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Who is an Entrepreneur?

In simple words, an entrepreneur is a person who owns a business enterprise or an idea for a business venture. An entrepreneur is the person who undertakes risk to start a business. He/she either faces the brunt of losses or enjoys the profits. Every decision of the business is taken by the entrepreneur. Between the capital and the labor, the entrepreneur plays the middleman. Each entrepreneur has a respective grade of taking risks to strike an opportunity.

To provide a clear picture of who an entrepreneur is, here are some of the characteristics that define one –

  1. Spontaneity on decisions
  2. Adequate knowledge of the market
  3. Reach on resources
  4. Ability to use resources
  5. Adherence to society norms
  6. Intelligence
  7. Profit distribution
  8. Risk Estimation
  9. Leadership Qualities

The economy tends to see the entrepreneurs as hard workers who are driven by motivation. In reality, they are much more than what we perceive them to be. Entrepreneurs are people who make things happen. By setting their own goals, it is impossible to separate their work from their business, for they play an indispensable role to any business they are associated with.

Entrepreneurs also portray a strong element of leadership when it comes to leading a business. Employees of a business feel more secure when they have a good leader. Leaders know the trade skills of the business and possess the ability to strike gold when they foresee an opportunity.

Entrepreneurs are generally known to take high risks in business. However, this is a misconception. A good entrepreneur does not take excessive risks. Rather, he/she estimates the risk involved and, if a good potential is found, they go ahead with the decision.

While conventional methods can make a person survive in a job, it takes more than conventional methodologies to become an effective entrepreneur. An entrepreneur has to adapt to change, innovation and unconventional methods to make the business a success. Any popular example of a successful entrepreneur will have a new idea or an innovation behind it.

While the rewards of entrepreneurship are high, so are the risks that come along with it. It is the duty of the entrepreneur to keep the business balanced between the risks and rewards.

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