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Who Are Entrepreneurs, And What Are The Attributes They Possess

Just like entrepreneurship was defined, an entrepreneur is defined accordingly. As was seen in _Quick understanding of entrepreneurship_, entrepreneurship has various definitions that will also aid in defining entrepreneur. An entrepreneur is an individual with totality of self asserting attributes that enables him or her to identify latent business opportunities together with the capacity to organize needed resources with which to profitably take advantage of such opportunities in the face of calculated risks and uncertainty. An aspiring entrepreneur should go in with some attributes such as; self-confidence, self-reliance, and optimism, because they're critical attributes in entrepreneurship.

An Entrepreneur

All what entrepreneur seeks for is success in whatever aspect of business venture they're up/in to. So, to ensure that they achieve this goal, they'll have to understand appropriately the specific definition of entrepreneurship they're fit for. Entrepreneurs are defined in the theories of people who critically studied them. They constructed this theories from either psychological or sociological elements. Some of these theories are, and from:

  1. Kirzner Theory:An entrepreneur is a person who is alert to and perceives profitable opportunities for exchange. In this case, an entrepreneur recognizes opportunities that enables him to benefit as middleman who makes room for exchange(trade).

  2. Schumpeter Theory:An entrepreneur is an innovator who brings about ideas from the introduction of new technological process and product. Just like organization that own an online store, they make use of the internet which years ago never existed.

  3. Shackle Theory:An entrepreneur is someone who is creative, imaginative, and original. Here, an entrepreneur imagines and create opportunities, while Those in Kirzner theory perceive this opportunity and also benefit from it.

  4. Max Weber Theory:An entrepreneur is one who works so hard, probably from the influence of religion. He accumulates capital and investment by working hard. These kinds of entrepreneur are freelancers.

  5. KnightTheory:An entrepreneur is a specialized group of persons who bear uncertainty. Uncertainty here is defined as a risk which cannot be insured-when you lose, you lose. This what dealing with Foreign exchange sites, lotto, and bet is like.

  6. Everett Hagen Theory:An entrepreneur is a creative problem solver who is interested in things in the technological and practical realm with a motivation of duty to achieve. This could be front end or back end developers who benefit from designing online stores for those practicing Schumpeter theory.

From the above theories, it can be seen that an entrepreneur can be defined as:

  • A middleman-Alert to opportunities
  • Resourceful-Imaginative Creative-Perceives opportunities
  • A special person-Risk taker
  • Coordinator of resources-Reward seeker.