕ, and аѕѕumеѕ thе riѕk for buѕinеѕѕ vеnturеѕ.”
Introduction
Entrepreneurs have made full use of the options open to them through their innate intellect, drive, and hard work. Historically, they also changed the course of national economies, sectors, or industries. New goods have been created, companies have been established, and innovations have been pioneered. They also drive the relocation of services to emerging, more active uses away from current users. Many market advances have changed the world in which we work and appreciate the results. With their inherent intelligence, drive and hard work, entrepreneurs have made the best use of the opportunities available to them.
Historically, they also changed the course of national governments, companies, or markets. New goods have been created, companies have been established, and innovations have been pioneered. They also drive the relocation of services to emerging, more active uses away from current users. The environment in which we work and appreciate results has been changed by several entrepreneurial inventions.
Characteristics/Traits of Entrepreneurs
To classify the features/traits of a real entrepreneur, numerous analysis research has been published out. Although there are no unique, widely recognized features that all entrepreneurs have been found to possess, there are few features that most effective entrepreneurs possess. They include:
Risk Tolerance
It is risky to develop any entrepreneurial enterprise and the entrepreneur must bear the risk. As danger and rewards are inseparable, the entrepreneur should have a healthy appetite to assume risk to expand.
Mental ability and Creativity
The entrepreneur must predict developments to research the multiple circumstances in which decisions need to be taken.
Influential entrepreneurs have the creative potential to identify possibilities to explore them. They are still searching for innovative forms of doing stuff, new items to be introduced, new facilities to be offered, etc.
Vision
As the company’s founder and head, one of an entrepreneur’s primary duties is determining where the company can go. That needs a clear vision of an entrepreneur’s part.
Motivation
Entrepreneurs are optimistic, buoyant and incredibly self-motivated. They have large amounts of motivation and can take steps at all times. They still keep thinking about their organization and how to raise market share and expand their present procedures.
Ability to plan
In several fields, including financing, promotion, development, distribution and employees, entrepreneurs must be prepared to create business strategies and reach deadlines.
Marketing skills
Strong selling skills are crucial to entrepreneurial growth, culminating in customers choosing to purchase products or services.
Interpersonal skills
For the success of the founder’s business enterprise, the ability to develop and sustain positive relationships with customers and clients, staff, financial lenders, investors, lawyers, and accountants, among others, is critical.
Leadership skills
The ability to develop a vision for the company and to inspire employees to pursue it is imperative for success
Human Skills
Emotional maturity, strong inter-personal ties, consideration and tactfulness are the most significant personality characteristics leading to any entrepreneur’s performance. To allow them to continue to patronize his firm, an entrepreneur needs to establish good ties with his clients.
Therefore, he must establish good ties with his workers to enable them to carry out their work with a high degree of productivity.
Clear Objectives
An entrepreneur shall clarify the goals to be accomplished in the undertaking, the essence of the products to be made and the operations of the subsidiary activities to be pursued.
This consistency of expectations encourages them to transform their market concept into practice.
Functions Of An Entrepreneur
There are different roles that an entrepreneur carries out. Four of the more notable ones are discussed below:
Innovation
Innovation and imagination are at the center of an entrepreneur’s roles. The main element of entrepreneurship is the invention of the man, according to Schumpeter (1934). It involves trying new stuff or doing a better way of doing the same things.
They may include the launch of a new product or service, new manufacturing processes, the exploration of new markets, the discovery of a new supply of content, etc.
Risk measurement and risk-taking
Palmer (1971) claimed that the entrepreneurial role primarily includes risk measurement and risk-taking. The risks are related not only to the uncertainty of the new business plan’s performance but also on the personal and professional front, such as overlooked career opportunities to start the new venture family relationship and psychological well-being.
While risk-taking is unavoidable, entrepreneurs prefer to take modest risks in those circumstances where they have some degree of control. They can not like situations that involve some degree of chance or certainty.
Preparing a Business Plan
A project strategy is a structured text providing the specifics of each phase of the business venture planned. It is a tedious job to draft a business strategy that is compelling and sustainable.
It is essential to prepare a strategic strategy and persuade prospective partners and funding entities of its feasibility to finance it and include a guide for the people inside the enterprise.
