While there can be as many concepts & characteristics of entrepreneurship as there are people in this world with opinions; There are some characteristics that are considered indispensable or necessary in entrepreneurship.
Concept of Entrepreneurship
Entrepreneurship refers to a person working for himself or herself. An entrepreneur is a person who undertakes a venture with some profit potential and involving a considerable amount of risk. Thus, entrepreneurship is the venture undertaken by the entrepreneur.
Ideally speaking, anyone who has the capacity to start a venture and undertake risks can become an entrepreneur. But not all entrepreneurs are successful. There are certain characteristics of entrepreneurship that make for a successful venture.
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Entrepreneurship can be of varying degrees and is not necessarily alike. It can be categorized into various subcategories, starting with small and home businesses to multidimensional industries that were started from the ground level. Here are some of the main traits that an entrepreneurship must possess in order to be successful.
Characteristics of Entrepreneurship
Ability to take Risks
Ability to take risks, but also not to have strong psychological imbalance or aggression is foremost trait of entrepreneurship. Starting any business involves a considerable amount of risk of failure. Therefore, the courage and capacity to take the said risk are essential for an entrepreneur.
Entrepreneurship, however is a risky endeavor. It’s not all sunshine and roses. Moreover, you can lose a lot of income at the beginning of starting a venture. Therefore, there’s a lot of pressure on your venture to succeed dramatically and right away.
Innovation
In a world, where almost everything has been done, innovation is a priceless gift to have. Innovation basically means generating a new idea with which you can start a business and achieve a substantial amount of profits. Innovation can be in the form of a product; i.e., launching a product that no one is selling in the market. It can also be in the form of process; i.e., doing the same work in a more efficient and economical way.
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Process innovation can be seen in capital-intensive industries that have to replace manual labor with machines. Therefore, increasing their production and reducing their costs. Another type of innovation can be the one concerned with usage.
Being a Visionary
Every entrepreneur needs to be a visionary. Without a vision for the future of his venture; he or she would just be working aimlessly without reaching any point of success.
Showcase Leadership
An entrepreneur has a vision. However, it takes a lot of resources to turn that vision into reality. One of these resources are the people that the entrepreneur hires to perform various functions like production, supplying, accounting, etc.
A single person cannot perform all the tasks. Therefore, it is important to bring some more people to do it. This also makes leadership very important as a leader provides the required direction to the efforts of the employees. Without proper leadership, everyone would be working independently without achieving the desired results.
Live Open Minded
A good entrepreneurship venture realizes that every situation can be a business opportunity. Thus can be utilized for the benefit of the organization. Even during an adverse situation, the significance of it should be recognized. Approaching the situation with open mind may lead to new opportunities to utilize and grow during this period.
Being Confident and Well Informed
An entrepreneur needs to be confident about his ideas and skills. This confidence also inspires the confidence of the people working for him; As well as the other stakeholders involved in his business.
This confidence comes from being well informed about the industry and environment. Various legal and political policies enhance business and trade opportunities, while some hinder them. Having knowledge about these can really help an entrepreneur make the right decision at the right time.
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