Entrepreneur is a French word and when literally interpreted it means between jobs, this word has become famous in the current world as many people are looking for more ways to make money. An entrepreneur is a person owning a small business, and the market created is mainly based on the creativity of the person. There are several concepts that are essential in determining the entrepreneurial spirit, these include
Uniqueness
The global business community has run short of new ideas; uniqueness is the most vital factor for a successful entrepreneur. According to entrepreneur definition, those exhibiting entrepreneurial spirit needs to have a sense of ingenuity and originality encapsulated together.
Creativity
Creativity largely involves harnessing the available opportunities to reap maximum benefits by creating a product that will have advantages over the rest. Uniqueness describe the end of the product creation while creativity involves all the steps in the creation of the product. Entrepreneurs are people willing, ready and able to actively adopt new methods of doing business at the expense of ridicule from other people.
Risk taking
As a an entrepreneur risk taking is vital if any success is to be registered, the entrepreneur definition shows that the person who is an entrepreneur embraces risk and adopts in case the risk happens. The risk determines the profitability of the venture, as entrepreneur takes the risk of trying out new things that no one has tried.
Potential development
Identification, investment and nurturing of potential are some of the ideals attached to entrepreneur definition. Many people invest in a rigid formula therefore, reducing flexibility in case the business fails. Entrepreneurs on the other hand, look for solutions to the problems and work from the problems of success.
Business savvy
Good entrepreneurs are motivated by profits and achievement of goals; they identify a lucrative niche in the market and exploit it to make profit. A clear example of a modern entrepreneurship is Steve Jobs who introduced apple computers and iPod players. The market was dominated by other companies but jobs made his products unique from the rest, making millions in profits after several years.
Adaptability
As an entrepreneur, one has to adapt to the changing business environment, from the ever-changing market trends to business barriers. Adapting allows the person to counter any risk that rigidity may cause.
Creative destruction
Entrepreneurs are described as creative destructionists of services and products, this is because of their nature to change the way the products and services are offered. They take the existing products and modify them in a way to suit a certain lucrative market.
Generally entrepreneurship encompasses several characteristics that when all are synchronized to create a profitable venture. Provisions of the products in an effective and efficient manner are the key points for success as an entrepreneur. Many people who want to be entrepreneurs lack the patience, experience, and skill to engage in managing the firm in the profitable direction. In case the entrepreneur feels that they lack management skills, hiring a manager can be profitable in business decision making.