Entrepreneurs

• Entrepreneurs are individuals who spot business opportunities and seize them by taking on risks.
• Key traits often exhibited by entrepreneurs include innovation, creativity, risk-taking, resilience, and leadership.
• Often involved in the start-up of a venture, entrepreneurs bring together the resources and capabilities to begin business operations.
• One significant reason entrepreneurs exist is to maximise profits. However, other objectives might include the desire for independence, a personal challenge, or creating social change.
• The decision-making process of entrepreneurs often involves an element of risk. They must reconcile their intuition with concrete business forecasts.
• Entrepreneurial ventures can vary significantly in size, ranging from sole traders to global corporations.
• The strategic management of an entrepreneurial venture is often characterised by innovation and change. Entrepreneurs are often seen as drivers of economic growth due to their role in introducing innovative products, processes, or new markets.
• The success of an entrepreneur will often hinge on their leadership abilities. An entrepreneur needs to manage and motivate a team effectively, and potentially delegate tasks to ensure the long-term survival and growth of the business.
• Failure is a common aspect of entrepreneurship. Not every business idea or venture will succeed. Resilience and adaptability are crucial traits that help entrepreneurs learn from failures and improve their future business ventures.
• Entrepreneurs often face legal and ethical considerations when running their ventures. They need to navigate these issues while maintaining a sustainable and successful organisation.
• Understanding government and societal support for entrepreneurs is crucial, as these can influence the ease with which they can start and grow their business. This can include financial incentives, training, and promotion of entrepreneurship culture.
• Entrepreneurs require both technical (hard) skills and people (soft) skills. Technical skills may include finance, marketing, and operations management, while people skills may involve communication, motivation, and leadership.
• Often, entrepreneurship can lead to significant positive social impact, through job creation, wealth generation, and fostering innovation.
• Entrepreneurs must be aware of and adapt to the external environment, including social, economic, political, technological, legal, and environmental factors. Understanding these environments is critical to making informed decisions and running a competitive business.