WHO IS AN ENTREPRENEUR An entrepreneur (a loanword defined the first time by the Irish economist Richard Economy and entrepreneurs A capable person who embarks on new business undertakings, assuming accountability to the intrinsic risks is called an entrepreneur. The entrepreneur thus systematizes, controls, and assumes risk liability. He is a person who, instead of functioning as a worker, operates a small scale business, taking charge its risks and returns. A female undertaking new venture is called an entrepreneuse. An entrepreneur organizes the factors of production: land, labour, capital, organisation to produce a product and pays rent on land, interest on capital, salary or wages to organisation and earns a profit from the sale of the good or service. He is normally observed as a business proprietor and trendsetter of novel notions and working methods. Entrepreneurs have a chief part in the economy. They are seen as persons with extraordinary skill sets and a sense of responsibility. They are admired for their creative abilities and confidence. They drive the markets to the right areas through the sound functioning of their businesses and make profitable decisions. The reward for the risks taken is the potential economic profits the entrepreneur could earn. The person is seen as an employment generator and a partner of the government and society. Entrepreneurs are the founders and have a full bearing on the company. They generally take charge of their companies as CEOs, CFOs, BOD members, etc. Qualities of an entrepreneur An entrepreneur is a hardworking, optimistic, energetic person with good organizational and delegation skills. He\She is a born leader with a fire in the belly and a strong urge to excel and accomplish. These strong hearted people have a social sense and responsibility and are self actualized people who portray altruism. Entrepreneur is a decision maker An entrepreneur is perceived as a one-man-army. He is regarded as the sole decision maker with a special business knack. The entrepreneur is a leader, decision maker or manager with a good team building capacity and special organizational skills. He is the one who capitalizes on market opportunities. The person makes decision at times of ambiguity and keeps his calm in stressful situations. The entrepreneurs’ decisions are considered to be very important as they drive markets and economies. Moreover an entrepreneur’s decision is highly respected. Entrepreneur is a risk bearer Entrepreneur invests a huge capital into the business. He is thus responsible for sell products, attaining profits, paying back the loans, etc. He is bound by several institutions and individuals. He deals with high degree of uncertainty and risk. So he is a leader who has to successfully execute business decisions, manage risks and generate profits. |