Who Are Entrepreneurs & Why Should You Care?
This is a Good Source of Inspiration toward Success.
written by Shelly Verma, Contributing writer
They are Entrepreneurs! According to Merriam-Webster an entrepreneur is one who organizes, manages, and assumes the risks of a business or enterprise.
Entrepreneurs are essential to the economic development of any country as they create employment opportunities not only for themselves but for the many who will eventually work for them. A successful business start-up leads to job creation, which is key to reducing the effects of a recession.
Throughout time, we have seen that economic progress has been significantly advanced by people who are innovative and risk-takers. Entrepreneurs can take great risks and are able to make the most of opportunities. As globalization changes the international economic landscape and technological innovation creates greater uncertainty in the world economy, entrepreneurship will help offer ways to meet the rising new challenges.
Entrepreneurship gains so much attention in times of economic crisis, as it is widely seen as a key driver of a dynamic economy. Unsurprisingly, economic crises are the crux of development as they can be productive or bring about creative destruction, as less efficient businesses fail while more efficient ones emerge and continue to grow. Hence, governments and policy makers look at entrepreneurship and innovation as the means to return to a period of sustainable growth.
[pullquote] If something goes wrong, it is the entrepreneur’s responsibility to find a sensible and practical solution.[/pullquote]“Innovation distinguishes between a leader and a follower.” - Steve Jobs
For example, look at one of the greatest Entrepreneurs of our time, Richard Branson.
According to the INC., Branson is the brilliant mind behind the Virgin Group, a brand of some 300 enterprises. He was only 16 when he began his first business, which was a magazine company called “Student”. In 1972, he opened a chain of music stores “Virgin Records”, which made Branson see true success. After that, nothing could stop him as he launched his own airline “Virgin Atlantic Airways”, communications network “Virgin Mobile” and most recently “Virgin Galactic” a space tourism company. On the whole, Virgin has created more than 300 branded companies worldwide, employing approximately 50,000 people in 30 different countries.
So what makes entrepreneurs different from everyone else? Their ability to motivate, inspire and drive employees towards success.
But that’s not all, since you need to have a great amount of self-discipline in order to achieve success. Also, to build an idea into a business, you have to have the discipline to work tirelessly through the most boring and mundane task or the most challenging aspects of running a business (like accounting or daily tracking). When you are your own boss, there’s no one to tell you what work you have to do except yourself — and you can’t run away from your responsibilities.
Likewise, Risk Tolerance is another very important characteristic required for successful entrepreneurship. If something goes wrong, it is the entrepreneur’s responsibility to find a sensible and practical solution. He has to deal with setbacks without raising his temper or blood-pressure, yet maintain a good tolerance for risk.
Without these two major characteristics; Self-Discipline and Risk Tolerance, it’s hard to set up a successful business no matter how creative and original its concept or idea may be.
Entrepreneurs need to be seen as key players for economic growth, as any big or small business. It really depends on their brainstorming and managing capabilities, while balancing their risk-taking abilities. With the current unstable global markets and the ever looming threat of recession, entrepreneurs can definitely be life-savers!
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