The paper "What an Entrepreneur Is, Characteristics of an Ideal Entrepreneur" is an outstanding example of business coursework. 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 not a real profession. No, not until one has started something that can be seen on the ground. In short, one cannot create fame in the name of becoming an entrepreneur by just portraying mere intentions nor even when the whole planning of scope and schedule is complete.
A person will be termed as an entrepreneur once the first foundation stone is laid on the ground. That means that the effectiveness of one’ s ideas is crucial. Therefore the qualities or characteristics of such a person must enable a confident kick-off and somehow guarantee success. Characteristics of an Ideal Entrepreneur An ideal entrepreneur must be innovative enough. This means that his or her venture must be backed by relevant knowledge and creativity but encased in achievable limits. Past experience and technical knowhow are integral components that will enhance confidence and enthusiasm while kick-starting.
In most cases, entrepreneurs act as revivers of a falling business by convincingly intervening with new ideas and applications of new technology for example. In fact, for a falling business, there are no other means except introducing new approaches to handle particular hitches (Foley, 2006). Examples are coming up with a technology that reduces costs in terms of inputs, researching on cheaper marketing while expanding the market boundaries, introducing 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 & Dansic, 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 the 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 to risk. 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 default to have a sense of capability. This is enhanced by the overall financial and information ability. Previous experience in the relevant field and the acquaintance to the technological availability that can support possible future ventures are vital spices with credibility in the overall attainment of optimism.
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