It is to be noted that entrepreneurs can be broadly
classified into Two types
An ‘Economic entrepreneur’
Who is driven by a “Profit Objective“
A ‘Social entrepreneur’
Whose objective is “Social Welfare“
In the year 1725, Richard Cantillon, a noted economist, developed one of the earliest theories on entrepreneurship and is regarded as the founder of the term ‘entrepreneur’. He viewed an entrepreneur as a risk taker.
He observed that merchants, farmers, and others buy at a certain price and sell at an uncertain price, operating at a risk.
According to me, an entrepreneur as a person who assumes the risk and returns with innovation and grows his/her business with an intention of earning higher profits. Social entrepreneurs are rarely seen in today’s world.
CHARACTERISTICS AND QUALITIES OF ENTREPRENEUR
To become a successful entrepreneur, you need to have an all-rounding personality, which comprises of the followings.
1. Innovator
Maybe you can introduce a new product in the market.
Development of new production technology.
Creation of a new market/ entry in a new market.
Development of new source of raw material.
Creation of a new organizational structure in any industry.
All these assumptions are by “Joseph A Schumpeter”.
2. Decision-Making skills
A entrepreneur should know that the result of a decision can be positive or negative, but the outcome of not taking a decision is always negative
So, a person who takes the right decision at the right time and implements it efficiently and effectively is a successful entrepreneur.
3. Open-Minded: Means free and frank approach to accepting someone’s errors and making efforts to rectify the same.
You should be able to accept criticism, be willing to learn from past experiences and mistakes, and mold yourself for a better future.
4. Locus of Control: Julian Rotter developed the concept of locus of control.
It is an attribute that indicates the sense of control that a person has over life. It is an important aspect of personality. The locus control can be viewed from two angles:
Internal locus of control, in which an individual believes his behavior is guided by personal decisions and efforts.
External locus of control, in which an individual believes his behavior is influenced by fate or other external factors.
It is an attribute that indicates the sense of control that a person has over life. It is an important aspect of personality. The locus control can be viewed from two angles: