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An entrepreneur is any individual who does accept the financial risks as well as undertake new ventures in finance (Kenneth, 1988, pp. 25). Generally this is a term that is used to refer to any person who has an aim of starting a project or trying some new prospects. Most societies do place an immense value to the entrepreneur. In order to encourage their activity they are hence offered access to cheap capital, exempt taxes as well as get advice from the management. This paper will hence focus on the characteristics of an entrepreneur, the reason why one should become an entrepreneur, characteristics of successful entrepreneurs, some common myths about entrepreneurs and finally the costs as well as the benefits of entrepreneurship.
Some of the characteristics of an entrepreneur are spontaneous creativity, the willingness as well as the ability to make comprehensive decisions in absence of solid data as well as a personality based on risk taking (Donald, 2008, pp. 140). An entrepreneur can be driven by the need to built or create something that is tangible. Entrepreneurs are highly independent thus can cause diverse problems incase their ventures succeed. Generally entrepreneurs are individuals with immense energy, are self confident, set some long term goals and also view their money as well as the financial security as a major accomplishment measure. They do persist in solving problems, learning from the failures, taking risks, accepting personal responsibilities as well as using the available resources in order to achieve success. The entrepreneurs do compete with themselves as they believe that failure or success does lie with influence or personal control.
Being an entrepreneur is rational as it gives one an opportunity to become their own boss. It also helps one to pursue their ideas as well as dreams and be financially rewarded. The main characteristics of successful entrepreneurs are the fact that they have an immense passion for businesses that is consumer oriented. They also have tenacity despite failures since entrepreneurs are always trying new ventures and executing their intelligence. The main secrets of successful entrepreneurship are the fact that they have passion for their job, they are hard working and focused and also they have rational ideas.
However, there are various myths about entrepreneurs (Donald, 2008, pp. 5). The first myth is that entrepreneurs are born and not actually made. The fact is that everybody has an immense potential of becoming an entrepreneur and whether one becomes an entrepreneur or not is usually characterized by personal choices, the environment as well as life experiences. The other myth is that anyone is capable of starting a business. However the reality is that the entrepreneurs who do recognize the main difference between an opportunity and an idea and think vastly, they hence start businesses that are capable of succeeding. The other myth is that entrepreneurs are gamblers. However, successful entrepreneurs do take careful as well as calculated risks. They influence the odds through getting others share the risks with them as minimizing the risks incase they have no any choice.
Entrepreneurs are usually achievement motivated; they are alert, decisive, creative, energetic, self confident, promoters, visionary and other affirmative character traits.
The major benefits of entrepreneurship are the fact that they gain independence, are financially rewarded, satisfied and have high self esteem. The main costs of entrepreneurship are obstacles, loneliness, business failures, financial insecurities and hard work as well as working long hours.