.Who are the entrepreneurs?

   Entrepreneur is someone that can detects or creates business opportunities that he

or she then exploits through small and medium-sized firms, normally participating
infunding the capital for that firm, carries out the role of arbitrator or simply “sells the
idea” of the business project. Definitions of the entrepreneur will obviously differ
according to the authors’ paradigms for example according to Jean-Baptiste Say he
regarded entrepreneurs as being people who could do new things, people who could
do more with less, and people who would obtain more by doing something in a new
or different way (Say, 1815; 1996). Therefore, Say saw the entrepreneur as an
economic actor whose activities generated an added value. Futhermore, According
to another  economist which is Joseph Alois Schumpeter (1883-
1950),an entrepreneurs are not necessarily motivated by profit but regard it as a
standard for measuring achievement or success. Lastly, there are three authors in
particular were among the first to reflect extensively on what entrepreneurs do. The
concept of entrepreneur can be understood more easily through the writings of these
main pioneers. The first, Cantillon, was what we would now call a venture capitalist
looking for investment opportunities with better than average yields. His perspective
as an investor meant that the element of risk was a core aspect of how he viewed
entrepreneurial projects and defined what he considered to be an entrepreneur
(Cantillon, 1755).
 
2. What are the characteristics of successful entrepreneurs?
   Successful entrepreneurs often share certain characteristics and the earliest
identified entrepreneurial characteristic was taking risk. Tim mons (1994) examined
the six general characteristics of entrepreneurs is someone that commitment and
determination, leadership, opportunity obsession, tolerance of risk, creativity and
adaptability. According to Carland & Carland (1996) in their study suggests that
entrepreneurs are not homogenous. They may well be characterized by need for
achievement, preference for innovation and risk taking propensity. Meanwhile, Martin
P. (1999) say that the characteristics most frequently passociated with the success of
the entrepreneurs are Innovation,Creativity, Persistence,Self-confident, Positive
attitude, Problem solving, Need for independence, and Enjoy taking risks. Desai
(2001) revealed the important personality traits leading to the success are emotional
stability, personal relations, consideration and tactfulness. However there are other
characteristic that show the success of an entrepreneur such as Solution orientated.
Social entrepreneurs are constantly striving to create change with limited resources.
This can best be accomplished through innovation and creativity. These are constant
themes innovative or disruptive solutions, creative imagination, unconventional ideas
and solutions. To be effective, the solutions need to be practical. A successfull
entrepreneurs also have impatient and focused. A successful entrepreneurs can remain
focussed on the change they want to create. They do not give up. They are constantly
seeking to improve the system. Lastly, an entrepreneurs also calculated risk taker.
Entrepreneurs tend to be risk takers. Generally, the existence of risk does not deter an
entrepreneur, where others may well decide to walk away. However, blind risk taking
is normally a recipe for disaster in an entrepreneurial setting. Successful entrepreneurs
understand how to measure (intuitively or formally) the balance between risk and
reward and, on the basis of this, will make their calculated decision.
References:
Publication reference of this paper: Filion, L.J. (2011) Defining the entrepreneur. In:
Dana, L.-P. (Ed.) World Encyclopedia of Entrepreneurship.Cheltenham, UK and
Northampton, MA, USA, Edward Elgar: 41- 52.
Traits of Successful Entrepreneurs (PDF Download Available). Available
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Stage 4: Piloting Theme 1: Personal Considerations for Entrepreneurs KEY TRAITS
OF A SUCCESSFUL ENTREPRENEUR. Available from :
https://unltd.org.uk/wp-content/uploads/2012/12/4-1.pdf [accessed Mar 05 2018].