Entrepreneurship is the act of creating wealth and / or employment through the creation or acquisition of a company. An entrepreneur is thus a person who is engaged in an effort to transform his knowledge, ideas and innovations concepts in economic goods. This may lead to new organizations or perhaps to the revitalization of certain branch of an existing organization in response to a perceived opportunity.
In fact many definitions of entrepreneur can be found in the literature, another broader definition by the French economist JB Say (1800) says “The entrepreneur shifts economic resources out of lower and into higher productivity and greater yield.”
Types of entrepreneurship
The most widespread form of entrepreneurship is starting a new business, but in recent years the term has been extended to include social and political forms of entrepreneurial activities. Thus we can distinguish three types of entrepreneurs that can be differentiated by their motivations:
- Social Entrepreneur: A social entrepreneur is motivated by a desire to help improve and transform society, environment, education system and economic conditions.
- Serial Entrepreneur: A serial entrepreneur is one who always has new ideas and creates new businesses. He is more likely to take risks and overcome or bounce back from business failure.
- LifeStyle Entrepreneur: These entrepreneurs put passion before profit when launching a business. Their motivation is a combination of personal interests and talents with the ability to earn a living.
Be or become an entrepreneur is not easy; indeed you must be highly motivated and fully determined, because it requires hard work, many sacrifices, dedication and perseverance. It is a profession where the risk of failure is very present; besides the vast majority of businesses (80%) fail in their first years. Apart from qualities in Business Management, a good entrepreneur must be a good leader. It must communicate its corporate vision, persuade his partners and his team members and boost their performances to ensure maximum productivity for the attainment of corporate goals.
Qualities of a Good Entrepreneur
It is clear that anyone can become an entrepreneur, but only the good entrepreneurs are successful and manage to get the fruits of their investment. There are some distinctive qualities that are required to be a successful entrepreneur. A number of these qualities are probably already built into your personality, while others may need to be worked and developed. Here is a list of some of these qualities:
- Passion: It almost goes without saying that to become a successful entrepreneur, you must be passionate about your business. This does not necessarily mean you have to build a business around something you love. You can (and should) identify a profitable market and grow your business from there. The fact that you love your company will also help you to persevere in your efforts in difficult times like the development stage (quite painful), and other obstacles ahead.
- Leadership: Although the definition of a leader is not easy, we recognize one when we see him in action. Basically, it’s the ability to be in charge of people and guide them to achieve their objectives. A leader must be able to plan, motivate, coach and evaluate his staff. A leader must also have both managerial and interpersonal skills.
- Interpersonal skills: Business management is about managing people, you will therefore need to be good at communication if you want to succeed. Whether with customers, suppliers or employees, it is important that you learn to effectively communicate your entire message to ensure your business is run as smoothly as possible.
- Organization and time management: Time management will help you organize and make sure you do all your work as efficiently as possible. It is very easy to give in to procrastination when working alone, so you need to find ways to solve this problem. Maybe you can create a task list or use time management software to help you manage your workload and increase your productivity.
- Risk-Taking: A good entrepreneur must be willing to take calculated risks if he wants to succeed. Sometimes in business you will need to trust your instincts and walk on water, when you do not have enough information or time to make a rational decision. However, you will need to distinguish between craziness and calculated risk. Make sure you do your research and ensure that your business plan is feasible before starting the project. This may prevent you from having an unpleasant surprise in the future.
- Competitiveness: Competition is everywhere. Business is strictly based on out compete your competition. If you can establish your presence in the market, differentiate yourself from your competitors and surpass them by providing a product with better quality and affordable price, your chances of being a successful entrepreneur will be much larger. It’s a struggling game that you play to win, but never sacrifice your integrity for the sake of a few bank bills.
- Confidence: Confidence is a key competence for entrepreneurial success. It is easy to be demoralized or frustrated if you do not have confidence in yourself. Confidence concerning your capacity and performance. A successful entrepreneur believes in his abilities. He is not afraid to explore new areas or opportunities, take risks and make difficult decisions in very little time.
Ultimately, there is no substitute for hard work when it comes to becoming a successful entrepreneur. Most people choose the most simple and fast way when it comes to work. If you want to be successful, you must devote to persistent and productive work, leadership and rational time management.