Thursday, April 12, 2007

Some Definitions of Entrepreneur

I would to like share some these useful definitions which I found with my friends, who often strike to realise the dreams of becoming entrepreneurs one day.
Entrepreneur Personality characteristics
John G. Burch (Business Horizons, September 1986) lists traits typical of entrepreneurs:

1. A desire to achieve: The push to conquer problems, and give birth to a successful venture.

2. Hard work: It is often suggested that many entrepreneurs are workaholics.

3. Desire to work for themselves: Entrepreneurs like to work for themselves rather than working for an organization or any other individual. They may work for someone to gain the knowledge of the product or service that they may want to produce.

4. Nurturing quality: Willing to take charge of, and watch over a venture until it can stand alone.

5. Acceptance of responsibility: Are morally, legally, and mentally accountable for their ventures. Some entrepreneurs may be driven more by altruism than by self-interest.

6. Reward orientation: Desire to achieve, work hard, and take responsibility, but also with a commensurate desire to be rewarded handsomely for their efforts; rewards can be in forms other than money, such as recognition and respect.

7. Optimism: Live by the philosophy that this is the best of times, and that anything is possible.

8. Orientation to excellence: Often desire to achieve something outstanding that they can be proud of.

9. Organization: Are good at bringing together the components (including people) of a venture.
Characteristics of entrepreneurship

1. The entrepreneur has an enthusiastic vision, the driving force of an enterprise.

2. The entrepreneur's vision is usually supported by an interlocked collection of specific ideas not available to the marketplace.

3. The overall blueprint to realize the vision is clear; however details may be incomplete, flexible, and evolving.

4. The entrepreneur promotes the vision with enthusiastic passion.

5. With persistence and determination, the entrepreneur develops strategies to change the vision into reality.

6. The entrepreneur takes the initial responsibility to cause a vision to become a success.

7. Entrepreneurs take prudent risks. They assess costs, market/customer needs and persuade others to join and help.

8. An entrepreneur is usually a positive thinker and a decision maker.