Entrepreneurial characteristics – Entrepreneurship or entrepreneurship in English is also known as entrepreneurship . In simple terms, the notion of entrepreneurship is a process of identifying, developing, and bringing a vision to life that ends in the formation of a business.
In addition, entrepreneurs are often also referred to as entrepreneurs and are considered to have the same definition. On this occasion, we will discuss more about the meaning of entrepreneurship and the characteristics of entrepreneurship. So, read this article to the end, Sinaumed’s.
Definition of Entrepreneur
Entrepreneurship is a combination of two words, namely ‘entrepreneurship’ and ‘business’. Wira means warrior, hero, virtuous, superior human being, noble character, and brave. Meanwhile, “effort” is an act or practice, doing something and working. If taken literally.
So, the meaning of entrepreneurship is a person who then makes a product, determines the method of production, arranges internal operations and procures new products until finally managing capital and marketing.
In simple terms, the notion or definition of entrepreneurship is the process of identifying, developing, and bringing a vision to life that leads to the formation of a business. Meanwhile, in general, the definition of entrepreneurship is an independent business activity or business with the condition of all the resources and efforts that are borne by the business actor (entrepreneur) in identifying a new product, determining the concept as well as the production process, developing a strategy to finally market it and manage its capital. .
The purpose of this activity itself is to produce something of higher value when compared to when it was processed before. In addition, the goal of other entrepreneurs is to make a profit.
People who carry out entrepreneurial activities are also known as entrepreneurs. It is he who will then be responsible for compiling the operational management of the entire activity process, from procurement to product marketing.
Entrepreneurs also have the ability to be able to read market trends so they don’t get the wrong target in marketing their products.
Definition of Entrepreneurship According to Experts
The following are some definitions of entrepreneurship according to experts.
According to JB Say (1803), entrepreneurship is an activity of entrepreneurs who are able to manage the resources they have economically (ie effectively and efficiently) and lower productivity levels to become high.
According to Burgess (1993), an entrepreneur is someone who manages, organizes, and has the courage to assume all risks in creating business opportunities and new businesses.
According to Penrose (1963), entrepreneurial activity itself includes identifying opportunities within an economic system.
According to Harvey Leibenstein (1968, 1979), the notion of entrepreneurship according to Harvey is an activity that includes things needed to create or run a company when all markets have not been formed or have not been clearly identified, or the components of the production function are not fully known.
Entrepreneurial goals are the process of identifying, developing and bringing a vision to life. This vision can be an innovative idea, an opportunity, a better way of doing things. The end result of this process itself is the creation of new businesses that are formed under conditions of risk or uncertainty.
In addition, there are several other goals of entrepreneurship, including:
1. Capture and open new jobs for the surrounding community
With the growing development of a business, it certainly requires greater human resources to manage it. This will also create jobs for the surrounding community. By adding jobs, it will automatically help reduce existing unemployment. With the growing business created by these entrepreneurs , people who are struggling economically will be helped.
2. Help transmit the spirit of entrepreneurship
An entrepreneur certainly has a creative, competitive spirit, and is rich in ideas and innovation. This entrepreneurial goal can then be channeled to people who want renewal or breakthroughs and want to have their own business. Sharing ideas can provide inspiration, so that many community members will be moved to try to open other businesses.
3. Increasing the number of qualified entrepreneurs
By helping transmit the spirit of entrepreneurship, this will then help increase the number of entrepreneurs in an area or region. Entrepreneurial goals themselves are basically interrelated with one another. If employees who have worked open their own businesses, this will further increase job opportunities for the surrounding community.
4. Spread the spirit to innovate
Today, society has a different mindset from the previous society. Various innovations and ideas will then always develop and vary. This can be seen from the number of food vendors and the variety they offer in each city.
Food itself is a common example that easily becomes a trend. This can be beneficial for the community to develop entrepreneurial innovation. An innovation and creativity that is not always fixated on one thing. If the product offered has more value in the eyes of the public, then the product’s selling value will certainly increase.
