Who is an entrepreneur? What is his role in the industry and how does he effect a change in the economy are some interesting facets of entrepreneurship that serve as a guide for budding entrepreneurs for converting their business ideas into action. The concept of entrepreneurship is becoming increasingly popular in developing countries as it promotes economic development of a nation.” No entrepreneur, no development,” is the kind of significance attached with entrepreneurs.
An entrepreneur is a person with long term vision, originality, innovative ideas and the most striking feature is his risk taking ability. He anticipates various kinds of fluctuations in the external business environment and takes warranted and intelligent risks that put him in a favorable position than his competitors. He is a person who seems to be always brimming with new ideas of business and is capable of organizing and running his enterprise with ease.
Entrepreneurship, although an individual’s free choice activity emerges and operates in a social and cultural setting. An entrepreneur must be wise enough to choose a business activity that will be supported and appreciated by the society and at the same time improves his economic standards. Customers are always on the look-out for something new and this desire has to be cashed in on by entrepreneurs by introducing new commodities or techniques.
Identifying the unidentified needs of the consumers is another way of capturing the market and exhibiting your uniqueness. An entrepreneur has to see and act on opportunities that are unusual but successful. He has to analyze the pros and cons of a project in terms of capital investment, plant layout, production facility, labor availability, market proximity, people’s preference and economic viability. A comprehensive study of the project is necessary before venturing into it. That is the difference between an ordinary business person who does business just for the sake of doing it and an entrepreneur who applies logic and rationale and understands the charm of carrying on a business activity successfully.
Following are some of the distinct features that distinguish an entrepreneur:
- Persistence to overcome obstacles
- Initiative that extends the business into new areas
- Quest for knowledge
- Concern for superior quality
- Systematic planning
- Crisis management with ease
- Persuasion -ability to convince the customers and others
- Use innovative strategies
- Concern for worker welfare
- Excellent communication skills
- Proficiency in various subjects and disciplines
- Passionate about work
- Nonchalance and the list go thus.
These are the competencies of an entrepreneur, which results in effective and/or superior performance in a job. It is a combination of body of knowledge, set of skills and cluster of appropriate motives that an individual possess to perform a given task. He is the pivot around which all other factors of production, productive resources and productive techniques revolve. He combines talents, abilities and drive to transform the resources into profitable undertakings.