Entrepreneurs are people who create new business activities in the economy, usually by launching new companies. The new business activities can also be created by setting up a new product or developing a new market. Extremes of Entrepreneur At the very least, the entrepreneur is an independent spirit and a risk taker. Entrepreneurs simply create a new business in the economy, introducing a new product or creating a new market. At the very best, he or she is a creator and an innovator. The difference between a successful entrepreneur and a less successful entrepreneur is that the former increase quickly their new business activities.
They find market opportunities that others may have ignored, and form a vision of how to take advantage of these opportunities. They position themselves well in markets that are shifting or are unexploited. They accurately predict the direction of markets which are moving and then prepare to serve those markets before others are ready to do so. The Nature of Entrepreneurship Today’s changing environment demands that organisations and their managers must become accustomed and renew themselves continually to ultimately succeed. People and organisations must change regularly and at a fast pace.
Success in the highly competitive business environment particularly, depends on entrepreneurship. This term is used to describe strategic ideas and risk taking performance that leads to the creation of new opportunities for individuals and/or organisations. Entrepreneurship is a major driver of innovation, competitiveness and growth. The promotion of entrepreneurial thoughts and skills in our societies through education at all levels has been at the centre of the political agenda of the EU which defines entrepreneurship as one of the new basic skills that should be provided through lifelong learning.
Four Characteristics to define an Entrepreneur 1. Risk-taking: The risk involves capturing opportunities which others fail to recognise or may even be viewed as problems or threats. 2. Commercial Initiatives: Entrepreneurs business projects because they want independence. They are self-sufficient and want to be their own boss, not work for others. 3. The ability to create new technologies, products and services (creativity): Entrepreneurs often show strong technical skills, typically bringing some related experience to their business ventures, in order to develop more creativity.
The ability to develop new ways of handling systems, products and services (innovation): Although people often think that entrepreneurs succeed primarily because they invent new products or services, this is not the case. Most successful entrepreneurs start by proposing a higher quality product or service rather than by introducing something completely new. They make small modifications to what others are already doing. After they get started, they listen to customers and come up with this process for more times. Definition of Small Business