The first step in understanding entrepreneurship is knowing who an entrepreneur is.
According to the International Labour Organization (ILO), entrepreneurs are those people who have the ability to see and evaluate business opportunities, together with the necessary resources to take advantage of them and to initiate appropriate action to ensure success.
However, this is a very limited definition of an Entrepreneur. In this article, we will attempt to answer the question – ‘Are entrepreneurs born or made?’ by explaining the Anatomy of an Entrepreneur, to guide aspiring entrepreneurs on what traits they need to succeed.
- A heart for Risk
Choosing to start your own business is not for the faint-hearted, as a business is guaranteed to come with its own type of problems. Entrepreneurs have been described as the lifeblood of a country’s economy and this role is not only important, it is one that is very risky, entailing the investing of capital, taking risks, and managing business operations. Regardless of this, entrepreneurs are also known for being ‘calculated speculators’. This means that they know when to take risks and go for it but are also discerning enough to know when it is safer to play it safe.
- An Eye for Market Opportunities
Entrepreneurs are also people who have the ability to see opportunities that others may not see and seize them. First of all, they identify a gap in the market, innovate around this gap and then create a solution. All of this would not happen without a vision and a keen eye for opportunities.
- The mind of Executive Presence
An entrepreneur is someone who has the desire to achieve something in their own way. They are driven by their own ideas and have the ability to think outside of the box. All of which translates into a person who is confident assured in their ability and shows they are capable of leading other people.
Entrepreneurs have a personality that thrives in chaos and is able to inspire the best kind of attributes in the people around them.
There are many different aspects that can make up an entrepreneur which includes humility, intelligence, ambition, courage, creativity, and a great work ethic. All these factors are a small part of what makes up an entrepreneur. A few more attributes include responsibility, independence, creativity, innovativeness, and self-confidence, giving them the chance to create impactful businesses.