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Entrepreneurship – Qualities You Need
It is almost certain that a country’s economic progress could never happen without a sufficient number of entrepreneurs. These are people who are prepared to risk starting new enterprises whether they are prepared or not. Of the millions of enterprises created in the last hundred years, a handful became conglomerates and household names. Amazingly, the rest, often described as small and medium enterprises provides for eighty per cent of employment. It is thus clear that we need people with the entrepreneur’s mindset to keep our economic progress going.
The answer probably lies in understanding how an entrepreneurial mindset comes about and in what circumstance it would arise. There are, indeed, two categories of people who would start enterprises; those who are born risk takers and those forced by circumstances to start new businesses. For both, entrepreneurial training can be quite useful in providing frameworks that assist new enterprises to reduce the high risk of failures in start-ups. Secondly, as enterprises invariably emerge from the entrepreneurial phase to the managerial one, business owners must understand enough of the knowledge and skills involved in making an enterprise works.
How can a person be called an entrepreneur when he does nothing with that product aside form creating it? What term will be labeled to a person who takes other people’s products and make a success out of them? Will they be not branded as entrepreneurs too? According to Merriam-Webster dictionary, an entrepreneur is someone who organizes, who manages, and who assumes the risks posed by the business or enterprise world. Now this definition of an entrepreneur is richer in content compared with the first one. Risks-these are literally faced by entrepreneurs as they pursue with any type of investment in the market.
Finally, entrepreneurs understand that there is a toll to pay. To be successful in any role in life you must be prepared to pay full price one time. There are really no overnight successes as an entrepreneur. In fact, I’ve heard it said that overnight success generally takes 15-20 years. One of the early tolls that entrepreneurs are quite often forced to face is the “re-making” of themselves that can include growing beyond their current circle of contacts. Since most people tend to stay within their own psychological comfort zone, they begin to lose identity with the risk taker.
An entrepreneur has much to learn in order to be successful, including the day-to-day mechanics of running a business, producing products, delivering services, making money and dealing with people. The biggest challenge of all is developing an understanding of themselves. They come to grips with what they want and what motivates them; this sustains their willingness to prevail over the long term against adversity. Successful entrepreneurs have learned to transform their thinking, allowing them to prevail where others fail along the way.
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