We often hear that so-and-so businessman started his own business. It is also the same case when we hear the term entrepreneur, we tend to associate it with someone who has or starts his own business or in other words, starts alone.
This is indeed the case because the official definition of entrepreneurship is that it is the process of starting a business or organization for profit or for meeting social needs.
We have used the phrase profit or social need to define and separate business entrepreneurship from social and charitable projects.
After defining entrepreneurship, now is the time to define who the entrepreneur is and what they do.
Who is an entrepreneur?
There is low-tech and high-tech. There is an entrepreneur who might run a small chocolate shop, there is an entrepreneur who might run a chocolate fountain manufacturing company.
An entrepreneur is someone who develops a business model, acquires the physical and human capital necessary to start a new venture, operates it and is responsible for its success or failure.
Note the emphasis on the statement responsible for success or failure, where the project owner differs from the professional manager, meaning that the former either invests his own resources or raises capital from external sources and thus bears the blame for failure as well as reaps the fruits in the event of success, where the latter or the professional manager performs the task and the work assigned him for a fee.
In other words, an entrepreneur is a risk taker and an innovator as well as an innovator of new organizations while a professional manager is simply the implementer.
1. The entrepreneur is the initiator
The entrepreneur is an initiator, a competitor, and a driver. A person who creates something new, whether it is an initiative, a business, or a company.
He or she is the beginning (and sometimes the end) of a project, business, or activity.
The entrepreneur may not be the owner of the idea, but he is definitely the one who decides to turn that idea into reality.
2. The Entrepreneur is the leader
The Entrepreneur is the responsible person, the leader, and the person you are looking for to lead.
He or she is the one who pushes forward and inspires a team to follow. An entrepreneur is someone who sits in the driver's seat and has the ability to change direction, speed up, slow down, or even stop a business.
3. Entrepreneur is in charge
An entrepreneur is ultimately responsible for the fate of his project, which can be a company, venture or any other endeavor.
The entrepreneur is the one with the largest stakes in the project, and thus the person who needs empowerment to direct the entire project.
3. Entrepreneur is a risk taker
This does not mean that all entrepreneurs are successful because the fact that they can become victims of creative destruction as well as due to lack of other traits means that the majority of new ventures do not survive after a year in existence.
This means that the entrepreneur is the venture capitalist, which means that the success or failure of the company is reflected in the entrepreneur.
How do entrepreneurs work?
Entrepreneurs are an important aspect of the economy. They help stimulate growth by taking risks with innovative ideas.
The prospects for success may not be particularly promising, but if successful, many entrepreneurial endeavors propel industries forward dramatically.
Entrepreneurs have to overcome obstacles, including financing, employee, and organizational challenges as they pursue their goals.