With the ongoing economic issues facing all nations, the idea of creating greater entrepreneurial activities has become the next option for many nations. The importance of entrepreneurship to economic development has been listed by different intellectuals and it is well recognized that education and skill opportunities play a very important role in the society in growing entrepreneurs in terms of growth, competitiveness, innovations, and employment.
Entrepreneurship is embedded and indeed has a vital role in SMEs. More governments across the world are increasingly recognizing the positive impact that creation of new business can have on employment levels as well as the competitive advantages that small firms can bring to the marketplace.
Entrepreneurship provides benefits when it comes to social and economic growth and individual fulfillment. Entrepreneurship is breaking through the barriers of age, class, race, and sexual orientation. The connection between business owners and economic growth is complex and many different methods to encourage entrepreneurship have been implemented.
DEFINITION OF ENTREPRENEUR
You may be wondering what’s the true definition of the word entrepreneur; an entrepreneur is a person who shifts economic resources out of an area of lower productivity into an area of higher productivity and greater yields.
In Entrepreneurship, there are various elements to consider which contribute to one becoming a successful entrepreneur.
The characteristics of independence and the scene of determination are the drives that make an entrepreneur start their own business.
HUNGER FOR HARD WORK
Entrepreneurs are always at work even when the people have stopped, they are persistent and strongly believe that working hard enables them to attain their aim, they focus on the result.
Entrepreneurs demonstrate extreme self-confidence to cope with all the risks of operating their own business, successful entrepreneurs are confident in achieving realistic and challenging goals.
Entrepreneurs who want to be successful do resist the temptation to do what is not important but can think through what is most essential
Successful entrepreneurs think wisely in making decisions
When you own your business change occurs frequently the entrepreneurs thrive to see the business grow and they need to change their plan from time to time to enable the business to grow.
ENABLING STRESS WORK FOR THEM
Entrepreneurs often focus on the main goal and the result, not considering the process in which they can achieve it.
They are capable of working for a long time and solving different issues at a time
This is the ability to extend inter-personal influence using communication towards the achievement of set goals
CREATIVE AND INNOVATIVE
Entrepreneurs are innovative as they continuously put their efforts into introducing new demanding products, new methods, and fast ways of production, and reorganizing the enterprise.
A NEED TO ACHIEVE
This is often a drive towards personal success, entrepreneurs have a strong desire to succeed/achieve higher goals.
Successful Entrepreneurs takes decisions under uncertainty, they never gamble with the result
Entrepreneurs always have profit margin insight and know that their business success is measured by profits.
TYPES OF ENTREPRENEURS
When it comes to entrepreneurship, there are different types of entrepreneurs and one must know what kind he or she is.
This is a person who manages and develops a corporate body, he who demonstrates his innovative skills in organizing and managing corporate undertaking is a corporate Entrepreneur.
A corporate undertaking is a business organization that is registered under some statute or act which gives a separate legal entity
This is the manufacturer who identifies the needs of the business, he is product-oriented
These are people who undertake Agriculture activities in an organization as raising and marketing crops and other inputs for agriculture
Anyone interested in establishing a business is a professional Entrepreneur and does not have an interest in managing or operating it once it’s established, he sells out the running business.
These are people who conceive ideas for new products or services and then create a business to materialize their ideas into reality. They set up a big establishment or small business unit
This one undertakes to buy and selling (trading) activities and has nothing to do with manufacturing work he creates a desire and interest among buyers to go in for his products
This is compared to a “CRAFTSMAN” he increases the quality of goods because of his craftsmanship, he concentrates more on products than on marketing
These people are concerned with developing alternative marketing and distribution strategies to promote their business.
In becoming a successful entrepreneur, the following are required
Tolerance of risk
Every man that drives for success must take a significant risk at one point or the other to achieve high growth, the entrepreneur isn’t left out in this, the risk of an entrepreneur is operationalized as they venture into unknown markets and investment
This refers to an extent that which an individual believes they have the sufficient capabilities to perform the various task of the entrepreneurship
This validates the identified market opportunity and accompanying innovative solutions. The need for achievements and tolerance of risk of an entrepreneur determine the extent of scale an opportunity is taken
An entrepreneurs’ success is a multidimensional idea that connects equally inherent and extrinsic to the entrepreneur’s behavior.