The Entrepreneurial Person
Entrepreneurship can be defined by describing
what entrepreneurs do. For example: "Entrepreneurs use personal
initiative, and engage in calculated risk-taking, to create new business
ventures by raising resources to apply innovative new ideas that solve
problems, meet challenges, or satisfy the needs of a clearly defined
market."
But as the following definitions state,
entrepreneurship is not restricted to business and profit:
"Entrepreneurship involves bringing
about change to achieve some benefit. This benefit may be financial but it also
involves the satisfaction of knowing you have changed something for the better.
"Entrepreneurship is essentially the
act of creation requiring the ability to recognize an opportunity, shape a
goal, and take advantage of a situation. Entrepreneurs plan, persuade, raise
resources, and give birth to new ventures."
Who Are Entrepreneurs?
For a long time it was thought that
entrepreneurs were special, that they were just born with the ability and
desire to go their own way, on their own. Over the past twenty years or so,
we've discovered that entrepreneurs learn to do what they do that they also
learn, to a large extent, to be who they are. That's why we say they are made
not born.
Here's a handy way to remember some facts about entrepreneurs and entrepreneurship:
Examine needs, wants, and
problems to see how they can improve the way needs and wants are met and
problems overcome.
Narrow the possible
opportunities to one specific "best" opportunity.
Think of innovative ideas
and narrow them to the "best" idea.
Research the opportunity
and idea thoroughly.
Enlist the best sources of
advice and assistance that they can find.
Plan their ventures and
look for possible problems that might arise.
Rank the risks and the
possible rewards.
Evaluate the risks and
possible rewards and make their decision to act or not to act.
Never hang on to an idea,
no matter how much they may love it, if research shows it won't work.
Employ the resources
necessary for the venture to succeed.
Understand that they will
have to work long and hard to make their venture succeeds.
Realize a sense of
accomplishment from their successful ventures and learn from their failures to
help them achieve success in the future.