Meaning, Definition, and Characteristics of Entrepreneurs

Pages: 2 (630 words) Published: September 30, 2012
enMeaning and Definition of Entrepreneur
An individual developing something unique.
E.g. Steve Jobs-iPod.
Entrepreneurs are risk-takers who pursue opportunities that others may fail to recognize or may even view as problems or threats. Whatever the definition of entrepreneurship, it is closely associated with change, creativity, knowledge, innovation and flexibility-factors that are increasingly important sources of competitiveness in an increasingly globalized world economy. Thus, fostering entrepreneurship means promoting the competitiveness of businesses.

Characteristics of Entrepreneur
What are some of the leading characteristics of a successful entrepreneur? 1. Commitment (devotion or dedication), high energy, and determination. 2. Tenacity (tending to stick firmly to any decision, plan, or opinion without changing or doubting it), perseverance (determined continuation with something), and courage are other characteristics of the world’s most successful entrepreneurs. 3. They need a high level of tolerance for risk. Should be risk seekers rather than risk adverse. 4. They have to believe in themselves, sometimes against great odds. 5. And they have to be prepared to pick up the pieces and start over again if at first they don’t succeed. The desire to create and grow a business – large or small – requires a combination of character, talent, vision, energy, timing, and a bit of luck. Importance of entrepreneur

1.Over the years, however, it has become increasingly apparent that entrepreneurship does indeed contribute to economic development.History shows that economic progress has been significantly advanced by people who are entrepreneurial and innovative, able to exploit opportunities and willing to take risks. 3.Emerging markets need to nurture and develop entrepreneurs to be able to take advantage of opportunities created by globalization. 4.Creates wealth for nation and for individuals as well; - all individuals who search...
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