Characteristics of an Ideal Entrepreneur Essay

1953 Words8 Pages
What an Entrepreneur Is An entrepreneur is a person who finds it worth risking, especially in term of his or her finances, in a particular project with a hope of introducing new related ventures that will culminate into visible success financially (Foley, 2006). Sometimes, an entrepreneur can also be taken to mean a person who is in the verge of organizing a virtually new project and targeting to use previously unused channels after discovering a hidden opportunity in the eyes of others. Evidently, in both cases, there is a risk factor and therefore maximum care and guided moves are things to take care of first. More often than not, the term entrepreneur is employed in a business context. Some other people argue that entrepreneurship is…show more content…
Examples are coming up with a technology that reduces costs in terms of inputs, researching on cheaper marketing while expanding the market boundaries, introducing a new and effective management modes and rebranding of the products or services offered by the venture. An entrepreneur works independently in most cases. He therefore needs to be self contented with information in all areas of concern (Fuller et al, 1999). A wide scope of knowledge in terms of social factors of the community in which, his or her ventures revolves, the political limitations plus local council regulations, demographic pattern and structures for the estimation of the potential market limits, and the external environment (global market availability issues) for the expansion of the business, are core fields that an ambitious entrepreneur need to be fully armed with. In terms of financial base, an entrepreneur has to independently be resourceful basing on the fact that there is always a risk factor. Optimism is another requirement. Not many people will afford risking. Accepting a risk takes a person with an inherent optimistic and non-giving up heart in the background (Dyer & Handler, 1994). Optimism is a virtue in the business context and a tool towards success (Eden & Ackermann, 1998). However, optimism is expressed to the internal self and makes seemingly immovable barriers lack their effectiveness. One is bound by
Open Document