A Definition of Entrepreneurship
The concept of entrepreneurship has a wide range of meanings.
On the one extreme an entrepreneur is a person of very high aptitude who pioneers change, possessing characteristics found in only a very small fraction of the population.
The word entrepreneur originates from the French word, entreprendre, which means "to undertake."
In a business context, it means to start a business, a risk-taker willing to try new things typically by creating new businesses.
An Entrepreneur is also a person who has the ability to recognise Opportunities of benefit to an enterprise, and the will and capacity to undertake appropriate innovative action while accepting the associated risks.
So what are some of the traits of an Entrepreneur?
• An eye for opportunity: Many entrepreneurs start by finding a need and quickly satisfying it.
• Independence: Even though most entrepreneurs know how to work within the framework for the sake of profits, they enjoy being their own boss.
• An appetite for hard work: Most entrepreneurs start out working long, hard hours with little pay.
• Self-confidence: Entrepreneurs must demonstrate extreme self-confidence in order to cope with all the risks of operating their own busines.
• Discipline: Successful entrepreneurs resist the temptation to do what is unimportant or the easiest but have the ability to think through to what is the most essential.
• Judgment: Successful entrepreneurs have the ability to think quickly and make a wise decision.
• Ability to accept change: Change occurs frequently when you own your own business, the entrepreneur thrives on changes and their businesses grow.
• Make stress work for them: On the roller coaster to business success the entrepreneur often copes by focusing on the end result and not the process of getting there.
• Need to achieve: Although they keep an "eye" on profits, this is often secondary to the drive toward personal success.
• Focus on profits: Successful entrepreneurs always have the profit margin in sight and know that their business.
Do you have what it takes to be an Entrepreneur ?