Therefore, the purpose of this entrepreneur can be said to be able to encourage other people to innovate in developing a product.
The meaning of entrepreneurship is the activity of managing a business starting from capital preparation, production processes, marketing, to financial arrangements, entrepreneurs themselves are people or individuals who carry out everything. Judging from the definition and scope of business, an entrepreneur is someone who creates a new business in the face of risk and uncertainty with the aim of gaining profits and growth as well as identifying opportunities and combining the necessary resources to take advantage of these opportunities.
Even so, sometimes there are still some people who do not know the characteristics of entrepreneurship. The following are characteristics of entrepreneurs that you need to know:
1. Characteristics of Entrepreneurs: Have a High Commitment
The first entrepreneurial characteristic for success is that you have to have a high commitment. With this commitment, it is closely related to every word or action that you will be responsible for.
With a high commitment in building a business, then it will build confidence in yourself or the company. That way, it will make your steps in doing business easier.
2. Entrepreneurial Characteristics: Discipline
As an entrepreneur you must have a high discipline character. Self-discipline will show that you are trying hard to do anything related to business. In this case, what is meant by discipline is regularity in running a business.
With this attitude, you can motivate and inspire yourself to achieve goals. By becoming an entrepreneur, it means that you must then be able to lead yourself. You also have to be able to discipline yourself, starting from small things like when to wake up, when to meet with clients, daily work schedule, when to rest, and so on.
3. Characteristics of Entrepreneurs: Confident
Confidence is the first step for you to be able to start a business. In this case, what is meant by confidence is that you believe you can build and run a business. Confidence also indicates if you are ready to face all the obstacles in the future. But don’t overdo it and balance it with self-control so you stay grounded.
4. Characteristics of Entrepreneurs: Never Give Up
Of course, starting a business from scratch there will certainly be challenges or failures during the course of the business. The nature of never giving up itself is a must have for entrepreneurs so that we don’t give up easily if we end up experiencing a failure. From this failure can then be used as motivation for the future in order to minimize failure in entrepreneurship.
5. Entrepreneurial Characteristics: Have Unlimited Creativity
Creativity as one of the entrepreneurial characters is also very important. With the creativity that an entrepreneur has, he will then create business ideas and products that are not limited to products or even a similar business. One creativity must also be accompanied by innovation, the goal is to attract customers’ interest in your business. You can conduct research to people about the trends that are developing at the time.
6. Characteristics of Entrepreneurs: Honest
In all aspects, honesty is important in the business world. Because, honesty will bring trust. If you have gained trust, then the journey in the entrepreneurial world will be easier.
7. Characteristics of Entrepreneurs: Dare to Take Risks
Another entrepreneurial characteristic is having the courage to take responsibility for all decisions and take the toughest risks. Dare to take risks if later the business will experience a loss or failure. That way, entrepreneurs can then handle it properly and have a solution so that the incident that occurred cannot be repeated.
8. Characteristics of Entrepreneurs: Always Work Hard and Work Smart
In addition to the principle of smart work, you should also be able to balance it with hard work. Imagine if someone who wants to get water by working hard, maybe you are willing to become a water carrier by walking back and forth from the well to the house.
However, if you combine hard work and smart work, then you will think hard about how to channel water using pipes to the house. An entrepreneur must be willing to work hard in a smart way.
9. Characteristics of Entrepreneurs: Able to Work with Others
Basically, humans are social beings who cannot live without other creatures. However, it cannot be denied that not everyone can socialize, let alone work with other people in good relationships.
10. Characteristics of Entrepreneurs: Oriented to the Future
The last characteristic of entrepreneurs is always having an orientation to the future. Being an entrepreneur means always being able to think about future situations. For example, by looking for opportunities to create a more successful business in the future.
A visionary is also always oriented towards the future, will make past shortcomings and mistakes as learning, and will not remember these shortcomings or failures too much.
Thus the discussion about the meaning of entrepreneurship and also the characteristics of entrepreneurship. Hopefully all the discussion above can add insight and also be useful for you.
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