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Entrepreneurship – Defined
• Entrepreneurship is the act of being an entrepreneur, which can be
designed as “one who undertakes innovations, finance and business
acumen in an effort to transform innovations into economic goods.”
• The concept of entrepreneurship has a wide range of meanings. On
the one extreme an entrepreneur is a person of very high aptitude
who pioneers change, possessing characteristics found in only a very
small fraction of the population.
• The word entrepreneur originates from the French word,
entreprendre, which means “to undertake”. In a business context, it
means to start a business.
Characteristics of a successful entrepreneur
1) Disciplined 5) Competitive
These individuals are focused on making their businesses Many companies are formed because an entrepreneur knows that
work, and eliminate any hindrances or distractions to their they can do a job better than another. They need to win at the
goals. They have overarching strategies and outline the sports they play and need to win at the businesses that they create.
tactics to accomplish them. Successful entrepreneurs are An entrepreneur will highlight their own company’s track record of
disciplined enough to take steps every day toward the success.
achievement of their objectives.
6)Creativity
2)Confidence
One facet of creativity is being able to make connections between
The entrepreneur does not ask questions about whether seemingly unrelated events or situations. Entrepreneurs often
they can succeed or whether they are worthy of success. come up with solutions which are the synthesis of other items.
They are confident with the knowledge that they will make They will repurpose products to market them to new industries.
their businesses succeed. They exude that confidence in
everything they do. 7)Determination
3)Open Minded Entrepreneurs are not thwarted by their defeats. They look at
defeat as an opportunity for success. They are determined to make
Entrepreneurs realize that every event and situation is a all of their endeavors succeed, so will try and try again until it does.
business opportunity. Ideas are constantly being generated Successful entrepreneurs do not believe that something cannot be
about workflows and efficiency, people skills and potential done.
new businesses. They have the ability to look at everything
around them and focus it toward their goals. 8)Strong people skills
4)Self Starter The entrepreneur has strong communication skills to sell the
product and motivate employees. Most successful entrepreneurs
Entrepreneurs know that if something needs to be done, know how to motivate their employees so the business grows
they should start it themselves. They set the parameters and overall. They are very good at highlighting the benefits of any
make sure that projects follow that path. They are proactive, situation and coaching others to their success.
not waiting for someone to give them permission.
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