Successful Factors in Entrepreneurship

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In this highly competitive world economy, the interest in entrepreneurship has increased greatly. This is because of the personal, organizational and financial gain that one can derive from this. At the core of entrepreneurship is a commitment to innovation, a drive to fill a need in the market or exploring new path for old organizations. While entrepreneurship is related to new organizations and business ventures, that is by no means the only focus of entrepreneurship. It is also involved in transforming traditional and setting new directions, introducing products and new businesses. Entrepreneurship, however, tends to be risky.

It starts with an idea, an innovation or a product and when it is launched into the market, the response of the market is uncertain. These risks are inherent in a capitalist system. In fact, entrepreneurs and the process of innovation is viewed as a central focus of capitalism and its dynamism. Entrepreneurship can be a solo project of the entrepreneur while relying on funding from savings and other sources of funds. Good projects, however, tend to attract angel investors or venture capitalists, who want bigger returns from their investment and bigger involvement in running the affairs of the new venture.

A good development in the business scene now is the emergence of individuals, organizations and even government agencies that support entrepreneurs and the projects that they undertake. Such support is needed to mitigate the risks faced by entrepreneurs and help ensure the success of their business projects. Factors that Contribute to Success A number of factors contribute to the success of an entrepreneur and his or her project. One of the major focuses of literature on entrepreneurship is the characteristics and personality traits of the entrepreneur.

Another would be the marketability of the product and the availability of funding for growth and expansion. Still, another factor that contributes to the success of entrepreneurship is the opportunities available in the market, which some observers would identify as luck (Shane, 2003). Traits of an Entrepreneur One of the most celebrated traits of entrepreneurs is their ability to tackle a high level of risk. This involves pursuing an opportunity that opens up, which is related to their passion and interests.

While other people would take a negative approach to taking risks, the entrepreneur willingly embraces risk as an inherent part of grabbing an opportunity. An entrepreneur possesses leadership skills. This is to say that he has the capability to muster human resources for the completion of the activities that he wants to accomplish. Management goes hand in hand with leadership. He has a commitment to developing himself in terms of leadership style and capabilities and inspiring other people to work with the same level of commitment as he has.

By mobilizing other people and effectively utilizing other resources for the completion of his goals, the entrepreneur can ensure the achievement of his vision and entrepreneurial venture. In addition to this, an entrepreneur has a clear vision. This vision emanates from his view of the economy, culture or society and what he perceives are the needs that are not being met. Since these needs are yet unexplored, the entrepreneur embarks on a mission to provide the solution. If a certain point of view or way of doing business is already obsolete, then the entrepreneur tries to change such ways and introduce a new way of doing things.

In so doing, he creates a new market need and a product that will become in demand in the market. An entrepreneur is also driven to see results and achieve. He is highly pragmatic and tends to look for practical ways to solve the problems that go his way. Most of the time, they do not want to submit to authority, which can be a difficult thing if they are connected to a company. But since they are willing to stick it out in the risky market, they become their own bosses, or they become the boss of their own companies.

Entrepreneurs also tend to be creative and insightful and they have the drive to turn into reality the insights that they arrive at. This means that they are also critical to the business ideas that they pick up and are willing to test the merits of an idea before launching it into the market. Such an attitude also helps them mitigate the risks associated with entrepreneurship. Entrepreneurs are also good decision-makers. They are optimistic and they want to pursue their visions in spite of the difficulties that they face.

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