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Thus, entrepreneurship can be defined as “an economic process in which an idea or an opportunity is generated,
improved, developed and implemented while being exposed to uncertainty in order to realize a profit through effective
resource utilisation.”
Economists define an entrepreneur as someone who combines resources, labour, materials and other assets to make
a profit. Psychologists define an entrepreneur as a person who is typically motivated by a psychological impulse that
develops a desire to gain or attain something. Sociologists define an entrepreneur as a person whose actions affect the
social status and contribute to the society’s progress. Management experts define an entrepreneur as someone who has
a goal and creates a plan of action to realise it.
Entrepreneurship Characteristics
The following are some of the characteristics of entrepreneurship based on the definitions provided above.
• It is an economic activity that is carried out in order to establish, develop and sustain a profit-oriented organisation.
• It starts with finding an opportunity as a potential to sell and gain profit in the market.
• It deals with resource optimisation.
• It refers to a company's and an entrepreneur's willingness to take chances.
Entrepreneurship—Science and Art
Entrepreneurship is seen as an art as much as a science. To be termed scientific, a subject must have a gradual progression
supported by reliable proof, such as chemistry or physics. Some steps must be taken in order to achieve a specific result.
On the other hand, some subjects are classified as art, where no exact method of achieving a result is required and the
ability to use the subject matter is essential. Music is an example of art. A musician can use any combination of music
notes to create calming and heartfelt music. Entrepreneurship is the perfect combination of art and science because it
involves definite progression and procedures to be followed as well as the ability to deviate whenever necessary while
still making the entire activity profitable and growth-oriented.
An entrepreneur is someone who has the ability to establish a business by organising the numerous resources needed
to make a business possibility a reality. Profit is not always motivating for entrepreneurs, but it can serve as a yardstick
for assessing performance or success.
Qualities of Successful Entrepreneurs
Consider the qualities of great entrepreneurs. Many qualities are required to properly run a business. However, the
following are regarded as essential:
Willingness to
take risks
Initiative Ability to learn
from mistakes
Qualities of
Successful
Motivation Entrepreneurs Self-confidence
Ability to make
Hard work
decisions
• Initiative: In the world of business, opportunities emerge and just disappear. An entrepreneur must be able to take
the initiative and capitalise on opportunities. If a person misses out on an opportunity, it may never return. As a
result, the entrepreneur must take the initiative.
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