An entrepreneur is an intelligent, creative person who creates a unique business, taking all the positive rewards and bearing most of the negative risks. An entrepreneur is usually seen as a creator of new products, services, ideas, and innovative processes/ models. Thus, an entrepreneur plays an important role in each economy, utilizing the right skills and creativity needed to anticipate future requirements and bring unique solutions to current problems. The ten most important characteristics of an entrepreneur are determined from an extensive literature research.
A high-achieving entrepreneur must be self-disciplined and goal-oriented; he must be able to work under pressure and meet deadlines. A high-achieving entrepreneur must have an ability to communicate effectively with different people. He must understand and apply the principles of strategic planning and organizational behavior. Usually, the first steps to being an entrepreneur are taken by aspiring entrepreneurs who have the courage and confidence to pursue their dreams.
Successful entrepreneurship requires creativity, and the ability to form alliances with other like-minded entrepreneurs. In addition, to create a successful business, it requires creativity and innovation, making use of different media, such as the internet, magazines, journals, newspapers, trade books, or conferences or seminars. As a whole, entrepreneurship involves risk, and should be considered as a serious investment option. Entrepreneurs are also challenged by providing services to different types of industries, which include manufacturing, retailing, distribution, franchising, and service industries. Successful businesses are usually the result of thorough planning, management strategies, adequate financial backing, and a sound strategy.
Another major category of entrepreneurs is the venture capitalists. Venture capitalists typically prefer to invest in early-stage companies. They have a great deal of experience in identifying companies that will succeed and are prepared to take a very high risk. However, there are many venture capitalists who also have backgrounds in several sectors, thereby giving a balanced view of both entrepreneurs and businesses. Both groups have something to offer to each other, thus helping new ventures to become successful.
One more important category of entrepreneur is the technology entrepreneur. The term technology entrepreneur means that the person understands and uses technology. This is a slightly difficult task as there are many ways in which one can be a technology entrepreneur. For instance, one could be a computer software entrepreneur, e-commerce entrepreneur, information technology entrepreneur, or a communications entrepreneur.
The above categories of entrepreneurialism are very general ones, covering just some of the most common ways that people use the entrepreneurial spirit to make money. There are other ways that entrepreneurs combine business and technology that are not considered above. The most important thing to remember when thinking about how to become an entrepreneur is that it is a gradual process that requires persistence. It is not just enough to start a business because you believe that it will turn out to be a success. To become an entrepreneur you need to work hard at your venture for at least two years. Only then will you know if your venture is successful or not.