Entrepreneurs are first and foremost innovators among other unique characteristics that they posses. They are creative. They do things in new different ways. They create new products or services, new methods of production, new markets, and new sources of materials. They love to explore the unknown, and blaze new paths progress. Innovators are introduced to benefit both the economy and the society. Changes are made in response to the needs of people. For instance, high costs of production serve as an opportunity for entrepreneurs to introduce technology that can reduce cost of production. Much better, they should introduce an innovation that creates jobs, for the jobless masses. Innovation has provided us the products and services of modern civilization.
Entrepreneurs are reasonable risk-takers. They enjoy challenges and carefully calculate the pros and cons of each step they take. Entrepreneurs shy away from risk situations because they may not be attainable. However, they also avoid low risk situations because there are no challenges. A risk situation exists when results are not certain. Either it is success or failure. In business, it is profit or loss. Entrepreneurs make their decisions after gathering complete data and analyzing them. They are not afraid to make difficult decisions because they believe they can be best in their field. They do not accept things as they are because they believe they can do things better. Belief, affirmative thinking or positive thinking enhances confidence. It has been said that we succeed when we think success. Entrepreneurs are optimistic individuals. They always think of success. Such deep faith drives them to work with more enthusiasm and perseverance to fulfill their goals.
Entrepreneurs are hardworking and successful. Successful people always attribute their success to hard work. Entrepreneurs, although they are hardworking, enjoy challenges and difficult tasks, and they love their work, it is no longer work. Thus, their being hardworking is not really a sacrifice. When people love their work, it is no longer a work. It becomes a joy. In fact, people who are always busy forget their worries and problems.
Entrepreneurs are leaders by the very nature of their functions. They are people who are task oriented. They are effective planners, organizer, and implementers and achievers. Essential leadership qualities include selfless dedication, purpose and vision, courage, conviction, enthusiasm, integrity, tact, and hard work. Leaders treat their fellowmen like human beings. They respect human dignity, and aware of other human needs like belongingness, security fulfillment, and love. Entrepreneurs do not exploit their workers. Instead, entrepreneurs promote welfare of their people.
Entrepreneurs are decisions-makers. Being creative or innovative, they always make decisions on how to improve their products, how to create new markets, how to increase consumer satisfaction, or how to maximize profits. The success of their business depends on their ability to make right decisions.
Six Phases of Decision Making
o Identifying the problem
o Gathering the Data about the Problem
o Analyzing the Data
o Formulating Alternative solutions
o Selecting the Best Solution
And The Leadership will implement the Decision.
This is the scientific method of decision-making. However, implementation of the decision is a different matter. It requires leadership which involves skills in dealing with people.
In implementing the decisions, entrepreneurs are generally careful. They implement their decisions. If they happen to be right in their decisions, they implement their business projects in full-scale. The idea is that if they were wrong in their decisions, their losses are only minimal.
An entrepreneur is a person who has decided to take control of his future and become self-employed – whether by creating his own unique business or working as a “team,” as in multi level marketing.