Characteristics of the entrepreneur in business and socioeconomic development

“The fundamental ingredient is to get out of your butt and do something. It’s as simple as that. A lot of people have ideas, but few decide to do something about it now. Not tomorrow. Not next week; but today. It’s true. The entrepreneur is a doer, not a dreamer. ” Nolan bushnell, founder of Atari and Chuck E. Cheese’s

This is what entrepreneurship is all about. It is necessary to have “fire in the stomach” to be a successful entrepreneur; the unwavering drive to make your business ideas come true and succeed. According to Peter Drucker, entrepreneurship is “a systematic innovation, which consists of the intentional and organized search for change, and is the systematic analysis of the opportunities that such changes can offer for economic and social innovation.” It is the inherent ability to build and create something relevant and successful out of practically nothing. We have a broader vision, entrepreneurship is an attitude; a quality to seek challenging opportunities, take only calculated risks, and drive profits in the way of establishing a profitable business.

There are several roles that come with the quality of entrepreneurship, and most of them are geared towards broader socio-economic development. The main functions of an entrepreneur are analyzed below.

Entrepreneur as a risk taker.

According to Richard Cantillon, entrepreneurship is about having the willingness and foresight to take risks, while taking calculated actions for profit or loss. According to him, an entrepreneur must take risks, look to the future and be alert in an efficient way, if not innovative in the true sense. The role of an entrepreneur involves two types of risks; measured and unmeasured. However, a successful entrepreneur is one who has the potential to anticipate and assume unmeasured risks in their business, transforming them into business opportunities for growth and profit.

Entrepreneur as an innovator.

Entrepreneurship plays an important role in the assimilation of knowledge, which is not used recently, and in establishing new forms and functions of production to design, produce and market new and innovative products. Joseph Schumpeter pointed out here that innovation does not mean it has to be rediscovered. The quality of an entrepreneur lies in using existing knowledge that has never been used before in production. More than an inventor, an entrepreneur must possess the potential to drive the invention to profitable commercial exploitation.

Entrepreneur as a leader.

This is one of the main roles of entrepreneurship. According to Alfred Marshall, an entrepreneur “must be a natural leader of men who can choose attendees wisely, but also exercise general control over everything and preserve order and unity in the main business plan.” You must be in constant search of innovative methods that guarantee to be more effective with respect to the costs currently in use. It must possess the inherent quality of leading the company and the workforce, towards a better socioeconomic scenario in a broader perspective.

Entrepreneur as restorer or receiver.

John Bates Clark views entrepreneurship as the process responsible for maintaining coordination that helps restore the socioeconomics to a position of effective equilibrium. Through a comprehensive “discovery process,” entrepreneurs identify new lucrative opportunities and risks, thus driving the market toward equilibrium. The role of entrepreneurship lies in being alert to profitable business opportunities, and for this, the quality of perception is a primary trait of a successful entrepreneur.