THE ENTREPRENEURS (WEALTH BUILDER)
Any person who creates or perceive business opportunities and takes advantage of available scarce resources to use them profitably may be regarded as an entrepreneur. He alone bears the non-insurable risks as he directs the human and natural resources at his disposal to achieve his business goals. Thus, not all businessmen are entrepreneurs. To qualify as an entrepreneur, one must possess some latent traits which could evolve through organized training. It is not sufficient to be a business man. An entrepreneur must be an originator of profitable business ideas or have the ability to perceive viable business opportunities. He should have the ability to combine available resources in such a way as to guarantee success. He should be prepared to risk personal freedom and his financial resources to achieve enterprise goals, thus, anyone who possesses the following traits is regarded as an entrepreneur.
He is one who organizes and manages business opportunities, especially one involving considerable initiatives and risk
He is an employer of productive labour
He is one who initiates fresh business ideas and takes challenging steps to realize his objectives
He is a decision makers whose entire arises out of alertness to an unnoticed business opportunities
He is a risk taker who uses scarce resources to achieve enterprise goal
He is one who invests useful ideas and resources by assuming the risks and uncertainty inherent in competitive economic environment.
He is a master of manufacturing who adds or assign values to goods in production.
Entrepreneurs are not born but however the emerge from various life experiences and situations. Of course there may exist some latent entrepreneurial traits, such abilities are triggered to manifest through certain life experiences. Anyone can become an entrepreneur at any time in his life. Although no academic degree maybe required, it is helpful if the prospective entrepreneur first seek to develop good support skills in the areas of communications, interpersonal abilities, economic understanding, digital skills, marketing, management and financial skills.
Entrepreneur as a Risk Bearer
An entrepreneur is an agent who employs his scarce resources at certain prices and combines them into a product hoping to sell it at certain prices in the future. Uncertainty is a risk that cannot be insured against and incalculable. There is a marked difference between ordinary risks and uncertainties. A risk can be reduced through insurance, especially when it can be calculated. An entrepreneur undertakes some responsibilities of uncertainty which by their nature cannot be insured or capitalized.
Entrepreneur as an Organizer
The entrepreneur combines the land of one, the labour of another, and yet the capital of another in order to realize his enterprise goal. From the sales returns he pays his workers, pays interest on borrowed capital and rent on the land or building. Only he beards the risk of the failure if he fails to manage his resources prudently
Entrepreneur as a leader
Leadership traits, managerial ability and team building are essential qualities of an entrepreneur. A visionary leader is proactive. He forsees business uncertainties and takes measures beforehand to forestall them. A good entrepreneur is not just one who exploits a perceived business opportunity; he also creates same and necessarily to be the best person; but to bring out the best from his employees. The most important quality of a leader is trust. The moment a leader loses trust of his people; from the moment he loses control
Personality traits of an Entrepreneur
Hard-work: Many entrepreneurs are workaholics. They possess the desired self-driven to achieve their enterpriser goals. They work hard but also in a smart way. So much mental and physical effort is needed to confront the challenges involved in seeking solutions to issues as they arise.
Desire achieve
Many entrepreneurs must possess the motivations to achieve success; the push to conquer problem and give birth to successful ventures. They are not afraid of challenges
Desire to work for themselves
Entrepreneurs are task oriented. They possess the innermost desire to stand on their feet, rather than to work in an organization or for others. They may temporary work for others to acquire the requisite knowledge to stand on their own. It is easier for entrepreneurs to achieve his enterprise goal when his assigned tasks are result oriented
Nurture Quality.
It takes a time for a new enterprise to stabilize and grow. The entrepreneur is thus willing to put the necessary effort required to nurture the new venture to breakeven. Persvereance is an outstanding quality of any successful entrepreneur.
Responsibility
The entrepreneur is willing to accept responsibility for his decisions and actions. He is morally, legally, and mentally accountable for his actions
Reward Oriented
The entrepreneur expects to be handsomely rewarded for his efforts, and this further serves to motivate to make more sacrifices such rewards may come in form of money arising from profits, or in form of social recognition and respect.
Optimism
A regular positive mental attitude is an inevitable success ingredient for the entrepreneur. Successful entrepreneurs believe that every achievement is possible. They possess inner drive for success
Orientation for excellence
Successful entrepreneurs recognize that they are operating in a competitive environment. They are therefore possess the desire to achieve something outstanding. Something they can be proud of. Excellence is always there watch word.
Organization
Successful entrepreneurs are good at bringing together all the required components for a successful venture. They are good at managing people.
Empathy
The entrepreneur must interact with different people in the course of executing his tasks. To ensure success, he should be able to mentally put himself in the position of the person he intends to influence. He must feel his pulse and should be able to anticipate the likely reaction of a prospective customer.