Thе Imроrtаnсе Оf Entrерrеnеurѕ
Given the long past of corruption by the capitalists of the slate, iron and coal industry, the memory of which still lived on in the hearts and minds of much of the British industrial people, there was, as usual, a mistrust of the word business. The simple association of the word’ business culture ‘with the Thatcher period indicated that many policymakers and policymakers were anathemas to entrepreneurs and their growth. Nevertheless, guided by the current government’s love affair with entrepreneurs, various significant events have arisen that have started to modify the historically hostile attitudes towards industry.
Entrepreneurs are strongly related to the American people. In a company world, once you look back in history, you can note that since the mid-1970s, the word entrepreneur has been known as the ardent component of the market, but depending on the definition of each particular sense arises from today’s society’s comprehension.
In social progress, social entrepreneurs are persons who initiate a new line of business in wellness, education and many other subjects they feel they should foster, a term put out by Ashoka that refers to the entrepreneur as an individual who organizes society that promotes social change.
Entrepreneurs ought to be highly inspired while doing 50 to 90-hour weeks. After a day of meetings, phone calls and regular walks to the factory floor at Tesla or SpaceX, Elan Musk finishes his day reviewing emails at 1.00 am. No wonder Steve Jobs said, “I am convinced that the only thing that kept me going was that I loved what I did,” since life is spent thinking and doing business from the sun to lights out, there must be an explanation why entrepreneurs are so driven to continue moving for so many long days.
A successful businessman does not need to be the most knowledgeable or the most creative. He does not need to be the most talented person, but he needs to be a chief.
To be an entrepreneur is to lead, be a team boss, and be a team comprising the most knowledgeable, creative and trained individuals around. The businessman meets them in a squad and puts them together and takes them to a shared target, his dream.
The entrepreneur is the organization’s heartbeat where he calls the shots, but not without hearing what his staff wants to suggest on the matter. He makes his corporate choices and the majority of the people execute them.
On the other hand, entrepreneurship still has development opportunities, and more sales and more wealth come with rapid growth.
How Do You Decide If It Is Right For You To Be An Entrepreneur?
How can you know if an entrepreneur’s life is for you? Any of the attributes, attributes, and principles that most effective entrepreneurs share are certain. While they do not guarantee prosperity, certain entrepreneurial features lay a solid base of risk-taking and incentive for life.
Entrepreneurs respect freedom first and foremost. They deserve to be masters on their own, create a timetable of their own and run their own lives. Although entrepreneurs have hundreds, thousands, or millions of supervisors, they are people who hate the idea of a manager controlling their job; they are called “customers.”
Entrepreneurs are based on themselves. They love being accountable for their results and are capable of creating something bigger than themselves.
They must therefore be in a role to mitigate the danger. If the prospect of not being compensated daily, struggling to market your commodity, or just falling flat on your face scares you to paralysis, you could have trouble coping with the up-and-down essence of entrepreneurship.
Long-lasting entrepreneurs are often frugal regardless of the elevated levels of risk. Despite mainstream culture warning us that champagne is showing up and cruising on luxurious yachts, most organization owners are savers, not spenders. This was illustrated by Dr. Thomas Stanley’s study and reported in The Millionaire Next Door (1996), which showed that the bulk of millionaires in this nation are small business owners (not attorneys, physicians, or bankers) and are daily savers. 81% own their cars instead of owning them, and 90% pay less than $45,000 on purchasing them. The book might require upgrading, but it highlights the ever-important need for frugal living as an entrepreneur.
Conclusion
As the world’s economic system has evolved and become increasingly dynamic, the idea of entrepreneurship and the meaning of an entrepreneur has grown over time. After its conception in the center
The entrepreneur’s definition was extended to incorporate risk-taking, Creativity, and wealth formation when applied to particular professions.
Several qualities define most active entrepreneurs, such as innovation, teamwork, team bonding, inspiration, problem-solving, determination and target orientation, etc.
Ethics plays a significant part in entrepreneurial projects, considering that entrepreneurship is difficult and entrepreneurs experience multiple stressful circumstances. Ethics deals with what is false or right, In other terms, they struggle with moral principles, positive or evil.
An entrepreneur needs to grow his position and duty sensitively by ethics and social obligations and strive to pursue them in a perfect way, which will be good for him and society. The importance of the entrepreneurial ventures’ ethical code of ethics and social responsibility component was also explored in the chapter. Furthermore, perhaps most notably, what position entrepreneurship plays in the country’s much-advocated economic growth was debated.
